PTA-News: 7C Solarparken AG: 7C Solarparken reaches new milestone: IPP Portfolio above 300 MWp

Tuesday, 15. June 2021 08:00

Business news for the stock market

Bayreuth (pta007/15.06.2021/08:00) - 7C Solarparken (WKN: A11QW6 / ISIN: DE000A11QW68) published today its Q1'21 report and announced substantial progress in its capacity expansion. At the day of publication, the consolidated IPP portfolio has reached 301 MWp versus 256 MWp at the beginning of this year and compared to the 295 MWp year-end target.

Q1'21 Results

In spite of much less favourable weather conditions, the group managed to keep EBITDA virtually flat at EUR 6.9 Mio due to the strong uptick in weighted capacity in operation (from 191 MWp in Q1'20 to 268 MWp in Q1'21). Indeed, the specific yield of the solar and wind portfolio decreased by 19% to 148 kWh/kWp compared to Q1'20. This was mainly caused by poor irradiation and a resulting decline in specific yield of the solar portfolio (-11%) as well as the dramatic fall in load hours of the wind assets (-45%), which typically disproportionally support the overall portfolio's specific yield during the winter months. Net financial debt rose slightly from EUR 174.6 Mio to EUR 182.7 Mio in spite of further capacity expansion during Q1'21.

2021 Guidance

Weather conditions have continued their adverse trend during the important months of April and May, and thus caused an estimated negative EBITDA effect of ca. EUR 1.2 Mio. Newly installed capacity will not suffice to compensate this effect, but management sees not yet any reason to adjust its EBITDA guidance of EUR 42.5 Mio. accordingly.
IPP Portfolio at 301 MWp
During the previous weeks, 7C Solarparken reached an important milestone by surpassing IPP capacity of 300 MWp The group added numerous new-build projects and acquired two running parks.
- Acquisition of a 2,5 MWp freefield park in Dessau that has been commissioned in 2015 with a feed-in tariff of EUR 90/MWh. The installation is expected to produce ca. 800 kWh/kWp reflecting its east-west design. Aside from the equity, the company takes over a net debt position of EUR 1,1 Mio. at an interest rate of 3,25%.

* Acquisition of the 5,3 MWp installation in Heilgersdorf, nearby Coburg. The project has been developed and constructed by IBC Solar with whom 7C Solarparken continues to work closely as a long-term partner for EPC and maintenance services. The project in Heilgersdorf enjoys a 20-years tariff of EUR 52/MWh and has been equipped with panels from URE (the Taiwanese PV giant resulting from the merger of Neo Solar Power, Solartech and Gintech) and Sungrow inverters. The project has not been debt-financed.

* Commissioning of the 6,2 MWp Belgian rooftop project in Rieme, Port of Ghent. Construction works were finished at the end of last year, but grid connection took place only at 31 May. The project is entitled to green certificates of EUR 24/MWh for the next ten years. The power will be sold at a formula close to the Belgian electricity price index.

* Capacity of 2.8 MWp consisting of smaller PPA projects in Belgium have been added as well, and will contribute to EBITDA as from Q4'21.

Steven De Proost, CEO of 7C Solarparken AG, comments: "Although weather conditions year-to-date stay in negative territory, our capacity growth continues to accelerate. We continue to benefit from growing demand for PV installations, carbon restrictions and an increase in energy prices. Our in-house development pipeline remains well-filled, both with larger freefield projects in Germany as with potential PPA projects in Belgium."

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emitter: 7C Solarparken AG
address: An der Feuerwache 15, 95445 Bayreuth
country: Germany
contact person: Koen Boriau
phone: +49 921 230557-77
e-mail: info@solarparken.com
website: www.solarparken.com

ISIN(s): DE000A11QW68 (share)
stock exchanges: regulated market in Frankfurt; free market in Stuttgart, free market in Munich, free market in Hamburg, free market in Dusseldorf; open market in Berlin, Tradegate
other stock exchanges: London

[ source: http://www.pressetext.com/news/20210615007 ]

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