DTEK Renewables has published its audited consolidated 2020 financial statements for the accounting year ending on 31 December 2020. The document was prepared in accordance with International Financial Reporting Standards (IFRS). Revenue increased by 66.7% up to UAH 8.148 mln, mostly due to an increased output of 2.4 GWh of green electricity in 2020 and the its consolidated profit for the year was UAH 324 mln.
The commissioning of new power plants in 2019 allowed DTEK Renewables to increase its supply of green electricity by 71.7% to 2.4 billion kWh in 2020. Furthermore, the availability factor of wind farms and solar power plants amounted to 94.6% and 99.7% respectively - which matches global standards - had a positive impact on electricity supply.
DTEK Renewables has a green energy portfolio of 950 MW. The company financed the construction of these assets with EUR 1.2 bln of its own as well as borrowed funds. This investment will ensure an annual reduction of 2.6 million tons of greenhouse gas emissions.
In the 2020, renewable energy sector investors in Ukraine were actively engaged in negotiations with the Government regarding the terms of the Memorandum of Understanding, which aims to resolve some outstanding issues in the Ukrainian renewable energy industry. Recent regulatory changes to the economics of RES projects in the country, reduction of FIT rates, poor payment discipline and the introduction of “cut off” dates, in particular, have delayed the development of many projects in Ukraine’s renewable sector.
The Guaranteed Buyer’s total debt to DTEK Renewables amounted to UAH 5 060 mln including VAT as of 31 December 2020. Of this figure, UAH 3777 mln was accrued in the period from March-July 2020.
“DTEK Renewables continues to fulfill its obligations even during these turbulent times. We expect that the crisis related to FIT payments in the renewable energy sector will be resolved by the end of 2021, and the state policy regarding renewable energy will become understandable and predictable. This will allow investors from all over the world to look towards Ukraine again”, said Maris Kunickis, CEO of DTEK Renewables. I hope that Ukraine will develop a clear strategy for the comprehensive development of the energy sector, including green energy. On our side, we, as a socially responsible business, are ready to contribute, provide our expertise and continue our dialogue with the government to reach common goals”.
DTEK Renewables continues to invest in clean energy. Our green asset portfolio will be enlarged by increasing the Tiligulska Wind Power Plant’s capacity to 500 MW. The wind farm is expected to start green energy generation in 2022. Financing of the project will be partly drawn from funds raised by DTEK Renewables Finance BV’s green bonds issued in 2019.
