GreenVolt profits up 43% in Q1 to €1.3M

GreenVolt recorded profits of €1.3 million in the first quarter of this year, an increase of 43% compared to the same period last year, the group said in a statement released on Tuesday.

“Taking into account the evolution of the various business units, GreenVolt’s total revenues amounted to €56.6 million, a growth of 167%, and the adjusted net profit attributable to GreenVolt was €1.3 million (43% increase compared to the financial year of the equivalent period of 2021),” the company said.

Likewise, adjusted EBITDA (earnings before tax, interest, depreciation and amortisation) “reached €22 million, registering a year-on-year increase of 241%,” the group highlighted.

In the same statement, the company said that “a total of about 371 MW [megawatts] in all technologies are in operation and under construction”, and it has a pipeline of solar photovoltaic and wind power development projects that “amounts to 6.6 GW [gigawatts], with 2.7 GW in an advanced phase by the end of 2023”.

In parallel, in the “business area of distributed renewable generation, an obvious solution for an effective reduction of the energy bill” the company “reached a total of 67.9 MWp [megawatt peak] installed and raised in Portugal and Spain during the first three months of 2022 alone”.

“The first three months of 2022 were marked by the continuation of the excellent financial performance of renewable energy production operations through residual biomass, but also by a deepening of the business plan for the area of development of solar and wind renewable energy projects,” the company said in the same note.

The group stressed that “the invasion of Ukraine by Russian Federation troops, besides the obvious unfortunate social and human consequences, has put European energy independence on the agenda, focusing on solar and wind sources.

The company stressed that “in the face of rising electricity prices, because of the war, we have seen an intensification of demand – on a European scale – for long-term bilateral agreements, through Power Purchase Agreements (“PPA”), and the growing demand from individuals and companies for solar solutions aimed at self-consumption”.

GreenVolt recalled that it “operates in the segment of electricity production through biomass exclusively from waste” and that “in Portugal, it owns five forest waste biomass power plants, with an installed capacity of around 100 MW” and in the United Kingdom, “it has a majority stake (51%) in TGP, a power plant with around 42 MW that only uses urban woody waste”.

According to the company, “the residual biomass segment recorded revenues of around €48.7 million, corresponding to a growth of 130% compared to the first quarter of 2021”.

In addition, “GreenVolt is present in the strategic segment of distributed renewable generation in the residential and commercial and industrial (C&I) segments, in Portugal and Spain”, with “total revenues amounted to €5.8 million”.

The company recalls that “in addition to the issue of a ‘Green Bond’, of €100 million at the end of 2021, GreenVolt issued a new bond loan of €15 million, with a maturity of six years and fixed coupon” and that “GreenVolt’s net financial debt at the end of March 2022 amounted to €180.5 million”.