In the past financial year aventron developed successfully and increased earnings to CHF 16,9 million. To finance the further development aventron proposes to the general assembly a capital increase of maximum CHF 60 million at an issue price of CHF 11.50 per share.
In the past financial year revenues grew by 16% to CHF 120,2 (previous year 103,7) million. The further expansion of the power plant portfolio and the increased electricity prices contributed to this growth. aventron increased EBIT disproportionately by 18% to CHF 37,2 (PY 31,5) million. The particular market circumstances led to a net income of CHF 16,9 (PY 12,7) million. The earnings per share (eps) grew to CHF 0.35 per share. By the end of 2021 the portfolio consisted of 682 (PY 604) MW installed capacity. The wind segment delivered 49% of the revenues. 32% stemmed from the solar PV segment and 19% from the hydro segment.
Proposed dividend 12% higher
aventron would like its shareholders to participate in these positive results. The Board of Directors thus proposes to the General Meeting to increase the dividend by 11,5% to CHF 0.29 (PY 0.26) per share. The Annual General Meeting of aventron AG will take place on 21 April 2022.
In 2021 aventron invested CHF 36,5 million in the acquisition of existing power plants and in the construction of its own generating capacity. The balance sheet per year end amounts to CHF 862,0 (PY 758,1) million. By the end of 2021 the aventron group held liquid assets totaling CHF 104,7 (PY 75,8) million.
Additional capital increase is planned
At the Annual General Assembly 2022 aventron will seek approval for an additional capital increase consisting of a volume of up to 5,2 million shares. This corresponds to an increase in equity of up to CHF 60 million. The registered shares will be issued at an issue price of CHF 11.50 per share. The planned capital increase is intended to generate additional funds for investments in a diversified portfolio in all the countries in which aventron is active. The intermediate target is to reach a portfolio size of 750 MW by 2023.
aventron achieves important milestone in its storage strategy with the acquisition of a 5 MW battery in Germany.
Storing electricity from wind and solar power plants for days or weeks is an essential complement to renewable electricity production. It enables volatility to be balanced and generation and load to be aligned. aventron aims to steadily increase its available electricity storage volume. In doing so, aventron is focusing mainly on opportunities to raise dams at the intake of its small hydro power plants and using large batteries at its wind and solar power plants.
With regard to electricity storage, a first important project was completed last year with the raising of the dam at the Kvannvatn small hydro power plant in Mo I Rana, Norway. The raising of the dam by 3 m increased the storage volume by the equivalent of 1,195 MWh. With the acquisition of the Wölkisch large-scale battery, aventron is now also entering the field of large-scale battery storage.
The Wölkisch battery has a peak output of 4.8 MW and a storage volume of 5 MWh. The battery is connected to the substation of the Wölkisch wind farm in Saxony. The aventron wind power plant Wölkisch with 12.3 MW installed capacity also feeds into this substation. The Wölkisch battery will initially be used for balancing power, i.e. as a reserve to compensate for fluctuations in the electricity grid.
aventron is likely to implement further utility-scale batteries in the future. It is to be expected that, above all, large capacity ground-mounted solar power plants in Spain and Italy will be equipped with their own battery storage systems. This will make it possible to shift the excess energy produced during the day by a few hours into the evening.
aventron AG (“aventron”) and Aberdeen Standard Investments (“ASI”) have agreed to merge their small scale hydropower portfolios to create Norway’s third largest small-scale hydro operator with annual production capacity of 460 GWh
aventron and ASI’s combined portfolio will focus on the development, construction, production and distribution of renewable energy through hydropower as well as wind power in Norway. The combined portfolio comprises 41 small scale hydro power plants (including one plant under construction) as well as an operational wind farm and a further wind farm under construction. The group also benefits from a strong pipeline of small scale hydro and wind projects. Combined annual production capacity is expected to reach c.460 GWh once all projects are fully operational.
