Audax Renovables expands its photovoltaic portfolio by 320 MW

Audax Renovables expands its portfolio in the photovoltaic sector by 320 MW. If 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 various Spanish regions such as Andalusia, Castile-La Mancha and Murcia.

The objective of the Spanish company, dedicated to the marketing of electricity and gas and the generation of renewable 100% electricity, is to increase the quantity of clean energy produced by owned plants.

During the recent Ordinary Shareholders' Meeting, the main lines of action between now and 2022 were exposed. Namely: the confirmation of the company as the first 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 internationally.

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

Furthermore, news was given that the BBB rating was obtained - with a tendency towards stability.

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