Spain’s Audax experiences Q1 web revenue drop, exit from Polish gasoline market

Might 13 (Renewables Now) – Spanish renewable energy and gasoline provider Audax Renovables SA (BME:ADX) reported a web revenue of EUR 943,000 (USD 978,647) for the primary quarter of 2022, down by 37% year-on-year, saying that the discount was primarily owed to the monetary burden of investments in new energy plant initiatives.

The group additionally complained of the sluggish allowing course of it’s going through earlier than administrative our bodies in Spain, however stated it was nonetheless in a position to begin building of some 19 MW of photo voltaic PV initiatives.

Over the quarter, Audax benefited from rising vitality costs in markets through which is operates. This enabled the corporate to extend revenues from operations by 116% year-on-year to EUR 736.2 million. The increase in put in renewable vitality capability led to EBITDA rising by 22% to EUR 15.7 million, Audax stated in its quarterly earnings report.

Of observe on this quarter was the corporate’s choice to depart Poland’s gasoline market resulting from new state regulation governing the sector. With out elaborating a lot, Audax stated that the transfer will allow it to keep away from larger detrimental impression within the coming quarters.

Audax will nonetheless take part in Poland’s electrical energy market, having a really productive 34-MW wind farm within the nation. In addition to Poland, the group additionally operates 57 MW of wind farms in Spain and France, and has a 30% stake within the 66-MW Toabre wind farm in Panama, which is at the moment producing its first gigawatt-hours underneath trial circumstances.

The corporate’s working photo voltaic farms in Spain give the corporate an extra 69 MWp of renewables capability. Its different photo voltaic ventures are targeted on Italy and Portugal, and extra growth in Spain.

With out contributions from the Panama wind farm, Audax’s vegetation collectively generated 67 GWh within the first quarter, rising manufacturing by 39% year-on-year.

(EUR 1.0 = USD 1.038)

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