Solarcentury announces record profits
- Date Published
Solarcentury, the global integrated solar power company with operations across Europe, Latin America and Africa, which is backed by SEP, has announced another year of strong trading performance for the financial year ended 31 March 2020.
Over the past 12 months, Solarcentury has delivered another record year of growth, with revenues rising 87% to £187m (2019: £100 m) and profits increasing significantly to over £20m; their highest level since the business was founded 22 years ago.
During the year, revenue from international project business doubled to £183m (2019: £91m), driven primarily by significant growth in revenue from the Group’s EPC operations (2020: £141m).
With a strong balance sheet including £40m of cash, Solarcentury continues to be financially robust thanks to its experienced management team and the integrated model that it operates, which allows the Group to benefit from revenue across the entire value chain from development to asset management.
Over recent years, the Group’s strategy has evolved in response to changing local market conditions, such that today it is truly global, focused on developing, building, operating and owning solar and storage projects across Europe, Latin America and Africa. This has enabled Solarcentury to continue to build a leading solar platform of scale, with a substantial 6GWp high quality pipeline across 10 international markets.
Commenting on the results, Frans van den Heuvel, Chief Executive of Solarcentury, said:
“The past 12 months have been another landmark year for Solarcentury, in which we have been recognised as one of the UK’s fastest growing private companies. For the second year in a row, we delivered a robust financial performance by continuing to expand our core business of developing, building, owning and operating utility-scale solar internationally.
With a significantly strengthened balance sheet, we are well positioned to navigate the short-term challenges presented by COVID-19, with sufficient liquidity to deliver our existing 6GWp pipeline across Europe, Latin America and Africa.”