Güglingen, July 1, 2024 – hep global GmbH, the Baden-Württemberg specialist for solar parks and solar investments, looks back on an overall satisfactory 2023 financial year. The growth trend of recent years in the Group’s total output was continued with an increase from EUR 67.9 million to EUR 91.0 million.
At EUR 73.3 million, group sales were below the previous year’s figure of EUR 94.8 million, but significantly above the forecast range of EUR 50 to 60 million. The declining sales trend, as forecast, is due to the fact that, as expected, no solar parks under construction were completed in 2023. Accordingly, the project progress had a positive counteracting effect on the inventory changes of EUR 16.9 million for solar parks under construction. These will impact sales in 2024.
In the Services division, hep generated sales of EUR 66.3 million (2022: EUR 86.5 million). Sales from project development services were generated in particular from the sale of projects in Japan and Canada to German fund companies and from the sale of projects in the USA. The sale of the largest project in Canada alone generated sales of EUR 42.2 million.
In the investments area, new business developed positively, as three additional special AIFs were launched. For these “Article 9 funds” in accordance with the EU sustainability taxonomy, limited partnership capital of EUR 16.3 million was raised in 2023. In the existing business of the investments area, this included EUR 35.4 million for the public AIF HEP – Solar Green Energy Impact Fund 1 (SGEIF 1).
The earnings situation of the hep global Group was satisfactory in the 2023 financial year, given the general market environment with persistently high inflation and the correspondingly high interest rate level in the core markets. Consolidated earnings before interest and taxes (EBIT) rose from EUR 2.1 million to EUR 3.1 million and was thus within the forecast range of EUR 0 to 5 million. Consolidated net income increased significantly from EUR 0.4 million to EUR 1.7 million.
Forecast for the 2024 financial year
For the 2024 financial year, management forecasts group sales of between EUR 70 and 75 million. The sales development will be based, among other things, on the completion of construction projects in the USA. Group earnings before interest and taxes (EBIT) are expected to be in a range of EUR 0 to 5 million.
In 2024, hep will continuously expand its business in the European market and its project pipeline. To this end, the cooperation agreement concluded in 2023, which gives hep exclusive access to over 10,000 sites in Central Germany, is to be supplemented by further comparable agreements. Additional contributions are expected from development agreements that were already concluded in the first half of 2024 and provide for development and construction exclusively for individual investors who will provide the financing. In all markets, hep will focus on securing further solar projects. This project is to be supported and accelerated by the 8% Green Bond 2023/2028 (WKN: A35148, ISIN: DE000A351488) currently being placed.
hep solar
hep solar is a specialist for solar investments and solar parks. The owner-managed family business from Baden-Württemberg develops, builds, operates and finances solar parks all over the world, but primarily in Germany, Japan and North America. For over 15 years, hep solar has combined know-how in the operational handling of solar parks with high competence in the financial sector. The company covers the entire value chain of solar energy: from project development to construction and long-term operation. Through international solar investments, hep solar offers investors the opportunity to participate in the global expansion of solar energy. hep solar currently employs around 200 people worldwide with offices in Germany, Japan, the USA and Canada.