Energy Sales: +10%. Lower overall wind and solar resources but positive effects of new capacity and exchange rates
Services: x2.2. Strong growth for third-party clients across all continents
Capacity in operation and under construction
2 GW in operation and under construction (+40%) with more than 0.8 GW under construction (85% in solar)
2023 ambitions confirmed
2.6 GW in operation and under construction
Normalised1 2023 EBITDA target of €275-300 million
Voltalia (Euronext Paris ISIN code: FR0011995588), an international player in renewable energies, announces today its revenues for the first quarter of 2022.
"Voltalia posted strong growth in the first quarter, with revenues up +54%. We have now more than 2 GW of capacity in operation and under construction, while services to third party clients generated record revenues", commented Sébastien Clerc, Voltalia’s CEO.
First quarter 2022 revenues
BUSINESS REVIEW
Revenues for Q1 2022 amount to €98.3 million, up +54% (+48% at constant exchange rates). Energy Sales and Services contribute 44% and 56% respectively to the quarter's revenues.
From this quarter onwards the financial reporting on Helexia is split along Energy Sales and Services, in line with the rest of the company. Until our FY 2021 results announcement, Helexia was fully included in Energy Sales. The presented Q1 2021 figures in this press release have been updated accordingly.
ENERGY SALES
Q1 2022 revenues reach €43 million, up +10% compared to Q1 2021. Revenue growth at constant exchange rates was +3% showing the improvement of Brazilian real compared with Q1 2021. The average EUR/BRL was thus at 5.88 in Q1 2022 compared to 6.59 in Q1 2021.
Quarterly production was 0.7 TWh compared with 0.8 TWh in 2021, reflecting lower wind and solar resources and increased installed capacity in operation at 1,161 MW (+8%) at end of March 2022.
Operational indicators
Production by country:
In Brazil production decreases by -21% due to lower resource levels compared to last year. The loss of VSM2 production due to its sale in November 2021 is compensated by the output of VSM3, that had been fully commissioned in April 2021.
In France, production is up +5% during the first quarter and profits from the production of plants that were commissioned in 2021, in particular the Cacao, Sarry, Laspeyres and Cabanon plants. Production from Cacao, the biomass plant in French Guiana, is up x2.4, while Sarry, the wind farm in Burgundy Franche-Comté, is up x3.1. Helexia continued its growth in France, up +12% compared to last year.
In the other countries, aided by Helexia, Voltalia’s production more than doubles in Italy and Portugal. Voltalia benefits from the commissioning of the Stavria solar plant in Greece, with production in the country up +37%, and the Hallen battery storage facility in the UK, where production is up +26% in the country. In Egypt and Jordan, production is stable compared to last year.
SERVICES
Q1 2022 revenues (internal and external) reach €67.7 million, up x2.2 compared to Q1 2021. Revenues from third-party clients and internally are both up x2. The analysis by segment demonstrates the strong growth in the Development, Construction and Equipment Procurement segment:
Development, Construction and Equipment Procurement revenues reach €60.8 million, up x2.4 compared to Q1 2021, both at current as well as constant exchange rates. During the quarter, Development revenues grow thanks to Brazil, while revenues from Construction and Equipment Procurement profit from large contracts signed in 2021 notably in Portugal and Kenya, and a series of smaller contracts in Portugal, Italy and Zimbabwe. Helexia posts strong growth in construction services, particularly in France and Portugal. Overall the segments’ external revenues for third party clients increase by x2.4, while internal revenues increase by x2.5.
Operation & Maintenance revenues amount to €6.9 million, up +23% at current exchange rates compared to Q1 2021 and up +20% at constant exchange rates. This increase is mainly supported in Brazil and France. Third-party clients make up 60% of the segment’s revenues.
Eliminations of revenues from services provided internally accompany the increase in internal activity and are up x2.1 compared to Q1 2021, to €12.4 million versus €5.9 million last year.
RECENT DEVELOPMENTS
First megawatt-hours from SSM1&2, Voltalia's largest solar project7
Voltalia announced the gradual commissioning of SSM1&2, a 320 MW project in the Serra Branca cluster in Brazil. SSM1&2 started its commissioning in early April 2022. As of 19 April 2022 31,000 photovoltaic panels are in operation, with a capacity of 18 MW. The site’s total capacity of 320 MW is expected to be reached by June 30.
Voltalia wins 33 MW floating solar project in Portugal8
Voltalia won its first floating solar power plant project in Portugal for a total capacity of at least 33 MW backed by a 15-year power sales contract. This plant will be installed near the Cabril dam in Sertã. Its capacity will be in between 33 and 40 MW, depending on final optimisation. Spanning 33 hectares, the plant will generate green electricity for a volume equivalent to the consumption of more than 70,300 inhabitants.
Helexia, a subsidiary of Voltalia, announced the acquisition of Cap Sud in France9
Helexia announced the acquisition of Cap Sud. Founded in 2006, the company specialises in the development, construction and operation of photovoltaic power plants on the roofs of agricultural buildings, whose energy is either used by farmers or sold to the grid. Cap Sud currently operates 344 agricultural photovoltaic roofs representing a total of approximately 35 MW.
Construction launch of the innovative solar project in Montclar, France10
Voltalia began construction of the Montclar project, a 3.7 MW solar power plant located in France in the municipality of the same name, in the Alpes de Haute Provence department - Provence Alpes Côte d'Azur region. The Montclar project is located on 4.2 hectares, has 8,600 solar panels and will provide green electricity to more than 2,500 inhabitants of the department. The project has a 20-year electricity sales contract.
Construction launch of SSM3-6 at the Serra Branca complex in Brazil11
Voltalia launched the construction of the SSM3-6 (Solar Serra do Mel 3, 4, 5 & 6) solar power plant. With a capacity of 260 MW, the plant will begin production in the first half of 2023. 80% of Serra Branca’s 2.4 GW potential is now under construction or in operation. The SSM3-6 plant is backed by a 14-year power sales contract with Copel, a Brazilian Utility and historical partner of Voltalia.
2023 AMBITIONS CONFIRMED
The ambition of 2.6 GW in operation or under construction by the end of 2023 is confirmed. Voltalia has 2 GW of capacity in operation or under construction. In addition, the Energy Sales contracts already awarded and not yet under construction represent approximately 0.7 GW.
In 2023, normalised EBITDA is expected to reach the range of EUR 275 to 300 million.
