May 13 (Renewables Now) - German independent power producer Encavis AG (ETR:ECV) raised its electricity production from renewable energy by 33% year-on-year in the first quarter as its own generation capacity reached around 2 GW.
The company said on Thursday it produced about 710 GWh of green power in the first three months of 2022, up from 536 GWh a year earlier. The growth was driven by a 40% rise in the production of solar parks and a 25% increase in the production volume of the company's wind farms. This increased output was boosted also by the contribution of new wind and solar parks that went online in the past year and during the first quarter of 2022.
The higher generation coupled with elevated electricity prices led to a 53% surge in the group's revenues to EUR 90.4 million (USD 94.08m). Solar and wind assets made an equal contribution to the growth.
Revenues in the Asset Management segment soared about 85% year-on-year to EUR 3.7 million.
As announced earlier this month, adjusted earnings before interest and tax (EBIT) grew to around EUR 34.8 million from EUR 13.0 million a year before, while adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) soared by more than 64% year-on-year to around EUR 64.4 million.
Additionally, Encavis affirmed its 2022 forecast for 14% revenue growth to more than EUR 380 million and an EBITDA of over EUR 285 million. The company sees itself on track to raise its own portfolio to 3.4 GW in 2025 from around 2 GW currently.
(EUR 1 = USD 1.041)