Greenvolt more than triples net profits on asset rotation success

Greenvolt achieved a net profit of €16.8 million in the first nine months of 2022, a growth of 241%, year-on-year, supported both by the strong performance of the Biomass segment and by the positive contribution, for the first time, of the Utility Scale segment.

Greenvolt's EBITDA amounted to approximately €74.8 million, showing a growth of 154% compared to the first nine months of 2021, while total revenues reached €195.2 million (+134%).

"The results of the first nine months of this year confirm Greenvolt's credibility and ability to achieve the objectives it set out in its business plan at the time of the IPO, and which it later reinforced with the capital increase in July 2022", says Joao Manso Neto.

"In accordance with our commitment to Greenvolt's shareholders, in addition to excellence in the operational management of residual biomass plants, Greenvolt carried out the first asset rotation operation, which generated a significant contribution to the results of the third quarter of 2022", adds the CEO of Greenvolt.

Biomass injects more energy into the grid

In the first nine months of 2022, the production of electricity from biomass exclusively derived from waste allowed the injection of around 775 GWh into the network, which corresponds to an increase of 27% compared to the same period last year, despite the scheduled stoppage of the TGP plant during the month of May.

Revenues from the Biomass and Structure segment for the first nine months totalled €147.3 million, which means an increase of 79% compared to the same period of the previous year. EBITDA excluding transaction costs amounted to €75.4 million, representing an increase of 116%.

Utility Scale reaches turning point with asset rotation

In the solar photovoltaic and wind renewable energy segment, Greenvolt carried out the first asset rotation operation in the third quarter with the signing of the sale agreement with Iberdrola for a portfolio of assets under construction in Poland, with an installed capacity of 98 MW between wind and solar and of which Greenvolt holds 50%.

This operation has already contributed positively to the third quarter's EBITDA with €13.8 million, with the remaining impact being recognized in the coming quarters, due to the evolution of the construction of the wind farms and compliance with the contract conditions, which are usual in this type of transaction.

Considering the impact of the sale of this portfolio, but also the injection of a total of 19.4 GWh into the grid through the Lions Park, in Romania, total revenues amounted to around €14.0 million in the third quarter, while EBITDA, excluding transaction costs, amounted to €10.9 million. Year-to-date, the segment's total revenues amounted to €22.3 million, and EBITDA amounted to €6.6 million.

Increased demand for Distributed Generation

In the strategic segment of distributed renewable generation in residential and commerce and industry (C&I), growth in the capacity of installed projects continued to be observed in the third quarter, with the installation of 11.1 MWp in Portugal and 5.3 MWp in Spain.

By the end of September 2022, Greenvolt had secured, between installations and signed contracts, 145.8 MWp, thus surpassing the barrier of 100 MWp of projects since the beginning of the year, a growth of 54% compared to the end of the first half from 2022

Accumulated revenues since the beginning of the year amounted to around €25.6 million, with EBITDA being negative by around €4.1 million. The negative EBITDA figure reflects the phase of acceleration and expansion the segment is in.