The Greenvolt Group reached a net profit of €5.9 million euros in the first nine months of 2023, benefiting from the strong growth of the wind and solar energy businesses.
While the Greenvolt Group’s total revenues grew to €267.9 million, an increase of around 45.9% year-on-year and EBITDA reached €76.9 million by the end of September 2023.
Biomass generated revenues of €122.8 million, reaching an EBITDA of €40.5 million, while revenues from the Utility Scale segment amounted to €100.3 million. The EBITDA of this business grew 5.7 times compared to the first nine months of 2022.
“In Distributed Generation, a strategic segment for the growth of the Greenvolt Group, there was also strong growth both in terms of installations and revenue obtained, in a period of clear expansion”, says João Manso Neto, CEO of the Greenvolt Group.
This segment continues its strong growth, now focused only on the Commerce & Industry sector, in a total of nine geographies. It recorded a 145% increase in revenue and is expected to reach breakeven in the last quarter of the year.
Biomass injects 750 GWh into the grid
During the first nine months of the year, sustainable biomass plants injected a total of 749.2 GWh of electricity into the grid, 3% less than in the same period last year.
While residual biomass power plants in Portugal maintained a strong operational performance, in the United Kingdom, where the Group owns 51% of Tilbury Green Power, revenues were impacted by the scheduled shutdown, as well as lower electricity prices.
Revenue totalled €122.8 million, a reduction of 16.9% compared to the same period of the previous year. EBITDA excluding transaction costs amounted to €40.5 million, representing a decrease of 45% compared to the same period last year.
Utility Scale EBITDA grew almost six times
In the Utility Scale segment, sales of energy and green certificates from operating parks allowed strong revenue growth, which more than offset the drop in Biomass. In the first nine months of 2023, total revenues from this segment amounted to €100.3 million, a growth of 4.9 times compared to the same period last year.
EBITDA totalled €38.8 million, a growth of 5.7 times compared to the first nine months of 2022, an evolution explained by the Greenvolt Group’s asset rotation strategy. These operations contributed around €23.7 million to EBITDA.
Currently, the Group has 18 solar parks in operation, representing an increase in installed capacity in operation of 20 MW, 4 MW in Poland and 16 MW in Portugal, for a total of 189 MW.
The total project pipeline amounts to 7.7 GW across 15 geographies. Of this total, it is estimated that by the end of 2023, around 2.9 GW will be in RtB, construction or COD (including 1.4 GW of storage solutions in Poland). Currently, Greenvolt already holds a total of 1.3 GW at least in RtB.
Distributed Generation focused on companies
Greenvolt aims to continue developing a pan-European platform for self-consumption, which is characterized by offering unique solutions for large companies, with a presence in multiple geographies. Currently, considering Germany, where it holds a minority stake in Maxsolar, it is already in nine countries, now focused on the Commerce & Industry sector.
Accumulated revenues for the first nine months of 2023 amounted to around €49.8 million, an increase of around 145% compared to the same period last year, driven mainly by more established activities in Portugal and Italy.
The segment’s total EBITDA, however, was negative by around €2.8 million euros, also reflecting acceleration and expansion costs, particularly in new geographies, but considering the solid backlog of 184.8 MWp, the Group maintains its objective of reaching breakeven in the last quarter of the year and is confident that results will improve significantly from 2024 onwards.
