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MarketScreener Homepage  >  Equities  >  Xetra  >  BayWa AG    BYW6   DE0005194062

BAYWA AG (BYW6)
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BayWa : PPA signed for 170MW subsidy-free solar plant in Spain

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04/11/2018 | 10:46am CEST

BayWa r.e. and Statkraft have signed a 15-year power purchase agreement for a subsidy-free, 170MW solar plant in southern Spain.

The Don Rodrigo project, outside Seville, will be commissioned by the end of the year with work already underway.

The fact that we can implement such a project without state funding is largely thanks to the continual improvement of system design and building costs, said Benedikt Ortmann, managing director, BayWa r.e. Solar Projects GmbH. Building one of the first subsidy-free solar projects of this size in Europe is a ground-breaking milestone; both for us as an international renewable energy company and also for the future of the European PV market, added Ortmann.

It is the first project in Spain for Norwegian power provider Statkraft, as it looks to build on its portfolio of 15GW.

With PPAs like the one for Don Rodrigo we are ensuring the long-term financing of new plants and are thus enabling further development of renewable energy across Europe, said Hallvard Granheim, executive VP market operations & IT at Statkraft. Statkraft is bringing together pan-European electricity producers and companies from trade and industry, and is developing new concepts that add value for both sides.

BayWa r.e. said the combination of high irradiation at the site and optimised system design and procurement contributed to the projects economics stacking up without state intervention.

Recent solar and wind tenders have triggered a resurgence in solar deployment in Spain. Retroactive changes to government support had stopped the industry in its tracks and spooked investors. A new government in 2016 indicated its disapproval of the so-called "sun tax".

(c) 2018 Business and Financial Times - All Rights Reserved Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials (€)
Sales 2018 16 511 M
EBIT 2018 182 M
Net income 2018 52,7 M
Debt 2018 2 499 M
Yield 2018 3,24%
P/E ratio 2018 19,14
P/E ratio 2019 14,14
EV / Sales 2018 0,21x
EV / Sales 2019 0,21x
Capitalization 1 013 M
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Number of Analysts 7
Average target price 33,5 €
Spread / Average Target 16%
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Klaus Josef Lutz Chief Executive Officer
Manfred Nüssel Chairman-Supervisory Board
Andreas Helber Chief Financial Officer
Johann Lang Member-Supervisory Board
Gunnar Metz Vice Chairman-Supervisory Board
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