BayWa r.e. make money from 'vigorous need' for solar modules in Europe

• German farming group BayWa has claimed its renewables service saw an "unusually strong" beginning to the year, driven by high demand for solar modules and also the sale of a PV plant in Japan

The BayWa r.e. device, which develops clean energy projects and also disperses solar devices, taken advantage of "vigorous need" for modules during the very first quarter of the year, especially from Europe, the company said.

Reacting to the development for its solar distribution organization in Europe in the last few years, BayWa r.e. opened three new storehouses in the continent throughout the quarter, and also is expecting to open a fourth in Q2.

Complying with on from the sale of a 11.9 MW solar project in Japan last December, the unit offered the 35MW Isohara plant, which lies on the country's eastern shore and also ended up being functional in January.

The offer assisted BayWa r.e. post a 73% year-on-year rise in Q1 profits to EUR662.1 million (US$ 800.1 million), while incomes before rate of interest as well as tax obligation reached EUR33.7 million.

This year is the very first in which the capital boost at BayWa r.e., which involved the sale of a 49% risk in the system to a Swiss financier, will certainly have an effect. The designer is intending to develop solar as well as wind projects with a complete ability of 1.1 GW in 2021, anticipating a sharp increase in renewable plant sales during the second half of the year.

Significant announcements from BayWa r.e. throughout Q1 saw it sign what it claims is the first business power acquisition agreement for a solar project in Poland, with offtaker HeidelbergCement readied to buy power from a 64.6 MWp PV plant.

BayWa r.e. additionally obtained a collection of renewable possession intelligence platforms and spun out its placing system production device into a new company, called novotegra.

The BayWa Group, which also consists of agriculture and also structure materials organizations, saw its Q1 incomes enhance 10% year-on-year to EUR4.27 billion, representing a "a spectacular beginning to the year", according to Chief Executive Officer Klaus Josef Lutz. Thanks to the firm's varied portfolio, he expects it to match 2020's record figures this year.