Juwi Group back in the green after positive developments in its PV business

It had been a tough few years for German renewable energy developer juwi Group after falling revenues and a minus profit margin. But it has showed its fighting spirit and has come back with significantly increased revenues in 2015, which put its profit back into the green for the year, as it realigned its business and saw particularly positive developments in its PV operations.

The most outstanding figure for the company was the 15% rise in its revenue from the year before, posting an end-of-year total of €575 million. This rise in revenue translated into a miraculous turnaround in the company’s profit margin, from a loss of €112 million in 2014 to positive profit of €2.3 million in 2015.

Juwi Group highlighted a “strategic reorientation” as the most outstanding factor for this increase, which, among a number of things, saw the company focus its PV project development and EPC services on the international scene.

“Following the discontinuation of a large number of loss-making activities, our concentration on our core business has now paid off,” said juwi Group founder Fred Jung. “We have practically returned to our roots – a ground-breaking decision.”

This realigning of the company’s PV operations saw juwi undertake a large number of PV projects outside of Europe, with particularly notable developments in the U.S., South East Asia, and South Africa.

“There are good reasons why juwi is among the world’s leading project developers and EPC service providers in the photovoltaic sector,” commented juwi executive board member Stephan Hansen. “We intend to defend this position and to make many positive contributions to the profit of the juwi and MVV groups.”

Despite the previous years of loses, which hit juwi particularly hard in 2013 and 2014, the company had still managed to maintain its reputation as one of the leading EPC contractors in the PV market. In fact, earlier in 2016, juwi was listed as number two in Wiki-Solar’s top 30 utility-scale solar EPC contractors, behind U.S. company First Solar.

The turnaround in the company’s fortunes was also partially attributed to investment from MVV Energie AG, who acquired 63% of juwi’s shares at the end of 2014. This gave the company a stronger financial foundation and has enabled it to forecast further growth in its revenue, and further improvement in its annual profit.