Areva lowers 2013 renewables forecast on project delays

French power equipment giant Areva says it now expects its renewables business to pull in less revenue in 2013 than previously forecast, due to delays to unspecified projects.

Areva told its shareholders it expects to see sales of about €600m ($795m) from renewables next year, roughly the same as 2012’s figure.

The company had previously foreseen revenues above €750m.

Areva says the shortfall is “due to the time required to set up financing for certain customer projects, delaying their execution”.

It was one of the factors cited for a slight lowering of Areva’s forecast earnings before interest, tax, depreciation and amortisation (Ebitda) to about €1.1bn.

Areva’s renewables equipment operation spans wind turbines, bioenergy and concentrating solar power.

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