Mechelen, 27. Februar 2012, Following the commissioning of a series of self-developed projects and the acquisition of a few operational PV parks, 7C Solarparken NV now owns and operates an installed base of over 20 MWp primarily in Germany. The company is strengthening further its team with the objective to optimise its existing asset portfolio within the next nine months and to prepare for an innovative course thereafter. Germany’s latest announcement on less regulatory support for new projects underpins the company’s strategic choices.
Operating IPP doubled
Supported by a strong shareholder base, 7C Solarparken has doubled its operating IPP portfolio of solar PV farms in the second half of 2011. Newly developed ground-based projects i.e. Lipprandis (1.1 MWp), Maisach (1.0 MWp) and Nobitz (2.1 MWp) were taken into operation, while two operational farms were acquired. Among these, the company recently acquired the 4.5 MWp “Immler” rooftop portfolio from Colexon. “The Immler purchase demonstrates our belief in smaller scale rooftop as a viable way forward. Grid parity will put much more emphasis on projects between 50 and 500 kWp from a distributed generation perspective.”
Record financial figures over 2011
2011 has also been a record year for 7C Solarparken from a financial perspective. On a pro-forma basis, the group has reached over € 3.3mio in EBITDA of which approx. 85% comes from the IPP portfolio. The remainder relates to profits made on corporate center level (O&M, management of SPV’s, conception and sale of projects). For 2012, 7C Solarparken anticipates that its current IPP portfolio should generate an EBITDA of € 5.7mio and a net cash flow of € 3.5mio.
New team members
In spite of an economic crisis and a downturn for new solar PV installations, 7C Solarparken NV has still been strengthening its technical management team through the recruitment of three senior profiles among which two civil engineers Koen Merckx (ex-Colruyt, ex-Invictus) and Francis Heyrman (ex-Siemens), and technical expert Geert Holemans (previously head of the technical department at a local municipality). “The new team members add complementary competencies and enable us to realize the full technical potential of our parks. Aside from optimising our own parks, we will also increasingly deploy our team to improve sub-optimally managed installations owned by third parties", says Philippe Cornelis, Chief Technical Officer of 7C Solarparken.
The main mission for the company’s management this year is indeed to optimize the existing portfolio and to create value rather than volume. The company mainly strives to an increase of the energy yield, a standardisation of cost structures, an optimal financing structure and securing the lowest volatility for its portfolio. Its optimisation process will run for nine months.
The new EEG draft in Germany, which will significantly reduce the profitability of new large-scale projects , is strengthening the company’s conviction that grid parity at the level of small and medium-sized enterprises has become reality. Next to developing and operating smaller projects, our strategic course for future growth will encompass the acquisition of distressed solar PV farms.
“For us, a solar PV asset is not the end of the value chain but the upstream part of a new value cycle that will consist of optimisation, direct sale of power to end-customers or to the market, storage of PV power in the gas network and connection points for electrical vehicle charging stations. The industrialisation of solar PV is about to take off.” says Steven De Proost, Founder & General Manager of 7C Solarparken.
Source: 7C Solarparken NV