Portugal's Greenvolt more than doubles profit in 2022

March 24 (Renewables Now) - Portuguese renewables company Greenvolt - Energias Renovaveis SA (ELI:GVOLT) more than doubled its net profit in 2022 to EUR 16.6 million (USD 18m) thanks to the consistent performance of its biomass plants and the contribution of its utility-scale unit.

Last year, Greenvolt’s residual biomass plants injected around 1,026 GWh into the network, an increase of 17% on the year. Under the utility-scale segment, the company highlights its first asset rotation with the sale of a 98-MW wind and solar portfolio under construction in Poland to Iberdrola. The Portuguese company holds 50% of the portfolio through a joint venture with German investment manager KGAL.

Earnings before interest, tax, depreciation and amortisation (EBITDA), excluding transaction costs, surged by 57% to around EUR 96.5 million, as revenues jumped 84% to EUR 259.7 million.

In regards to distributed generation (DG), Greenvolt noted it has a backlog of 148.9 MWp, of which 52.5 MWp have secured power purchase agreements (PPAs).

(EUR 1.0 = USD 1.088)