BayWa AG's renewable energy arm, BayWa r.e., posted a loss of EUR 164.8 million (USD 173.5 million) for the first nine months of 2024, a stark contrast to the EUR 105.8 million EBIT profit recorded during the same period in 2023.
The company cited challenging market conditions, including lower solar component prices, inventory write-downs, and insufficient project sales, as the main drivers of the loss.
Revenue for the period fell 31.8%, dropping to approximately EUR 2.92 billion. While there was a slight increase in gross revenues from solar module sales, this was offset by a reduced trading margin.
Additionally, energy trading earnings suffered due to the expiration of short-term power purchase agreements (PPAs).
BayWa r.e. completed the sale of 11 solar and wind projects totaling nearly 450 MW, as well as four project rights of just under 150 MW. However, the total number of project sales was lower than expected due to delays, particularly in the US market.
The results also reflect costs related to a restructuring process at BayWa r.e., which was initiated as part of an ongoing review.
