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MarketScreener Homepage  >  Equities  >  Xetra  >  BayWa AG    BYW6   DE0005194062

BAYWA AG

(BYW6)
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Baywa : re to build its first unsubsidized solar plant in Germany

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05/11/2019 | 10:37am EDT

The Baywa re renewable energy unit of German conglomerate Baywa has announced plans for its first PV plant outside Germanys renewables incentive scheme.

The 8.8 MW Barth V solar park will be built in western Mecklenburg-Pomerania from next month, the Munich-based company said. Last year, Baywa re built a 175 MW solar plant without subsidies in Spain and sold it to financial investor MEAG.

The power generated at Barth V will be delivered to an industrial customer via a long-term power purchase agreement. Baywa re wants a ten-year term for the PPA and is insisting on a minimum of five years as it continues talks with various interested parties, solar projects MD for the firm Benedikt Ortmann told pv magazine.

Finalization of the PPA is expected before commissioning of the plant, which is set to take place in September. The sale of power will be taken over by the Baywa re Clens energy trading subsidiary of the German conglomerate.

Baywa re has already built several solar parks near the Baltic Sea airport of Stralsund-Barth. The first, 31.5 MW facility went into operation in December 2012; a second, 8.2 MW project followed in July 2013; and a third, 10 MW plant was developed in February 2017.

A new era?

The amortization period for the plant which will be backed by long-term, non-recourse financing from an undisclosed German bank was estimated by Ortmann to be 10-12 years.

Baywa plans to divest the project after completion but expects to provide operations and maintenance services at the site.

We are proud to be able to implement the first subsidy free solar project in Germany with lower irradiation values and thus usher in a new era in renewable energy generation, said Ortmann.

However, Baywa Energy board member Matthias Taft said the arrival of subsidy free solar in Germany should not herald the end of public incentives.

Although it is possible to implement self-consumption concepts without feed-in tariffs in some cases in the areas of small and medium-sized industrial plants support will still be necessary in this segment, said Taft. In addition, the promotion of decentralized PV solutions in housing construction is desirable and sensible for the sake of the participation of broad sections of the population.

(c) 2019 ITP Business Publishing Ltd. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials (EUR)
Sales 2019 17 138 M
EBIT 2019 198 M
Net income 2019 46,0 M
Debt 2019 2 697 M
Yield 2019 3,74%
P/E ratio 2019 14,8x
P/E ratio 2020 12,8x
EV / Sales2019 0,21x
EV / Sales2020 0,20x
Capitalization 834 M
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Mean consensus OUTPERFORM
Number of Analysts 3
Average target price 31,00  €
Last Close Price 23,50  €
Spread / Highest target 70,2%
Spread / Average Target 31,9%
Spread / Lowest Target -6,38%
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Managers
NameTitle
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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