Revenues up 250% to EUR 5.2 million from same period last year
Dublin, August 17th 2021 – Pan-European independent power producer (“IPP”), Alternus Energy Group Plc (OSE:ALT) (the “Company” or “Alternus”) is pleased to share its financial performance for the second quarter of this year. The financial report covers activity up to 30th June 2021 and shows an increase in annual recurring revenue resulting from the addition of a 20 MWp operational solar park. The Company also acquired a majority interest in Netherlands-based Engineering Procurement and Construction (“EPC”) and Operations and Maintenance (“O&M”) company, Unisun Energy Holding B.V.
A summary of the key points from the report are:
- Revenues increased to EUR 5.2 million for the quarter, up from EUR 1.5 million in Q2 2020.
- EBITDA increased to EUR 2.0 million from the same quarter last year.
- Net income of EUR 10.5 million for the quarter following EUR 11.7 million bargain purchase from assets acquired in the period.
- Annual Recurring Revenues (ARR) increased by 308% to EUR 16.3 million
- 75% project gross margins
- Owned Assets increased by 14 times to 423 MW
- 4 GW contracted acquisitions at June 30, 2021
“This was another solid quarter for the Company with all key metrics increasing significantly. Most importantly this quarter started to show the positive income impacts to the business from the recent acquisitions. Further to the EUR 110 million bond issuance and EUR 27 million equity raise in the first quarter, the Company raised an additional EUR 6.9 million in equity this quarter through our listing on the Euronext Growth Market – Oslo at the end of June. All funding is concentrated on continuing to grow our asset base from the 1.4 gigawatts (GW) of contracted assets we have in hand. I am also very pleased to confirm that we finally look set to acquire the exciting 65MW polish park that is part of the initial bond portfolio in September. On completion, this will bring us operational in a new country and add approximately EUR 3.5 million to our annual revenues bringing the total to just under EUR 20 million annually without further acquisitions,” said Vincent Browne, CEO, Alternus.
With the acquisition of a majority stake in Unisun Energy Holding B.V., a leading developer, EPC and O&M company in The Netherlands, Alternus became a vertically integrated IPP with the capability to construct and maintain its own solar parks going forward. It also strengthens the Company’s relationships with co-development partners as Unisun can support them in the design and engineering of the parks to ensure best performance and sustainable construction at lower costs. Unisun and its expert international team will support Alternus in bringing the current 1.7 GW of owned and contracted projects across Europe into operation by the end of 2023.
Speaking about the strong financial company position, Joseph Duey, CFO, Alternus, said “We have increased the Company’s annual recurring revenues to EUR 16.3 million, up from EUR 3.8 million from the same quarter last year and are maintaining an average of 75% project gross margins. Our strengthened balance sheet and proven financing capability is enabling us to accelerate our growth as seen in the increased contract backlog. This continued strong financial performance demonstrates our successful growth and underpins our business plan to secure more than 3.5 GW of operational projects by 2025.”
The Half Yearly Financial report and Presentation is available on the OSE filing and on the Alternus website at the following link: https://alternusenergy.com/reports-presentations/
About Alternus Energy Plc
Alternus Energy Group (OSE: ALT) is a fast-growing pan-European vertically integrated independent power producer (“IPP”), headquartered in Ireland, with a focus on the midsized utility scale 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 34 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 and construction by Alternus. Alternus aims to own and operate over 3.5 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.
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.