Audax Renovables expands its photovoltaic portfolio by 320 MW

Audax Renovables expands its portfolio in the photovoltaic sector by 320 MW. While one part concerns projects to be developed and subsequently launched, another of 60 MW involves projects that are already at a very advanced stage. The new plants will be located in different Spanish regions such as Andalusia, Castilla-La Mancha and Murcia.

The aim of the Spanish company, dedicated to the marketing of electricity and gas and the generation of renewable electricity 100%, is to increase the amount of clean energy produced by its own plants.

During the recent Ordinary Shareholders' Meeting, the main lines of intervention between now and 2022 were presented. Namely: the confirmation of the company as the leading energy seller in the SME segment of the Spanish market, the coverage of 2/3 of the energy supplied to customers with PPA (Power Purchase Agreement) contracts, through a policy of moving activities and replicating this growth model also at an international level.

Other objectives for 2022 are: exceeding the threshold of 500 thousand customers, supplying over 15 TWh of energy, revenues exceeding 1.5 billion euros, an EBITDA of approximately 100 million euros and reducing the net debt/EBITDA ratio by 1.5.

Furthermore, the achievement of a BBB- rating with a tendency towards stability was reported.

Once development and start-up operations are completed, the 320 MW of installed capacity will generate 600 GWh of green energy per year, which is equivalent to the annual consumption of over 175 thousand families.