World set to install 593 GW of new solar in 2024 - Ember
Sep 19, 2024 13:28 CESTGerman wind and solar farm operator Encavis AG (ETR:ECV) has cancelled its dividend allocation for 2023 as it aims to retain cash to support its future expansion plans.
The company voted with a clear majority to skip the payout at its annual general meeting, it said on Monday. It also approved a revised 2023 compensation system for management board members, which was earlier greenlit by the company’s shareholders.
Encavis announced its proposal for the zero dividend distribution when it released its 2023 financial report in April. It then said that the retained consolidated earnings will back its Accelerated Growth Strategy 2027, which will enable shareholders to benefit “considerably” from the growth opportunities coming from its new investments.
Under the 2027 strategy, Encavis aims to triple its contracted power generation capacity to 8 GW, including 5.8 GW connected to the grid by then. It will also seek to achieve revenues of EUR 800 million (USD 860.1m) and operating earnings, before interest, tax, depreciation and amortisation (EBITDA) of EUR 520 million.
In 2023, the company generated revenues of EUR 449.1 million and operating EBITDA of 319.2 million.
(EUR 1.0 = USD 1.075)
World set to install 593 GW of new solar in 2024 - Ember
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