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The Greenvolt Group recorded revenues of €101.6 million in the first quarter of 2024, as increase of almost 60% explained by the strong growth in the Utility Scale segment and Distributed Generation, which offset the lower contribute of the Biomass business.

Despite the impact of the drop in electricity prices in the United Kingdom, affecting the Biomass business, the Greenvolt Group’s total EBITDA amounted to €18.7 million euros in the first quarter, being supported by energy sales and green certificates from assets in operation in the Utility Scale segment.

Given the low electricity prices in the United Kingdom, penalizing the Biomass segment, and the absence of asset rotation operations in Utility Scale, already expected, the net result attributable to Greenvolt, excluding the effect of discontinued operations, amounted to -€1.5 million, with the total net result attributable to the Group being -€2.7 million.

“The results recorded in this first quarter are not representative of Greenvolt’s expectations for the whole of 2024. We anticipate a significant improvement in activity, as well as profitability over the next few quarters, developing our project portfolio at the same time as implementing the strategy of asset rotation that we commit to with our stakeholders”, says João Manso Neto, CEO of Greenvolt.

Although no new asset rotation transactions in the Utility Scale segment have been completed in the first quarter of 2024, Greenvolt currently has four portfolios in the sales process. Two of them already have binding offers and the other two have preferred bidders, which indicates the robustness of the Group’s pipeline which has been increased by 224 MW to a total of 8.6 GW.

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