Dublin, 17 August 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 second quarter 2022.
Compared to the same period last year, run-rate annual revenues have grown to approximately EUR 30 million with 168 megawatts (MW) of operating solar parks in five European countries and a backlog of more than 748 MW of solar parks owned and in development. A further 412 MW of solar projects are now under binding purchase contracts.
Key highlights for Q2 2022 are:
- Power production increased to 71 GWh from 23 GWh
- Booked revenues increased to EUR 10.6 million from EUR 5.2 million
- EBITDA increased to EUR 6.4 million from EUR 2 million
- Gross margins for the period were 79% of booked revenues
- Annual recurring revenues now stand at approximately EUR 30 million
- Total owned assets increased to 748 MWp
- Operating assets increased to 168 MWp from 65 MWp in prior year
- Appointment of Spanish Country Management team to focus on development & growth in Iberian market
Commenting on the results, Vincent Browne, Chairman and Group CEO, said:
“The financial results for this quarter are in line with expectations and demonstrate our continued operational execution with strong year-on-year growth in all key metrics, including exceeding budgeted production numbers from our operating parks in the first half of this year. We continue to strengthen our team in key areas to support the exploitation of opportunities in leading growth markets.”
The Q2 2022 financial report is attached to the OSE filing and is available to view on the Alternus Energy website here https://alternusenergy.com/reports-presentations/
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.