Dublin, 20th May 2021 – Pan-European independent power producer, Alternus Energy Group Plc (NOTC: ALT) (the “Company”, “Alternus” or “AEG”), is pleased to announce its results for the latest financial quarter ended March 31st, 2021 reporting strong annual recurring revenue increase and significant growth in contracted project backlog of over 1.2 GWp.
First quarter of 2021 at a glance:
- Owned Assets increased 45% to 64 MW
- Producing Assets increased 73% to 45 MW
- Annual Recurring Revenues (ARR) up 147% to EUR 9.7 million
- Power production consistent with forecasted levels
- Booked revenues increased 10% from same quarter last year
- EBITDA moved to positive in Q1’21 from negative in Q1’20
- 84% project gross margins
- Free cash improved to EUR 7.4 million from 1.4 million at YE2020
- 2GW added to Backlog
- Recruited experienced Chief Technical Officer
- Continued to grow key strategic partnerships for pipeline
“We are very satisfied with the Company’s performance during the first quarter. Not only did we successfully finalise the EUR 110 million bond issuance and the EUR 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. We have just three parks left to acquire from the contracted 109 MWp portfolio which will bring our annual recurring revenues to over EUR 20 million once completed. 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. With this in place, we are very much looking forward to listing the company on Euronext Growth before the end of June, as planned”, said CEO, Vincent Browne.
Alternus also strengthened its executive management team by appointing an experienced renewables senior manager Mr. Gary Swan as Chief Technical Officer. Mr. Swan has a proven track record in taking nearly 1 GWp of renewable projects from development to successful operation, on time and on budget. Mr. Swan leads the development and construction activities of the business and will play a pivotal role as Alternus strives to achieve its ambitious growth plans and deliver its current backlog of over 1.4 GW of projects across Europe by the end of 2023.
“During this quarter we have increased the Company’s annual recurring revenues to EUR 9.7 million, up from EUR 3.8 million from the same quarter last year and maintaining our average of 80% project EBITDA margins. Our strengthened balance sheet and proven financing capability is enabling us to accelerate our growth as is seen in the increased contract backlog”, said CFO Joseph Duey.
Please click below for the Q1’2021 Financial Report and Presentation:
About Alternus Energy Plc
Alternus Energy Group (NOTC: ALT) is a fast-growing pan-European independent power producer (“IPP”), headquartered in Ireland, with a focus on the midsized utility solar PV market. Alternus owns and operates a diverse portfolio of utility scale solar PV parks that connect directly to national power grids on long-term government contracts (“FiT”) and/or Power Purchase Agreements (“PPAs”) with investment grade off-takers. Having started in 2016 with two parks and 6 MWp capacity, the current portfolio consists of 39 owned or contracted parks in Germany, Italy, Netherlands, Romania and Poland in excess of 150 MWp capacity. Alternus works closely with both local and international specialist development partners that each provide a constant pipeline of new projects for acquisition by Alternus. Alternus aims to own and operate over 2 GWs of solar parks by the end of 2025 and to become the one of the largest pan-European IPPs by the end of the decade.
Forward Looking Statements: Certain information contained in this letter, including any information on the group’s plans or future financial or operating performance and other statements that express the group’s management’s expectations or estimates of future performance, constitute forward-looking statements (when used in this document, the words “anticipate”, “believe”, “estimate” and “expect” and similar expressions, as they relate to the group or its management, are intended to identify forward-looking statements). Such statements are based on a number of estimates and assumptions that, while considered reasonable by management at the time, are subject to significant business, economic and competitive uncertainties. The group cautions that such statements involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance or achievements of the group to be materially different from the group’s estimated future results, performance or achievements expressed or implied by those forward-looking statements.