Dublin, 18 May 2022 International Renewable Independent Power Producer (IPP) Alternus Energy Group Plc (OSE: ALT) (the “Company” or “Alternus”) today announces its unaudited financial results for the first quarter 2022.
Compared to the same period last year, run-rate annual revenues have grown to over EUR 26m with 168 megawatts (MW) of operating solar parks in five European countries and a backlog exceeding 580 MW of solar parks owned and in development. A further 328 MW of solar projects are now under binding purchase contracts with approximately 1.4 gigawatts of projects under exclusive options.
Commenting on the results, Vincent Browne, Chairman and CEO, said
“Our team has delivered another strong quarter with positive indicators across all key metrics. We increased our operational portfolio by 11MWp with the acquisition of several solar parks in Poland. We welcomed nine new team members and filled key roles in the group with the appointment of experienced Chief Commercial Officer David Farrell and Mr. Javade Chaudhri to the Board of Directors. We are pleased to have received suitable terms and have completed mandates for substantial debt facilities with a leading banking group to support our growth plans for 2022 and 2023. Confirmatory due diligence and final negotiations are ongoing, and we look forward to providing further details when definitive agreements are executed.”
Key highlights for Q1 2022 are:
- Power production increased to 30.2 GWh from 4.3 GWh.
- Booked revenues increased to EUR 6.4 million from 0.7 million.
- EBITDA increased to EUR 2.3 million from EUR 0.1 million.
- Gross margins for the period were 66% of booked revenues – lower than normal due to revenue mix in the portfolio and seasonality.
- Net loss for the quarter was EUR 4.6 million from a profit of EUR 1.0 million, largely due to seasonality in revenues and increased operating costs to fund growth.
- Annual recurring revenues (ARR) now stand at over EUR 26 million.
- Total owned assets increased to 748 MWp.
- Operating assets increased to 168 MWp from 45 MWp in prior year.
- Successfully completed EUR 10 million bond tap issuance in challenging debt markets.
- Announced completion of binding sales agreement to acquire 228 MWp of ready-to-build projects in Spain. Contract completion and installation expected to begin in Q1 2023.
- 100 MWp park under binding contract in Italy received its final planning permit.
Joseph Duey, Chief Financial Officer, added
“The results for the quarter are demonstrative of the underlying financial performance generated by the growth in operating assets over the past year. We are very pleased to have delivered our first project in-house, from development through to energisation, at Rotterdam airport. Our year-on-year increased operational portfolio and owned development backlog is testament to our flexible market strategy, differentiated business model and execution reputation with existing and new industry partners.”
The Q1 2022 financial report is attached to the OSE filing and is available to view on the Alternus Energy website here.
About Alternus Energy
Alternus Energy Group Plc is an international vertically integrated independent power producer (IPP). Headquartered in Ireland, and listed on the Euronext Growth Oslo, the Company develops, installs, owns, and operates midsized utility scale solar parks. The Company also has offices in Rotterdam and America. Alternus Energy aims to own and operate over 3.5 gigawatts of solar parks by the end of 2025.
Forward Looking Statements: Certain information contained in this letter, including any information on the Company’s plans or future financial or operating performance and other statements that express the Company’s management’s expectations or estimates of future performance, constitute forward-looking statements. When used in this press release, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Such statements are based on a number of estimates and assumptions that are subject to significant business, economic and competitive uncertainties, many of which are beyond the control of the Company. The Company cautions that such forward-looking statements involve known and unknown risks and other factors that may cause the actual financial results, performance or achievements of the Company could differ materially from the Company’s estimated future results, performance or achievements expressed or implied by the forward-looking statements. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
