PNE wins 24 MW of onshore wind projects in German auction
Sep 19, 2024 8:35 CESTGerman renewable power producer Clearvise AG (ETR:ABO) on Tuesday posted decreased revenues and earnings for the first half of 2024, which were in line with its expectations, and confirmed its guidance for the full year.
In line with the contracted output of its solar and wind farms, along with the divestment of Finnish wind farms at end-2023 and lower market values in Germany, the company registered a 19% year-on-year decline in revenues to EUR 18.9 million (USD 20.64m). Its power plants generated 234.4 GWh of electricity in the six months, which was lower than the 276.7 GWh produced in the year-ago period.
At EUR 12.4 million, adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) was 21% lower than a year back, mostly due to the drop in revenues.
“Despite the difficult market conditions with lower electricity prices and market values, we believe we are excellently positioned for further profitable growth and are committed towards our goals,” said CFO Manuel Sieth.
During the reporting period, Clearvise shifted its focus on optimising its portfolio by offloading its biogas segment and thus concentrating on the onshore wind and solar photovoltaic (PV) segments. The company had 316 MW of installed power capacity at the end of June, located across Germany, France and Ireland, against 304 MW a year back.
Clearvise continues to expect adjusted EBITDA of between EUR 21.8 million and EUR 23.1 million for 2024, while revenues are forecast to fall within the EUR 35.5 million-37 million range, based on secured prices under existing power purchase agreements (PPAs) or respective tariffs less expenses for electricity marketing. Assuming that the portfolio of operating assets remains unchanged, full-year output is projected to amount to 440 to 460 GWh under normal weather conditions.
PNE wins 24 MW of onshore wind projects in German auction
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