The hydropower sector in Norway is one of the most developed in the world and benefits from significant development and consolidation potential. With aventron’s assets mostly located in south Norway and ASI’s portfolio primarily based in the north of the country, the two portfolios are highly complementary. The merger provides geographical diversity, operational synergy potential and further de-risks the business by enhancing the long term competitive position of the joint company.
The merger has been achieved through a contribution in kind, with aventron becoming the majority shareholder of the joint entity, aventron Norway AS. ASI through its first infrastructure fund, SL Capital Infrastructure I LP, will hold a substantial minority position with governance rights. The merged entity will benefit from having an aligned shareholder group bringing together experienced partners with deep renewable infrastructure knowledge. The shareholders are aligned in their ambition of driving further, sustainable growth for the business while continuing to focus on delivering the highest standard of safety, respect for the environment and operational reliability.
aventron is significantly expanding electricity production from wind power. Over the next few months, 28 megawatts of additional wind power capacity in Germany, France and Norway will be connected to the grid.
Wind energy accounted for more than 50 percent of the aventron Group’s sales in 2020. This makes wind power an important pillar of the group. This is especially true with regard to electricity production in the winter months, when photovoltaics naturally yields less. To further strengthen its portfolio, aventron last week signed the purchase agreement for the acquisition of the Hellberge V wind farm from the international project developer Energiequelle GmbH. This 7,0 megawatt wind farm south of Berlin ideally complements the existing aventron wind farm Hellberge III with 6,1 megawatts from 2014. The wind farm, which is currently under construction, will go into operation in October 2021.
At the same time, aventron is pleased to announce the completion of the erection of the 8,0 megawatt La Chapelle Baloue wind farm in the Creuse department of Limousin, France. The four wind turbines at the windy site are expected to feed the first kilowatthours into the grid at the end of May.
Finally, construction work on the 12,6 megawatt Gismarvik wind farm is progressing well. The wind farm, which consists of three wind turbines in the Haugesund region of Norway, is scheduled to go into operation in the fourth quarter of this year. Gismarvik is located not far from the existing 6,4 megawatt aventron wind farm Storoy.
For further expansion of aventron’s wind power portfolio, the team is working primarily along the lines of consolidation, long-term partnerships with developers and own project developments. This will allow aventron to further increase its wind capacity despite strong competition. The focus will always be on diversification within aventron between the three resources of wind, water and sun.
aventron was able to maintain its margins despite low power market prices.
aventron generated in 2020 1’054 Gigawatt-hours of renewable energy and a revenue from the sales of energy of 103,7 (PY 102.5) million Swiss francs. The reduction in demand due to the COVID 19 pandemic and exceptional weather conditions in Norway put pressure on market prices and thus on the Group’s sales. At the same time, aventron commissioned new power plants. For example, the 50 Megawatt solar power plant Bargas in Spain, which was connected to the grid in June 2020, contributed 2 million Swiss francs to sales for the first time.
The EBIT-margin over energy sales attained 30% and delivered an EBIT of 31.5 (PY 32.4) million francs. The net income lay at 12.7 (PY 13.0) million francs.
By the end of 2020 the portfolio consisted of 604 (PY 545) MW installed capacity in power plants in operation or in construction. The wind segment delivered 57 percent of the revenues. 30 percent stemmed from the solar PV segment and 13 percent from the hydro segment.
The Board of Directors proposes to the General Meeting a dividend of 0.26 (PY 0.26) Swiss franc per share. The Annual General Meeting of aventron AG will take place on 15 April 2021. Due to COVID-19 related sanitary restrictions the AGM will be held in written form without presence of the shareholders. In 2020 aventron invested 37.1 million francs in the acquisition of existing power plants and in the construction of its own generating capacity. The balance sheet per year end amounts to 758.1 (PY 743.8) million francs. By the end of 2020 the aventron group held liquid assets totaling 75.8 (PY 69.1) million francs