The Greenvolt Group recorded a 23% growth in total revenues during the first six months of the year, reaching 139.1 million euros, with EBITDA amounting to 38.3 million euros.
The Utility-Scale and Distributed Generation segments made a significant contribution to the Group’s overall performance, reflecting the investment in segments beyond Biomass. Revenues from the Utility-Scale segment increased by more than 190%, while those from Distributed Generation grew by 108%.
Biomass accounted for 57% of the revenues, with Utility-Scale and Distributed Generation increasing their share to 43%. In terms of EBITDA, Biomass generated 24.4 million euros, the Utility Scale segment contributed 17.5 million euros, and Distributed Generation had a negative contribution of 3.6 million euros, reflecting the expansion efforts into other markets, but with positive contributions from Portugal and Italy.
“The results of the first half of 2023 reflect the decrease in Biomass EBITDA, mainly due to lower spot prices in the United Kingdom, as anticipated, as well as the scheduled shutdown of our unit in the UK,” said João Manso Neto, CEO of Greenvolt Group. The net result attributable to Greenvolt was negative 3 million euros.
Residual Biomass Injects over 486 GWh into the Electrical Grid
During the first half of 2023, 486 GWh of electricity generated exclusively from waste 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 selling prices, although they remained significantly above the initial Business Plan projections. This period also saw the scheduled shutdown of this unit. Consequently, total revenues decreased to 79.7 million euros in this segment, with EBITDA declining by 44.9% to 24.4 million euros.
Utility Scale More Than Triples Revenues
In Utility-Scale Solar and Wind, the Group has 169 MW in operation, injecting approximately 70.9 GWh into the grid.
Due to sales of energy from operational parks, green certificates, and asset management services, revenues reached around 24 million euros, compared to 8.3 million euros recorded one year prior.
Currently, the Greenvolt Group has at least 798 MW in Ready to Build (RtB) status, out of a pipeline totaling 7.7 GW in 15 different geographies. It is expected that by the end of 2023, approximately 2.9 GW will be in RtB, under construction, or in Commercial Operation Date (COD).
Strong Growth in Distributed Generation
In Distributed Generation, the Greenvolt Group is already present in five European geographies and is actively exploring expansion opportunities, both in individual and collective self-consumption.
During the first half of 2023, self-consumption installations totaled 32.1 MWp in Portugal, Spain, Poland, and Italy, representing an 87% growth compared to the same period last year, with installations through Power Purchase Agreements (PPAs) already accounting for about 13% of the total installed capacity.
At the end of the first semester, Greenvolt held a total backlog of 165.7 MWp to be installed, with 59.2 MWp through PPAs. Greenvolt currently has projects under construction with a total contracted capacity of approximately 110 MWp, and it is expected that the construction pace will significantly increase during the second half of the year.
Accumulated revenues for the first half of 2023 reached around 38.5 million euros, an increase of 108% compared to the same period last year, with EBITDA being negative by approximately 3.6 million euros, reflecting the costs associated with the acceleration and expansion of the segment observed over the past 12 months. However, it is estimated that by the end of 2023, this segment will contribute positively to EBITDA, following the measures being implemented to increase installation rates.
