Pro-Active Investors – Thursday 20th May – For the period ended March 31, 2021, the Dublin, Ireland-based power company’s contracted project backlog grew to over 1.2 GWp in just three months
Alternus Energy PLC (NOTC:ALT) posted first-quarter results that saw a significant rise in the pan-European independent power producer’s backlog of contracted projects and annual recurring revenue.
For the period ended March 31, 2021, the Dublin, Ireland-based company’s contracted project backlog grew to over 1.2 GWp.
Significantly, the power producer told investors that its annual recurring revenue climbed 147% to €9.7 million.
“Even more significant for me, was the substantial addition to our contracted backlog by over 1.2 GWp in just 3 months. This was significantly above our expectations, further proof our growth capabilities, and underpins our business plan to achieve over 2 GW of operating projects by 2025,” Alternus Energy CEO Vincent Browne said in a statement.
“With this in place, we are very much looking forward to listing the company on Euronext Growth before the end of June, as planned,” he added.
The Alternus boss said he is “very satisfied” with the company’s performance during the first quarter.
“Not only did we successfully finalise the €110 million bond issuance and the €27 million equity raise, from which we have acquired over 19 MWp of additional projects during the quarter and have since acquired another 20 MWp in April,” said Browne. “We have just three parks left to acquire from the contracted 109 MWp portfolio which will bring our annual recurring revenues to over €20 million once completed.”
Alternus also strengthened its management team by appointing an experienced renewables senior manager Gary Swan as chief technical officer. Swan has a track record of taking nearly 1 GWp of renewable projects from development to successful operation, on time and on budget.
Swan now leads the development and construction activities of the business and will play a pivotal role as Alternus strives to deliver its current backlog of over 1.4 GW of projects across Europe by the end of 2023, said the company.
“During this quarter we have increased the company’s annual recurring revenues to €9.7 million, up from €3.8 million from the same quarter last year and maintaining our average of 80% project EBITDA margins,” said Alternus CFO Joseph Duey.
“Our strengthened balance sheet and proven financing capability is enabling us to accelerate our growth as is seen in the increased contract backlog,” he added.
Alternus has grown in four years from being a small Romania-based operator of two solar parks with 6 MWp to becoming a pan-European independent power producer with 25 solar photovoltaic (PV) parks and a total installed capacity of 30.5 MWp in four countries.
It aims to own and operate over 2 GWs of solar parks by the end of 2025 and to become one of the largest pan-European IPPs by the end of the decade.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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