German diversified group BayWa AG (ETR:BYW6) said on Thursday its renewables business, BayWa r.e. AG, recorded a drop in both revenue and earnings before interest and tax (EBIT) in the first quarter of 2023.
Revenues came in at EUR 1.5 billion (USD 1.64bn), down from EUR 1.6 billion a year earlier, while EBIT fell to EUR 53 million from EUR 63.9 million in the first quarter of 2022.
BayWa r.e. noted that demand for solar modules and inverters is still high and most of the sales of wind and solar parks in the project business are made in the second half of the year. In March, the company said it planned to shed 2.1 GW of solar and wind projects and further expand its IPP portfolio, mainly via project acquisitions in Europe, in the course of 2023.
In a separate statement on Thursday, BayWa r.e. said it has agreed with Seacon Logistics to develop a logistics hub at the Wanssum container port in the Netherlands for the distribution of photovoltaic products from its solar trading segment. With a storage capacity of over 50,000 sq m (59,800 sq yd), the facility will be BayWa r.e. Solar Trade’s largest hub. The project is slated for completion in early 2024.
(EUR 1 = USD 1.095)
