24 Maio, 2022

GreenVolt’s EBITDA more than triples and net profit reaches €1.3 million

GreenVolt achieved an adjusted net income of €1.3 million in the first quarter of 2022, an increase of 43% compared to the same period last year. EBITDA more than tripled in this period, with revenues showing significant growth compared to the first quarter of 2021.

GreenVolt's EBITDA, excluding transaction costs, amounted to around €22 million, an increase of 241%, while revenues amounted to €56.6 million (+167%), with the residual biomass segment make the greatest contribution given the maturity of this business.

These results were achieved in a period in which GreenVolt continued to deepen its policy of continuous improvement and digitalization at the level of its residual biomass plants, but several acquisitions were also made in the utility scale solar photovoltaic and wind renewable energy segment. Important steps were taken to promote the strategic segment of distributed renewable generation in the residential and commercial and industrial segments.

The invasion of Ukraine by troops from the Russian Federation, in addition to the obvious regrettable social and human consequences, put European energy independence in focus, with solar and wind sources at the forefront. It has already led the European Union to approve a strategy to promote electricity generation through renewable sources, both at the large-scale (“utility scale”) and at the level of self-consumption (distributed generation), where GreenVolt is present.

"The dramatic events that we are currently witnessing in Eastern Europe reinforce the need for more sources of renewable energy generation", says João Manso Neto. "GreenVolt has a unique ability to contribute material solutions for the transition and energy independence on a European scale, having currently in operation and under construction a total of around 371 MW in all technologies, in four geographies: Portugal, Poland, Romania and United Kingdom", highlights the CEO of GreenVolt.

Residual biomass EBITDA grows almost four times

The residual biomass business, which includes the five GreenVolt plants in Portugal, the structure costs and the TGP plant (of which GreenVolt holds a majority stake of 51%), was the one that contributed most to the consolidated results, considering the maturity of this business.

This segment's recurring EBITDA amounted to €25.3 million, practically multiplying by four the value achieved in the same period of 2021. Revenues grew by 130% to €48.7 million.

This performance reflects the efficiency of operational management, the incorporation into the consolidation perimeter of TGP and the price of electricity in the United Kingdom, since TGP revenues have a fixed component – ​​covered by the Renewables Obligation Certificates system, indexed to the evolution of the Retail Price Index (RPI) – plus a variable component, dependent on the price of electricity on the market.

Pipeline of solar and wind energy projects amounts to 6.6 GW

In the solar photovoltaic and wind renewable energy segment, the results reflect the preparation phase of the projects and the expansion of the activity, whose revenues from the asset rotation strategy are only generated by the sale process, as well as the operating costs incurred during the construction phase of the solar parks under construction in Portugal. To this extent, the EBITDA generated was negative by around €2.9 million, with revenues reaching €2.2 million, mostly related to asset management services.

GreenVolt continued its acquisition strategy. It has concluded the acquisition of 35% of MaxSolar, a company that develops ground-based or rooftop solar photovoltaic projects in Germany and Austria, with a pipeline of 3.2 GW, of which 0.8 GW is in an advanced stage of development, was completed. Sustainable Energy One was also created with Green Mind Ventures for the promotion, acquisition, and development, in Spain, of small and medium-sized solar photovoltaic projects (up to 10 MW).

In terms of project pipeline, at the date of publication of this press release, it amounts to 6.6 GW. The pipeline of advanced stage projects amounts to 2,7 GW by the end of 2023.

Decentralized renewable energy generation is strategic

GreenVolt is also present in the strategic segment of renewable generation distributed in the residential and commercial and industrial (C&I) segments, in Portugal and Spain. In the C&I segment, it holds 70% of Profit Energy, in Portugal, Perfecta Industrial, incorporated during the first quarter of 2021, in Spain, and a 50% stake in Univergy Autoconsumo, also in Spain, acquired for €13.5 million. In the residential area, it holds 42.19% of Perfecta Energia, in Spain, and in the second quarter of 2022, Energia Unida was launched in Portugal, dedicated to collective self-consumption, through the concept of energy communities.

This business area, an obvious solution for an effective reduction of the energy bill, reached a total of 67.9 MWp installed and raised in Portugal and Spain only during the first three months of 2022

Profit concluded the installation of 3.8 MWp, holding, at the end of March, orders already signed for 56,5 MWp. Perfecta installed 1.8 MWp, with already signed orders of 2.7 MWp, and Energia Unida has already signed orders of around 3.1 MWp. Total revenues amounted to 5.8 million euros, with a negative EBITDA of 336 thousand euros, given the initial investment phase in the launch of new companies and in the expansion of activity, mainly in the Spanish market.