Solarcentury has reported “record financial results” for the year ended 31 March 2019 as it casts its eye towards a 5GW, global solar pipeline.
The UK-headquartered solar company reported a 60% surge in revenues for the year, breaching the £100 million barrier and helping contribute towards a significant uptick 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.
Earlier this month van den Heuvel told Solar Power Portal that its review was now at a critical stage, and backed any mooted sale to propel the company to the “top tier”.