In a year that was marked by the acquisitions of Tilbury Green Power (TGP), in the residual biomass segment, of V-Ridium in the solar photovoltaic and wind energy business, as well as of Profit Energy and Perfecta Energia, the adjusted net income attributable to the Greenvolt amounted to €11.9 million. In the fourth quarter, adjusted earnings were €3.6 million, a year-on-year increase of 172%.
EBITDA excluding transaction costs grew 87% to €61.6 million in 2021 (increased 256.7% in the fourth quarter to reach €27.7 million). In a theoretical scenario in which all acquisitions would have taken place on January 1, 2021, pro forma EBITDA for the entire 2021 financial year would amount to around €75 million, which reflects a growth of around 127% compared to to the EBITDA of €33 million euros recorded in 2020.
Considering the evolution of Greenvolt’s various business units, biomass, the solar photovoltaic and wind renewable energy segment and distributed renewable generation, total revenues reached €141.5 million (+57%) in the total last year. In the fourth quarter alone, total revenues amounted to €58.1 million, a year-on-year growth of 177%.
João Manso Neto, CEO of Greenvolt, points out that “the differentiating strategy based on 100% renewable energy production was implemented throughout the fourth quarter of the year, which materialized in a frankly positive economic and financial performance.”
Biomass makes a strong contribution to the results
The residual biomass business, which includes the plants in Portugal, the structural costs and the TGP plant, was, during 2021, the one that contributed most to the consolidated results of Greenvolt, a situation to be expected given the maturity of this business. Interests without control increased compared to the same period last year, with the variation essentially related to TGP.
Greenvolt owns 5 residual forest biomass plants in Portugal, with an installed capacity of around 100 MW, controlling 51% of TGP in the United Kingdom, operating a plant with around 42 MW that exclusively uses urban wood waste. In terms of total electrical production, during 2021, 873.3 GWh were injected into the network, which corresponds to an increase of 19.2% compared to the energy injected in the same period of the previous year.
Higher-than-promised pipeline of solar and wind projects
In the solar photovoltaic and wind renewable energy segment, Greenvolt is essentially present in the most upstream segment of the value chain – the project development and promotion phase – through the acquisition of V-Ridium. It was acquired from KSME, an energy storage solutions company.
In addition, during 2021, Greenvolt also signed co-development agreements in Italy and Greece with recognized developers in the market, with the current pipeline of around 5.6 GW, which represents a growth of 1.5x compared to the pipeline of projects existing at the time of the IPO.
The solar photovoltaic and wind renewable energy development segment also includes the solar photovoltaic park in Tábua, Portugal, with around 48 MWp, and the Small Production Units, with around 14 MWp, which will come into operation during the third quarter of 2022.
If the V-R operation had been consolidated since the beginning of the year, the segment’s EBITDA would have reached around €1.9 million.
Decentralized renewable energy generation is strategic
Greenvolt is present in the distributed renewable generation segment through Profit Energy, a Portuguese company in which it holds a 70% stake and operates in the commercial and industrial segment, and Perfecta Energia, a Spanish company in which it holds a 42.19% stake, and which operates in the residential segment. This is a business area that Greenvolt considers strategic, aiming to strengthen its market share at European level.
During 2021, Profit, whose acquisition was formalized at the end of August 2021, completed the installation of 18 MWp. Perfecta, an acquisition that materialized in October, installed around 4.5 MWp of residential photovoltaic solar installations for around 1,500 Spanish families.
In annual terms, this segment’s EBITDA was negative by approximately €1.5 million (data on a stand-alone basis), which is to be expected given the ramp-up phase of this business area.
