Greenvolt reported a net profit of €1.2 million in the first six months of the year, an increase of 17% over the same period last year.
The information provided by the company in a statement also showed that revenue grew 170% to 113.3 million euros, which contributed to a more than threefold increase in EBITDA (earnings before interest, tax, depreciation and amortization), which increased by 248% to 36.8 million euros.
CEO Joao Manso Neto stated in the document that the results “are based on the remaining biomass business unit and on boosting investment in areas with the greatest growth potential, such as the development of solar PV and wind energy projects, as well as distributed generation.”
Mansu Neto confirms that in the third quarter “Greenvolt achieved two very important achievements: on the one hand, it implemented with great success a capital increase of 100 million euros, which will allow it to accelerate its growth plan, and on the other hand, on the other hand, it formalized the first sale of energy assets Solar and wind energy, in Poland, to one of the largest European facilities, Iberdrola, which, also in terms of financial results, opens up good prospects for the second half of 2022.”
The power sector has a total of 229 MW in operation and construction, with the pipeline of solar PV and wind energy development projects reaching 6.7 GW, with 2.9 GW at an advanced stage by the end of 2023, which represents a growth of 45% compared to the end of 2021.
In distributed generation projects, an “obvious solution to lowering the energy bill,” 17.2 MW was installed, with 77.7 MW ordered in Portugal and Spain.
In the first half of the year, Greenvolt issued two bond loans totaling €85 million.
“The second quarter continues to be marked by the war in Ukraine and the dire consequences for energy markets, specifically gas and electricity prices,” Greenvolt points out, emphasizing that the European Commission has reacted by introducing the REPowerEU programme, in an effort to quickly reduce European dependence on Russian fossil fuels.
The European plan, which the company considers, “confirms the quality of Greenvolt’s strategic choices focused on developing solar PV, wind energy and decentralized consumption.”
Greenvolt operates in the electricity sector using biomass exclusively from waste. In Portugal, it has five plants for the remaining forest biomass, with a production capacity of about 100 MW. It also has a majority stake in TGP, a UK plant that uses only municipal wood waste.
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