L R AS Published on Monday 2 March 2020 - n° 311 - Categories:French companies
Reden Solar presents its financial year 2019
Last year, Reden Solar experienced sustained organic growth, complemented by a high rate of acquisitions. With 2019 sales of €155 million
74 million (+40% over 2018, of which 25% through acquisitions and 15% through organic growth).
At the end of 2019, Reden Solar had 580 solar power plants in operation with an installed capacity of 573 MW in seven countries (France, Spain, Portugal, Mexico, Chile and Puerto Rico). The company is also investing in new countries. For example, having recently acquired 20 MW in France and 40 MW in Mexico, Reden Solar has recently acquired three plants in Greece for a total of 7 MW and plans to acquire at least 100 MW in that country by 2021.
The company issued a €45 million loan at the end of 2019 to finance part of its growth, as its objective is to double its assets by 2022 through acquisitions and internal development. Reden wants to continue the 40% growth achieved in 2019. It has a portfolio of 1.5 GW of secured projects.
The group, 50% of which is developing in France and 50% internationally, plans to acquire more than 120 MW in 2020, in France, Southern Europe and Mexico. Reden Solar is confident that it will exceed its target of 1 GW of installed capacity of 1 GW by 2020.1 GW of installed capacity by the end of 2022, while remaining focused on the geographical areas where the group is active, namely Europe and Latin America.
Tecsol of1 March
Editor's note What is surprising about Reden's model is the multiplicity of installations (573 MW installed) spread over 580 sites. However, profitability is not affected by this, since EBITDA/Sales is 47.7% (Voltalia obtained a rate of 42% in 2018).
It also seems that there are a very large number of small power plants for sale in the world, probably not very profitable and therefore not very expensive. Reden's larger structure would then make them profitable.
