Senvion increased its service order book volume by 35% year-on-year, while simultaneously extending the average contract length by 7.4%, corresponding to 0.7 years.
Net firm orders stood at €1.8 billion, with 35% in offshore net firm orders representing the largest share of the active pipeline. Service contracts continued to be the fastest growing business platform with annuity-like revenues and attractive margins.
On the other hand onshore revenues standing at €262 million, a 29% dip compared to €369 million generated from the company’s onshore wind division in the first quarter of 2015.
R&D spending during the first quarter was approximately €18 million and will likely increase throughout the year as Senvion invests in new products.
The company has continued to pursue international growth, cementing its global presence on the back of market entries in Chile (Announced conditional order of 300 MW, installation in 2017) and its office opening in Japan.
Jürgen Geissinger, CEO of Senvion, said: “We had a successful start to the year and delivered on our international growth strategy. We will continue to capitalise on opportunities in target markets as well as foster innovations through R&D investments with the aim to continuously reduce the levelised cost of energy.