Saturday, June 25 2022 Sign In   |    Register

News Quick Search



Front Page
Power News
Today's News
Yesterday's News
Week of Jun 20
Week of Jun 13
Week of Jun 06
Week of May 30
Week of May 23
By Topic
By News Partner
Gas News
News Customization


Pro Plus(+)

Add on products to your professional subscription.
  • Energy Archive News

    Home > News > Power News > News Article

    Share by Email E-mail Printer Friendly Print

    Alternus Energy reports fifth consecutive quarter of annual recurring revenue growth as it boosts portfolio of solar parks

    May 19, 2022 - Proactive Investors


      Alternus Energy Group PLC has reported its fifth consecutive quarter of annual recurring revenue growth as the company steps up power production through the acquisition of several solar parks. For the three months ending March 31, 2022, the company reported a 278% increase in revenue to €6.4 million from €700,000 for the same period in 2021. Alternus also increased its earnings before interest, taxes, depreciation, and amortization to €2.3 million for the first quarter, compared to €0.1 million in 1Q 2021. READ: Alternus Energy closes acquisition of 11MW operational portfolio to complete 24MW agreement The company said its run-rate annual revenues have grown to more than €26 million with 168 megawatts (MW) of operating solar parks in five European countries, with a backlog exceeding 580 MW of solar parks owned and in development. Alternus CEO Vincent Browne said the company had delivered another strong quarter in 1Q with positive indicators across all key metrics. He noted that the company had receive suitable terms and have completed mandates for substantial debt facilities with a leading bank to support Alternus’ growth plans for 2022 and 2023. “Confirmatory due diligence and final negotiations are ongoing, and we look forward to providing further details when definitive agreements are executed,” Browne said. Alternus CFO Joseph Duey added that the results for the quarter were demonstrative of the underlying financial performance generated by the growth in the company’s operating assets over the past year. “We are very pleased to have delivered our first project in-house, from development through to energization, at Rotterdam airport,” Duey said. “Our year-on-year increased operational portfolio and owned development backlog is testament to our flexible market strategy, differentiated business model and execution reputation with existing and new industry partners.” The company reported a net loss of €4.6 million for the quarter, compared to a profit of $1.5 million for the same period last year. Headquartered in Ireland, Alternus Energy is an internationally vertically integrated independent power producer that develops, installs, owns, and operates midsized utility scale solar parks. Contact Emily at Follow her on Twitter @emilyjjarvie

      The views expressed in content distributed by Newstex and its re-distributors (collectively, "Newstex Authoritative Content") are solely those of the respective author(s) and not necessarily the views of Newstex et al. It is provided as general information only on an "AS IS" basis, without warranties and conferring no rights, which should not be relied upon as professional advice. Newstex et al. make no claims, promises or guarantees regarding its accuracy or completeness, nor as to the quality of the opinions and commentary contained therein.


    Other Articles - International


       Home  -  Feedback  -  Contact Us  -  Safe Sender  -  About Energy Central   
    Copyright © 1996-2022 by CyberTech, Inc. All rights reserved.
    Energy Central® and Energy Central Professional® are registered trademarks of CyberTech, Incorporated. Data and information is provided for informational purposes only, and is not intended for trading purposes. CyberTech does not warrant that the information or services of Energy Central will meet any specific requirements; nor will it be error free or uninterrupted; nor shall CyberTech be liable for any indirect, incidental or consequential damages (including lost data, information or profits) sustained or incurred in connection with the use of, operation of, or inability to use Energy Central. Other terms of use may apply. Membership information is confidential and subject to our privacy agreement.