Solarcentury’s revenue passes £100m after international expansion

UK-based renewable giant Solarcentury has targeted a 5GW, global solar pipeline after revealing “record financial results” over the last financial year.

The solar specialist surpassed £100 million in revenue following a rise of 60 per cent for 2018/19, aiding a notable increase in earnings to £14.4 million.

Those figures swelled Solarcentury’s coffers to just shy of £20 million, and the company has lauded the growth of its utility-scale business as being a huge factor in its performance. 

Developments in Spain, the Netherlands, France and other international markets have boosted Solarcentury’s fortunes and the company now has five projects, with a combined capacity of 750MW, which are expected to attain ‘ready to build’ status in the forthcoming financial year. 

This has allowed for Solarcentury to forecast that its profits will double in the 2020 financial year, which will also coincide with a “significant increase” in activity in its home market as the UK subsidy-free solar scene evolves. 

Frans van den Heuvel, chief executive at Solarcentury, said the results marked the progress of its international growth strategy.

“We now develop, build, operate and own some of Europe’s largest solar farms, have become the market-leading provider of solar systems to corporates in Africa and have a large and growing global development pipeline, which currently stands at 5GW.”

Van den Heuvel also had some choice words for the UK government, which saw its energy department reshaped after Prime Minister Boris Johnson’s victory in the Conservative Party leadership election last week. 

“With the UK government recently committing to net zero carbon emissions by 2050, now is the time to put solar on a level playing field with other energy generation technologies. The world must now stop subsidising fossil fuels and set itself on an urgent net zero pathway, essential not just for the environment but for the survival of the economy and society as a whole,” he said. 

Solarcentury continues to be the subject of takeover speculation, with the company having been exploring a potential sale since the start of the year.

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