May 26 (Renewables Now) - German photovoltaic (PV) plants owner 7C Solarparken AG (ETR:HRPK) recorded a solid increase in both revenue and earnings in the first quarter of 2022 backed by strong capacity growth, high power prices and favourable weather conditions.
Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 73% in annual terms to EUR 11.9 million (USD 12.68m) despite increasing operating expenses. Revenues grew 70% to EUR 14.1 million, the company said on Thursday.
7C Solarparken's first-quarter power production rose by 47% to 58.8 GWh as its weighted average capacity grew 25% to 336 MWp. Improved weather conditions as compared with the year-earlier period also bolstered the performance.
In addition, an electricity price swap was agreed for 93 MWp of the company's assets which have a weighted average feed-in tariff of 58 EUR per MWh. Under the swap contract, the group will receive a fixed price of EUR 149.5 per MWh for the period from June 1, 2022 to December 31, 2023 instead of the higher price from the feed-in tariff and the EEX electricity price.
The company said it is on track to expand its IPP portfolio to 400 MWp, which at the end of the first quarter totalled 352 MWp, as many projects in Belgium and Germany are to be commissioned by the end of this year.
“2022 will certainly result into a most remarkable year due to the power price rally and the major ambitions shown by the German government to develop further the PV market as a cornerstone of the energy industry," said chief executive Steven De Proost.
(EUR 1 = USD 1.066)