BayWa re AG, the renewables enterprise of German diversified group BayWa AG (ETR:BYW6), closed 2022 with record-high earnings earlier than curiosity and tax (EBIT) of EUR 239.1 million (USD 260.3m), marking a rise from EUR 135 million a yr earlier.
The development got here as revenues up to now yr virtually doubled to EUR 6.5 billion from EUR 3.6 billion, the corporate’s monetary report confirmed on Thursday.
Through the reporting interval, the German renewables enterprise offered 26 wind and solar energy crops and loved robust demand in photo voltaic module buying and selling that helped it enhance earnings additional. Photovoltaic (PV) module gross sales jumped by 71% in annual phrases to three.5 GWp. In the meantime, the impartial energy producer (IPP) enterprise, which handles the operation of BayWa’s personal photo voltaic and wind farms, was expanded by seven tasks to succeed in a complete of 26.
Wanting forward, BayWa mentioned it expects the renewable vitality section to maintain its development trajectory sooner or later, spurred by the German authorities’s objective and subsidy schemes for solar energy and e-mobility. In 2023, the corporate plans to shed 2.1 GW of photo voltaic and wind mission tasks and additional broaden its IPP portfolio, primarily through mission acquisitions in Europe.
(EUR 1.0 = USD 1.089)