Offshore boosts Senvion revenues amid onshore fall

GERMANY: Senvion said its revenue of €829.6 million, a fall of 4.6% year-on-year, was in line with expectations.

Senvion's offshore business helped revenues despite an overall fall onshore

The firm's results were backed by its servicing and offshore segments, as onshore revenues fell 25% compared to 2016, totalling €490.8 million.

Offshore revenues, however, grew 146% from €75 million to €184.3 million in the first six months of 2017. This was due to a €307 million order for the 203MW Trianel Windpark Borkum II offshore project in Germany, where Senvion will supply its 6.2MW turbine.

Onshore revenues fell in many of Senvion's core markets during H1, including the UK, Canada, Portugal and Belgium. However, there was a 27.5% increase in onshore revenues in Germany.

"Our performance in the first six months of 2017 is in line with our expectations. Senvion continues to face a challenging environment whilst we are remaining on track," said Senvion CEO Juergen Geissinger.

"We have been making progress in shaping our company for the future in times of fast decreasing levelised costs of energy as many markets shift to auction-based systems.

"Our order intake is growing and we continue to introduce products successfully. Our Chile contract has finally closed financing and is now being converted into a firm order, which is another milestone for our company," Geissinger added.

Earlier this week, developer Aela Energia completed the financing for a 299MW of capacity in Chile, which Senvion will supply with turbines from its 3MW platform.

As a result of the deal, Senvion reduce its guidance for 2017 saying the revenue would move to 2018. Senvion now expects 2017 revenues to total €1.9-1.95 billion, down from an initial €2-2.1 billion.