Greenvolt announces its results for 2022 specifying a threefold increase in profits, in particular thanks to the Biomass & Structure and Utility Scale segments.
Growing results
Greenvolt, the green energy giant announced that it tripled its profits thanks to a successful rotation of its assets during its 2022 earnings release. The company released its results for the first nine months of 2022 and announced that it has achieved a net profit of €16.8 million since the beginning of the year. This represents a growth of 241% explained in particular by the strong performance of the Biomass and Utility Scale segment.
The company achieved a turnover of €195.22 million, compared to €83.41 million a year earlier. The company’s EBITDA amounted to approximately €74.8 million, showing a 154% growth compared to the first nine months of 2021. In 2022, Greenvolt’s biomass electricity production allowed for the injection of 775GWh into the grid.
João Manso Neto, CEO of Greenvolt, says:
“The results for the first nine months of this year confirm Greenvolt’s credibility and ability to achieve the goals it set out in its business plan at the time of the IPO, and which it subsequently reinforced with the capital increase in July 2022. In line with our commitment to Greenvolt’s shareholders, in addition to excellence in the operational management of the residual biomass plants, Greenvolt completed the first asset rotation transaction, which generated a significant contribution to the third quarter 2022 results.”
The two most profitable segments for the renewable energy company are Biomass & Structure and, for the first time; Utility Scale. Indeed, the Biomass & Structure segment’s revenues for the first nine months of the year amounted to €147.3 million.
An acquisition strategy
But the asset manager’s flagship move, which helped it triple its earnings, was the completion in the third quarter of its first asset rotation in the Utility Scale segment. Indeed, Greenvolt’s EBITDA jumped after the signing of the sale agreement with Iberdrola, which concerns a 98MW wind and solar project in Poland. Greenvolt currently owns 50% of the project, a significant contribution that influences the company’s 2022 results.
Since the beginning of the year, the segment’s total revenues amount to €22.3 million. This multi-factor success is also partly explained by the injection of 19.4 GWh into the grid thanks to the Lions solar park in Romania. This new entry increased the company’s revenues by €14.0 million in the third quarter.
Greenvolt’s 2022 results attest to the success of the company, which had adopted a strategy of acquiring renewable energy companies in 2021. In short, these figures illustrate Greenvolt’s growth. Since its IPO, the company has continued to surprise the financial markets.
