The Greenvolt Group reached a significant growth in 2023, supported by the strong performance of the Utility Scale segment, but also as a result of the expansion of Distributed Generation, in a year marked by a lower contribution from the Biomass segment as a result of lower energy prices in the United Kingdom.
Utility Scale, in addition to having multiplied its revenues by more than six times, to €152.4 million, represented half of EBITDA. Excluding transaction costs, the Group’s EBITDA amounted to €103,1 million, allowing the net profit attributable to Greenvolt, excluding the effect of discontinued operations, to have totalled €7.5 million, with the total net profit attributable of €1,2 million.
“The positive evolution of Utility-Scale allowed us to offset expansion costs in Distributed Generation, a strategic segment for the Greenvolt Group. Although revenues from Distributed Generation have more than doubled compared to 2022, the development of the pan-European platform for self-consumption in new markets continues to be in the ramp-up phase”, says João Manso Neto, CEO of the Greenvolt Group.
In the Distributed Generation segment, the Greenvolt Group continues to grow its pan-European self-consumption platform, now operating in 10 geographies. Revenues reached €70.8 million in 2023, an increase of 136% compared to the previous year, while the segment’s EBITDA was negative by around €6 million, with the objective of achieving an annual EBITDA positive in 2024.
Biomass penalized by lower energy prices
The Greenvolt Group’s biomass plants injected a total of 998.3 GWh of electricity into the grid in 2023, 2.7% less than in the same period last year, with operating revenues falling by 13.7% to €168.4 million.
Biomass plants in Portugal maintained a strong operational performance, despite the slight decrease in load factor to 81.1%, as did Tilbury Green Power, in the United Kingdom. However, the segment’s revenues are impacted by the reduction in electricity prices in the British market, which, on average, were 53% lower than those recorded in 2022.
Utility Scale multiplies revenues and EBITDA
While Biomass’ EBITDA shrank by 38.6%, to €56.9 million, Utility Scale presented an EBITDA of €51.2 million, 5.2 times more compared to 2022, supported by revenues of €152,4 million, 6.2 times higher than that recorded in the same period last year.
These results were mainly driven by energy sales and green certificates of assets in operation, which continue to be a solid basis for the stability of the segment’s results, and by the contribution from the sale of assets developed and built during the year.
Currently, Greenvolt has 26 solar parks in Poland, Romania and Portugal, with a total capacity of 246 MW, which injected an aggregate total of 172.3 GWh of electricity into the grid. In view of the results statement for the first nine months of 2023, on November 28, 2023, there was an increase in installed capacity in operation from 189 MWp to 246 MWp at the end of 2023, representing an increase of 30% between quarters.
The total project pipeline currently amounts to 8.4 GW in 17 geographies. Of this total, it is estimated that by the end of 2024, around 4.5 GW will be in RtB, construction or COD (including 1.4 GW of storage solutions in Poland). Currently, Greenvolt already has a total of 2.7 GW at least in RtB, a 108% increase compared to the last results publication, with six of the storage projects in Poland having reached RtB status in recent months.
Distributed Generation reaches 10 geographies
Greenvolt aims to continue developing a pan-European platform for self-consumption, which is characterized by offering unique solutions so that large companies, with a presence in multiple geographies, can accelerate the transition to sustainable energy practices in different regions.
In 2023, Greenvolt concluded its entry into five new markets, bringing the geographies in which it is present to 10, of which nine are European and one Asian (Indonesia).
Revenues from this segment reached €70.8 million in 2023, an increase of almost 136% compared to the previous year, driven mainly by more established activities in Portugal, Italy and Ireland, which are recording increasingly significant amounts of revenues and positive EBITDA.
The segment’s total EBITDA, however, was negative by €6 million, reflecting the ramp-up phase of this activity, as well as the focus on consolidating infrastructure, with the objective of achieving a positive annual EBITDA this year.
