Pro-Active Investors – March 10th 2021 – The fast-growing international independent power producer saw its full-year revenues increase by 77% year-on-year to €4.1 million in 2020, while its EBITDA increased to €2.6 million
Alternus Energy Group PLC (NOTC:ALT) has reported a turn to positive EBITDA and strong revenue growth in its financial results for the year ended December 31, 2020
The company, a fast-growing international independent power producer (IPP), headquartered in Ireland, with a focus on the midsized utility solar photovoltaic (PV) market, saw its full-year revenues increase by 77% year-on-year to €4.1 million in 2020, with Italy the largest revenue contributor at 41%, the Netherlands at 32%, and Romania 24%
The group posted an EBITDA of €2.6 million as gross margins from operating parks almost doubled to €3.2 million, while corporate overhead costs reduced by 26%. Alternus Energy expects its EBITDA to increase to €18m in 2021 on completion of contracted acquisitions.
During the calendar year, Alternus Energy completed a placement of €110 million (NOK 1.15 billion) green bonds and an institutional led private placement of €27 million (NOK 260 million) of fresh equity to fund its growth.
The company expects 109MW (megawatt) of contracted projects to be completed in H1 2021 from these funds and on completion of these acquisitions, expects that its annual run-rate revenues will increase 5-fold to over €22 million, from €4 million in 2020.
The group’s total power generation in 2020 increased to 28GWh from 13GWh in 2019, largely driven by a first time inclusion of 13GWh from the Netherlands, while generation in Italy rose by 22% year-on-year boosted by the inclusion of full-year production for assets acquired in April 2019.
With over 300MW of additional solar PV projects contracted for acquisition – 10 times the volume owned at end of 2019 – the company has also continued to grow key strategic partnerships resulting in a current project pipeline of over 1,200MW.
Alternus Energy owns and operates a diverse portfolio of utility-scale solar PV parks that connect directly to national power grids on long-term government contracts and/or power purchase agreements with investment-grade off-takers.
Having started in 2016 with two parks and 6 MWp capacity, the company’s current portfolio consists of 39 owned or contracted parks in Germany, Italy, Netherlands, Romania and Poland in excess of 150 MWp capacity.
Alternus Energy works closely with both local and international specialist development partners that provide a constant pipeline of new projects, currently over 1.2 GWp, across Europe for acquisition. It is on track to own and operate over 2 GWs of solar parks by the end of 2025 which in turn is expected to generate over €100 million in annual incomes over the long term.
During 2020, Alternus Energy successfully delisted from the US market and started trading on the NOTC Oslo market in January 2021.
Contact the author at jon.hopkins@proactiveinvestors.com
