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- Pacifico Renewables Yield announced a constant increase in revenue.
- The acquisition of multiple solar and wind assets fueled the steady expansion.
Pacifico Renewables Yield, a German renewable energy producer, announced today that revenue would continue to rise in 2022, owing to persistently high electricity prices, which drove a significant increase last year.
Pacifico’s revenues in 2021 increased by 46 per cent to EUR 22 million ($24.47 million), which was per the prediction of EUR 20.5 million to EUR 23.5 million, and was upgraded twice last year. Adjusted for non-recurring events, the group’s profits before interest, taxes, depreciation, and amortization (EBITDA) increased by 36% to EUR 14.7 million.
The acquisition of multiple solar and wind assets and significantly higher electricity prices fueled the steady expansion. When the recently purchased solar park and the wind farm in Germany, two solar projects in the Netherlands, and one wind project in Poland are fully operational, the power producer’s operating portfolio will increase to 166MW from 66MW.
As a result of the portfolio expansion and high electricity costs, Pacifico expects revenue to climb to between EUR 33 million and EUR 43 million in 2022. Due to a mix of windy days and higher prices, the company’s revenue in the first two months of the year was EUR 2.9 million greater than expected.