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    Spanish solar biz EiDF grows revenues by 3,244% y/y in Q1 2022


    May 11, 2022 - SeeNews Renewables

     

      May 11 (Renewables Now) - Spanish solar energy firm Energia Inovacion y Desarollo Fotovoltaico SA (BME:EIDF) posted revenues of EUR 82.2 million (USD 86.7m) in the first quarter of 2022, up by 3,244%, on the back of its growing self-consumption segment and business diversification.

      Earnings before interest, taxes, depreciation and amortisation (EBITDA) grew by 1,840% year-on-year to close to EUR 11 million, according to EiDF’s preliminary financial report for the January-March period.

      These figures do not represent fully like-for-like comparisons, since EiDF only ran its solar self-consumption services business in the first quarter of 2021. The power retail, generation and EPC business units were incorporated later.

      The self-consumption segment attracted revenues of EUR 14.9 million, up by 507% on the year, driven by contracts for 43.1 MW of solar projects for the commercial and industrial (C&I) sector.

      The power generation and EPC activities combined contributed EUR 12.4 million, while the burgeoning power retail unit added EUR 54.8 million to the top line, EiDF said in its provisional report.

      It said that the revenue amount it accumulated so far represents 37% of what it was projecting to earn in the fiscal year 2022. Due to the astronomic growth, EiDF will review and update the figures it presented in its business plan, the company added.

      Just two weeks ago, EiDF reported a 529% net profit growth for 2021 on thriving performance of all of its lines of business.

      (EUR 1.0 = USD 1.055)

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