German renewables operator Encavis saw earnings before interest, taxes, depreciation and amortisation (EBITDA) rise by 12% in 2018 to €187m, from €167m in 2017, according to its preliminary operating results.
Earnings before interest and taxes increased by 13% in 2018 to €113.7m, compared with €100.4m for the previous year.
Encavis said sales revenues increased in 2018 to €248.8m from 2017’s €222.4m.
The company’s management board expects the profitable growth to continue in the 2019 financial year and projects a further increase in the company’s key financial and earnings figures.
Encavis attributes the positive performance to both the ongoing expansion of its portfolio of solar and wind assets and positive weather conditions in the reporting period.
In Germany, the exceptionally hot summer weather in 2018 led to additional revenues within the solar segment, it said.
Encavis chief executive Dierk Paskert said: “In the first year under our new name Encavis, we successfully continued our profitable growth path and achieved an excellent result.
“In addition, we successfully entered the market for private-sector power purchase agreements in the 2018 financial year with the acquisition of a 300MW solar park in Spain, laying another important basis for the future growth of Encavis.”
The independent power producer operates onshore wind and solar farms in Germany and nine other European countries, totalling 1.9GW.
The company also recently said it had been rated for the first time by Scope Ratings, receiving an investment grade range issuer rating of BBB-.
Scope’s issuer rating gives international financial market participants clear guidance and an independent assessment of the company’s current and medium-term creditworthiness, thus ensuring greater security and transparency.
Encavis chief financial officer Christoph Husmann said: “Encavis’ very good issuer rating also goes a long way towards strengthening our financing partners’ confidence in the company’s excellent credit metrics.
This not only increases the range of potential future growth financing options for Encavis, but should also reduce our financing costs.”