May 11 (Renewables Now) - German renewables developer and operator PNE AG (ETR:PNE3) said today its earnings more than doubled in the first quarter of 2022 on the back of significantly higher power output and elevated electricity prices.
Earnings before interest, tax, depreciation and amortisation (EBITDA) in the January-March period surged to EUR 15.8 million (USD 16.67m) from EUR 6.3 million a year earlier, driven by the power generation segment, where total output increased significantly bolstered by the larger installed base. The performance was helped also by the improved wind supply and high electricity prices.
"We have achieved the best Q1 EBITDA result in the company's history and further increased our already well-filled project pipeline to 7.2 GW/GWp. At the same time, we are ensuring the stabilisation of our earnings at a high level through the expansion of our own portfolio and the service business," said chief executive Markus Lesser.
Sales revenues surged 82.3% year-on-year to EUR 29.5 million while the total aggregate output fell 23.2% to EUR 37.9 million.
The company's pipeline for wind and photovoltaic projects grew by 939 MW/MWp year-on-year to 7.2 GW/GWp. The bulk of it, or 5.77 GW, is attributable to onshore wind energy with photovoltaic projects accounting for 1.42 GWp.
Progress was made also in the expansion of PNE's portfolio of own wind farms which reached 233.2 MW at the end of March. The renewables developer is working on the construction of 112.3 MW of wind parks for its own portfolio and expects to switch on more wind assets for its portfolio this year. By the end of 2023, its own wind operations should reach up to 500 MW of installed capacity.
Based on the first-quarter results, PNE affirmed its full-year guidance for a group EBITDA of EUR 20 million to EUR 30 million.
(EUR 1 = USD 1.055)