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    Array Technologies increased revenue 35% to US$872.7 million in 2020

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    Nordex Group: half-year sales rise to EUR 2 billion, earnings impacted by COVID-19

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    GE Renewable Energy connects the world’s most powerful hydro unit to the grid in Wudongde, China

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    Intersolar, EES and Power2drive NA Acquired by Diversified Communications

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    SeaMade secures €250m European loan for Belgian offshore wind farms

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    Intersolar Europe 2022: Solar Energy in Germany Takes Center Stage

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    WindEurope Annual Event 2022 in Bilbao - Registrations Open, Conference Programme Available

    WindEurope Annual Event 2022 in Bilbao – Registrations Open, Conference Programme Available

    RWE chooses Chantiers de l'Atlantique as key supplier for its F.E.W Baltic II wind farm - design, construction and installation of the electrical offshore substation

    RWE chooses Chantiers de l’Atlantique as key supplier for its F.E.W Baltic II wind farm – design, construction and installation of the electrical offshore substation

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    EGAT deploys Siemens software solutions for the world’s largest Hydro-Floating Solar Hybrid Project

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    GE’s digital power transformers selected for multiple projects across the globe

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    bp to invest up to £18 billion in UK energy system by 2030

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    Statkraft seeks planning nod for 49.9-MW Scottish wind farm

    VSB Group Expands in France with Acquisition of 143.5 MW Wind Power Portfolio

    Norway to invest in renewable projects in developing countries

    Italian Solar Farms, Matrix in Strategic Partnership with Energia Aljaval

    China installed 48.2 GW of new solar capacity in 2020

    Solek Group signs deal to build solar power plants in Chile

    Trina Solar betting on largest wafer size and third cut cells for 500W-plus modules

    TotalEnergies to Acquire SunPowers Commercial & Industrial Solar Business

    Vattenfall Wind

    UK Government grants consent for Vattenfall’s Norfolk Vanguard Offshore Wind Farm

    New DNV GL class rules for floating offshore wind energy expands industry horizon

    Norway to launch 1.5 gigawatt offshore wind tender

    Atlas and Hitachi to develop energy storage systems for renewable projects

    Velto Renewables supports the 360 MW offshore wind farm London Array

  • Market Moves
    Array Technologies increased revenue 35% to US$872.7 million in 2020

    Array Technologies increased revenue 35% to US$872.7 million in 2020

    Nordex Group: half-year sales rise to EUR 2 billion, earnings impacted by COVID-19

    Nordex Group: half-year sales rise to EUR 2 billion, earnings impacted by COVID-19

    GE Renewable Energy connects the world's most powerful hydro unit to the grid in Wudongde, China

    GE Renewable Energy connects the world’s most powerful hydro unit to the grid in Wudongde, China

    Ferroglobe Hydro power

    Ferroglobe completes sale of Spanish hydro facilities to TPG Sixth Street Partners

    Intersolar, EES and Power2drive NA Acquired by Diversified Communications

    Intersolar, EES and Power2drive NA Acquired by Diversified Communications

    Summit Energy Services Announces Merger with Schneider Energy Consulting

    SeaMade secures €250m European loan for Belgian offshore wind farms

    SeaMade secures €250m European loan for Belgian offshore wind farms

    Xcel Energy agrees to buy Mankato Energy Center for $650m

    UK renewable energy overtakes fossil fuels, despite Brexit fears

  • Press Statements
    Intersolar Europe 2022: Solar Energy in Germany Takes Center Stage

    Intersolar Europe 2022: Solar Energy in Germany Takes Center Stage

    Protermosolar adds value to the Spanish concentrated solar power industry in China

    SPI Energy Develops Utility Scale Solar Project in Maryland

    Lightsource BP pioneers UK's first night-time solar service

    Altus Power and Heliene Establish Strategic Partnership to Support U.S. Solar Module Manufacturing

    EDP signs a Build & Transfer Agreement for a 200 MWac solar project in the U.S.

    I&M is Powering the Next Tomorrow with Plans to Add More than 2,000 MW of Solar

    WindEurope Annual Event 2022 in Bilbao - Registrations Open, Conference Programme Available

    WindEurope Annual Event 2022 in Bilbao – Registrations Open, Conference Programme Available

    RWE chooses Chantiers de l'Atlantique as key supplier for its F.E.W Baltic II wind farm - design, construction and installation of the electrical offshore substation

    RWE chooses Chantiers de l’Atlantique as key supplier for its F.E.W Baltic II wind farm – design, construction and installation of the electrical offshore substation

    EGAT deploys Siemens software solutions for the worlds largest Hydro-Floating Solar Hybrid Project

    EGAT deploys Siemens software solutions for the world’s largest Hydro-Floating Solar Hybrid Project

    Protermosolar adds value to the Spanish concentrated solar power industry in China

    Abengoa completes construction of three solar fields at the world’s largest concentrated solar power complex in Dubai

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    GE’s digital power transformers selected for multiple projects across the globe

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Spains Audax posts lower Q1 profit in part due to COVID-19

in News, Wind Energy
Spains Audax posts lower Q1 profit in part due to COVID-19

Spanish renewable energy and gas group Audax Renovables SA closed the first quarter of 2020 with a net profit of EUR 1.4 million (USD 1.5m), down 10.9% year-on-year. Earnings before interest, taxes, depreciation and amortisation (EBITDA) stood at EUR 12.3 million, lower by 15.2% compared to the first trimester of 2019.

Audax said in its quarterly financial report that both EBITDA and net profit would have been much higher in like-for-like terms without last year’s divestment from power generation plants and the effects of the COVID-19 situation.

Revenues decreased by 19% to EUR 234.2 million, while gross income climbed by 3.2% to EUR 30 million.

When the COVID-19 health crisis hit Spain and the state of emergency had to be declared, Audax supplied electricity and gas to hotels and residences turned hospitals at cost price. It also postponed bill collection for the self-employed and small and medium-sized enterprises (SMEs) for six months after the end of the state of emergency upon request and compliance with certain conditions. In addition, the company said it had not suspended the supply of electricity and natural gas to vulnerable customers and those at risk of social exclusion during this time.

During January-March, Audax supplied 2.7 TWh of energy, down from almost 3 TWh in the same period last year, due to a warmer winter in the Netherlands and lower demand in the Spanish mainland. Of the total supply, electricity accounted for 55%, while the rest was gas.

The company’s supply division grew its customer base by 19% year-on-year. Due to the COVID-19 effect in the markets it operates, the division’s revenues were lower by 17%. With gross income rising by 3% on the year, EBITDA of the supply division spiked 67% to EUR 8.7 million.

By contrast, revenues and EBITDA of the generation division fell by 60% and 61%, respectively, on the lack of contribution from the divested plants.

At the end of the first quarter, Audax had 91 MW of installed capacity in Spain, France and Poland, all of which is wind power. It has one 66-MW wind project under construction in Panama and a 320-MW photovoltaic (PV) portfolio under development in Spain.

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