BayWa r.e. targets sale of renewables projects totalling 1.1GW in 2021

BayWa r.e. sold 57% more solar modules in H1 2021 than the same period last year. Image: BayWa r.e.

BayWa r.e. is on track to sell 1.1GW of solar and wind projects in 2021 as the renewables developer and PV equipment distributor expects to build on growth recorded in the first half of the year.

Having sold a 35MW solar project in Japan earlier this year, the business unit, which is part of German energy and agriculture group BayWa, is now forecasting plant sales to ramp up, especially in Q4. Most of the solar and wind projects that will be offloaded are in Europe, including in Spain, where the company said it has a host of large-scale solar projects for sale.

Additionally, BayWa r.e. expects sales from trading in PV components in H2 to match the performance in the first half of the year, when the business said it enjoyed “extremely high” demand.

Total output of PV modules sold rose 57% compared to H1 2020, while inverter sales increased 38%. BayWa said this growth was in part due to the increased efficiency of PV components and the resulting improvement in competitiveness compared to conventional energy carriers.

Thanks to these rises, BayWa r.e. saw its revenue for the first half of the year increase 62% year-on-year to €1.35 billion (US$1.59 billion), while earnings before interest and tax (EBIT) rose to €50.8 million, compared to -€1.3 million in H1 2020.

Among the notable announcements from BayWa r.e. during the first half included its acquisition of French solar and wind developer Enerpole as well as a suite of renewable asset intelligence platforms. It has since completed two floating PV projects in the Netherlands with a combined capacity of 71MWp.

For BayWa as a whole, the group’s first half revenues climbed 13% year-on-year to €9.3 billion as EBIT rose to €144.6 million.

“From energy to agriculture to building materials, we recorded huge double- and even triple-digit percentage growth across all operating segments. We have a great deal of tailwind as we move into the second half of the year and remain on track with our strategy,” said BayWa CEO Klaus Josef Lutz.