The Greenvolt Group reached a net profit of €16.6 million euros in 2022, a growth of 114% compared to the previous year, benefiting from the consistent performance of the biomass plants, in parallel with the positive results obtained for the first time in the Utility-Scale segment.
EBITDA, excluding transaction costs, grew by 57% to around €96.5 million, essentially as a result of the biomass business, but already reflecting part of the first asset rotation operation, with the conclusion of the agreement to sell an asset portfolio in Poland. Total revenue reached €259.7 million, an increase of 84%.
“2022 was an extremely important year for the development of the business plan presented to the market upon listing and to which we are committed to our stakeholders“, says João Manso Neto.
“The operational growth in 2022, which translates into a set of solid financial results, gives us the financial stability to execute the defined strategic plan“, adds the CEO of the Greenvolt Group.
More than 1 TWh injected into the grid through residual biomass
In 2022, more than 1 TWh (1,026 GWh) was injected into the network, which corresponds to a 17% increase compared to the energy injected in the same period on a pro forma basis, despite the two scheduled shutdowns of 18 and 11 days following the plan of operational improvements.
Revenues from the Biomass and Structure segment totalled €195.2 million in 2022, which represents an increase of 48% compared to the previous year. EBITDA excluding transaction costs amounted to €94.6 million, an increase of 47%.
Asset rotation with positive impact on Utility-Scale
In 2022, the first asset rotation operation was carried out, with the signing of an agreement for the sale of a portfolio of assets in Poland, between wind and solar, of which Greenvolt holds 50% (through a joint venture with the German KGAL).
The 2022 results of this business area reflect part of the margin associated with the first sale of wind assets (50MW), having contributed to EBITDA by around €13.6 million.
With regard to the solar assets, which amount to 48 MW, these assets are currently fully operational and injecting electricity, and will soon begin to supply energy under the long-term PPA agreements entered into with T-Mobile Polska, which were valued at under IFRS 9. Revenue from COD to the end of 2022 amounted to approximately €1.5 million. Regarding the sale process, taking into account that at this date some of the conditions precedent for the conclusion of the deal have not been fulfilled, which could affect the conclusion of the transaction, the result associated with the construction and sale of these assets is not recognized in the accounts for the financial year of 2022, keeping such assets recognized at their acquisition cost.
In total, and also considering the contribution of the Lions Park in Romania, this segment’s EBITDA, excluding transaction costs, amounted to €8.2 million in 2022, while revenues related to energy sales from parks in operation and with asset management services amounted to approximately €28.1 million.
Strong growth in Distributed Generation
In the strategic Distributed Generation segment, there was an exponential growth in the installed capacity of projects, with 39.4 MWp completed between Portugal and Spain, representing an increase of 71% compared to 2021.
Revenues from this segment amounted to around €44.2 million in 2022, an increase of €35.5 million over the previous year, with EBITDA being negative by €6.1 million, still reflecting the costs associated with the acceleration and expansion in which the segment finds itself.
It is estimated that as a result of the total backlog of 148.9 MWp, to which 52.5 MWp of contracts signed during the year relating to PPAs contribute, the continuous growth in the number of installations and geographic expansion, the contribution of this segment to the EBITDA is positive in 2023.
