Dublin, 22 November 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 third quarter 2022.
Compared to the same period last year, run-rate annual revenues stand at circa EUR 30.0 million with 168 megawatts (MW) of operating solar parks in five European countries and a backlog of approximately 680 MW of solar parks owned and in development. A further 845MW of solar projects are under binding purchase contracts pending outcome of successful financing and achievement of relevant closing conditions.
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Key highlights for Q3 2022 are:
• Power production doubled to 64 gigawatt hours (GWh) from 32GWh – driven primarily by increased generation capacity year-on-year
• Booked revenues increased by 57% to EUR 11.2 million from EUR 7.1 million - driven by increased generation capacity and higher energy rates for generated power
• EBITDA was flat at EUR 4.9 million - driven by three key areas, (i) lower gross margins in the current quarter due to costs related to energy contracts in Romania, which had a one-time EUR 1.2 million charge in the quarter driven by changes in Romanian energy legislation, (ii) an increase in administration cost of EUR 1.0 million year on year as part of investment in company growth, and (iii) EUR 0.6M additional costs related to uncapitalized costs in the Unisun subsidiary.
• Gross margins for the period were 65% of booked revenues including the higher costs in Romania. On an adjusted basis the underlying gross margins where 75%.
• Total owned assets increased by 69 MWp in the quarter to 817 MWp
Key highlights for the nine months ending September 2022 are:
• Power production tripled to 165 GWh from 54 GWh
• Booked revenues increased by 115% to EUR 28.2 million from EUR 13.1 million and EBITDA was up 92% at EUR 13.7 million and 7.1 million year-on-year. - driven primarily by increased generation capacity and higher energy rates for generated power
• Gross margins for the period were 70% of booked revenues including the higher costs in Romania. On an adjusted basis the underlying gross margins where 80%.
• Total owned assets increased to 817 MWp from 324MWp in the prior year –
• 168MWp of the 817MWp is operating at September 30, 2022
Commenting on the results, Vincent Browne, Chairman and Group CEO, said:
“The year-on-year growth in both quarter and year-to-date, represent our underlying solid operating performance and is in line with the growth in generation capacity during the year. Our focus for this quarter was on progressing acquisition of the announced 184MW of contracted projects in Poland and pan- European debt facility of up to €500 million with a Tier one European bank. We are pleased to confirm that we have now achieved approval for the first project to be financed under this facility with an expected Q4 deployment, subject to customary closing conditions.”
“We were also very pleased to announce Altnua, our dedicated development business, led by a highly experienced management team, that will take forward our existing development portfolio and also become our organic growth engine by continuing to grow our co-development partnerships with a stated aim of delivering 5GW of new projects to the group by the end of 2027,” Mr. Browne concluded.
The Q3 2022 financial report is attached to the OSE filing and is also available to view on the Alternus Energy website here https://alternusenergy.com/reports-presentations/.
Management will host an investor call on December 5th to discuss these results and also update on other company initiatives at that time. Interested parties can register for the call by sending an email to ir@alternusenergy.com.
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.
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