Mytilineos' renewables unit takes monetary hit from project hold-ups in 2020
- Greek commercial group Mytilineos claimed 2020 turnover from its renewables and storage advancement device was around 40% less than anticipated due to contracting and also building delays as a result of the coronavirus pandemic.
The device's turnover was down 32% year-on-year to EUR264 million (US$ 316 million), while revenues before rate of interest, tax obligations, depreciation as well as amortisation (EBITDA) practically halved (down 48%) to EUR15 million.
In spite of the challenging conditions, the company finished engineering, purchase and also construction contracts last year for the 170MW Atacama PV plant in Chile as well as the 300MW Talasol park in Spain.
In terms of build-operate-transfer projects in the renewables organization, Mytilineos claimed its portfolio has actually reached 4.3 GW of capacity, consisting of centers in nations such as Greece, Spain, the UK, Chile, Mexico, South Korea, Taiwan as well as Australia.
While the impacts of the pandemic were highly really felt in the renewables unit in the initial nine months of the year, a "steady healing" was noted in the last quarter, with the signing of new projects and also the normalisation of building development.
With the device carrying out new projects and also investments in target audience, Mytilineos claimed the renewables growth business will certainly be a "significant catalyst" for the firm's operational profitability in the coming year.
For the business overall, 2020 turnover was EUR1.9 billion, down 16% year-on-year, while EBITDA enhanced 1% to EUR315 million.
Mytilineos claimed the renovation of Greek electrical energy consumption and also steady rise of power rates along with the development of brand-new renewables projects are establishing a "solid structure for a strong monetary efficiency in 2021".