On Wednesday, the renewable energy company Greenvolt announced a net result of 300 thousand euros in the first quarter of 2022, which represents a decrease of 74% compared to the same period in 2022, when it recorded profits of 1.1 million euros, according to the statement. Submitted to the Securities Exchange Commission (CMVM).

Greenvolt’s financial results between January and March 2023 contrast with the same period, when the company, led by João Manso Neto, grew by 43%.

For EBITDA (earnings before interest, tax, depreciation and amortization), excluding costs associated with transactions, Greenvolt indicates that in the first quarter of the year it reached about €22 million (in line with 2022), “impacted by biomass as a result of lower selling price of electricity in United kingdom “. Revenue for the first three months of the year grew by 20% to €67.7 million. According to Greenvolt, utility volume and distributed generation revenue have doubled. In the same quarter, the company’s revenue grew by €56.6 million (+167%), with the remaining biomass portion making the largest contribution “given the maturity of this business”.

“The first quarter of 2023 results reflect the decline in biomass EBITDA primarily due to lower wholesale prices. [mercado spot] In the United Kingdom, it was already expected, as well as the fact that the sale of assets, expected for the next quarters of the year, has not been completed, ”justified the CEO, Joao Manso Neto, in a statement, stressing that in this period the company has progressed in the construction of 460 megawatts in Six countries (after entering Greece and Italy) and with preparations for the following asset rotations of at least 200 MW.

The company currently has “sales in progress, with the hope that the first one will close in the third quarter of 2023.”

Also impactful of the findings was the introduction of a temporary tax of 45% in the UK on companies producing electricity, which is levied on extraordinary revenues and in the first quarter totaled around €600,000. Also in the British market, the Tilbury biomass power plant implemented a scheduled shutdown for about a month this quarter, between May and June, “which will have an impact on the accounts for the second quarter of 2023,” the company announced.

“In the distributed generation segment, we have entered three more countries in recent months, with installations in this quarter equivalent to 40% of the whole of 2022. At the same time, we have contracted new financing for a total of €315m, including €200m of convertible bonds. convertible which is fully subscribed by KKR within the scope of the strategic partnership,” said Manso Neto.

Greenvolt represents a pipeline of large-scale projects of approximately 6.9 GW, with 2.9 GW ready, under construction or in operation by the end of the year. In the first quarter of the year, the company announced a partnership with Bluefloat Energy, the global reference promoter in offshore wind generation, marking Greenvolt Group’s entry into the development of floating wind power in Portugal.

Net financial debt amounted to 421.9 million euros in the first three months of the year.