Dublin, Monday 15 November 2021 – Pan-European independent power producer (IPP), Alternus Energy Group Plc (OSE:ALT) (the “Company” or “Alternus”) delivers another strong quarter, with record revenues and EBITDA reported in the third quarter and for the nine months to September 2021. Alternus has now completed all 109 megawatts (MW) of targeted acquisitions for the year to date and is executing on the targets set by management.
Third quarter revenues were EUR 7.1 million with EBITDA of EUR 4.6 million and an associated EBITDA margin of 69%, all significant improvements from Q3 2020. Gross margins in the period were 79%. Power production increased by 1.7 times from the same quarter last year and totalled 26 gigawatt hours (GWh).
A summary of the key points from the financial report for Q3 2021:
- Revenues increased to EUR 7.1 million for Q3 2021 up from EUR 2.0 million in Q3 2020
- EBITDA increased to EUR 4.6 million for Q3 2021 up from negative EUR 0.2 million in Q3 2020
- Net income of EUR 0.3 million for Q3 2021 up from negative €2.5 million in Q3 2020
- Annual recurring revenues (ARR) now stand at EUR 19.9 million
- Owned Assets increased to 472 MW – the largest portfolio owned since its inception.
- 1.37 GW of contracted assets as at 30 September 2021 with 674MW in near term pipeline
Commenting on the successful quarter, Vincent Browne, Chairman and CEO, Alternus said
“Alternus has had its strongest financial quarter ever. This reflects successful execution of our business model and shows the significant economies of scale that are achievable as we continue to add operational capacity. Our contracted backlog and pipeline now stands at over 2GW combined. Our recent issuance of EUR 20 million in bond tap, with strong demand from investors, will allow us to add further operating assets before the end of 2021. Our construction project at Rotterdam airport is expected to be operational in Q1 2022 which will then bring ARRs to over EUR 22 million, up by 8%. It will also demonstrate our team’s ability to bring projects from development through construction and into operation.”
Revenues for the nine months ended 30 September 2021 were EUR 13.1 million up from EUR 3.5 million in the prior year. EBITDA increased by more than 40 times to EUR 7.1 million for the same period.
The full Q3 2021 financial report is available to view here.
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About Alternus Energy Plc
Alternus Energy Group (OSE:ALT) is a 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.