Greenvolt Revenues Grow 20% with a Boost from Wind and Solar Power

Source: www.gulfoilandgas.com 6/21/2023, Location: Europe

The Greenvolt Group recorded a 20% growth in total revenues in the first three months of the year to €67.7 million, with EBITDA, excluding transaction costs, standing at €22 million. The Utility Scale and Distributed Generation segments made a strong contribution to the Group’s total, as a result of Greenvolt’s commitment to segments other than Biomass. Utility Scale revenues grew by more than 200%, while Distributed Generation increased by 131%. Biomass now represents 65% of revenues, compared to 85% in the same period last year, with Distributed Generation increasing from 15% to around 30%. In terms of EBITDA, the Utility Scale segment now represents around a third of the Group’s total. “The results for the first quarter of 2023 reflect the reduction in Biomass EBITDA, mainly due to lower spot prices in the United Kingdom, already foreseen, as well as the fact that no asset sale operation has been concluded”, says João Manso Neto, CEO of the Greenvolt Group. Net income attributable to Greenvolt was €0.3 million. Residual biomass injects more than 250 GWh into the electricity grid During the first quarter of 2023, 253.6 GWh generated from residual biomass were injected into the grid, in line with the same period last year. In the United Kingdom, where the Group owns 51% of Tilbury Green Power, there was a decrease in electricity sales prices to values ??that, even so, remain significantly above the forecast in the initial Business Plan. In this context, total revenues decreased to €43.1 million. In this segment, where the Greenvolt Group’s structural costs are also accounted for, EBITDA excluding transaction costs fell by 41% to €15 million. Utility Scale more than triples revenue In the Utility Scale solar photovoltaic and wind renewable energy segment, the Greenvolt Group has 119 MW installed and in operation that injected around 22.6 GWh into the grid.

Reflecting energy sales from parks in operation and green certificates, as well as asset management services, revenues amounted to around €6.8 million, more than tripling compared to the same period of the year previous.

The Greenvolt Group currently has 460 MW under construction and another 120 MW in RtB. In total, it holds at least 691 MW in RtB, triple the amount recorded in the same period last year.

The pipeline of projects, measured by their total capacity, amounts to 11.6 GW, with its capacity weighted by probabilities of success amounting to 6.9 GW in 13 geographies. Of this total, it is expected that, by the end of 2023, around 2.9 GW will be in RtB, construction or COD.

Strong growth in Distributed Generation
In Distributed Generation, the Greenvolt Group is already in six European geographies, keeping an eye out for various opportunities for geographic expansion, both in individual and collective self-consumption.

During the first quarter of 2023, self-consumption installations in Portugal, Spain and Poland amounted to 16 MW, which represents 40% of the total installed in the whole of 2022 and a growth of 146% compared to the same period of the previous year. At the end of the quarter, Greenvolt still had a total backlog of 150.8 MWp to be installed, of which 49.2 MWp through PPAs.

Accumulated revenues for the first quarter of 2023 amounted to approximately €19.4 million, an increase of 131% compared to the same period of the previous year, with EBITDA being negative by approximately €1.2 million, still reflecting the costs of acceleration and expansion of the segment observed in the last 12 months, it is estimated, however, that at the end of 2023, the contribution to the EBITDA of this segment will be positive, following the measures being implemented to increase the pace of installations.


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