Greenvolt revenues jump 23% in H1 2023

September 21 (Renewables Now) - Portuguese renewables company Greenvolt - Energias Renovaveis SA (ELI:GVOLT) said on Wednesday its revenues for the first half of 2023 went up 23% year-on-year to EUR 139.1 million (USD 148.8m) driven by the strong performance of the utility-scale and distributed generation segments.

EBITDA stood at EUR 38.3 million while net loss came in at EUR 3 million.

Revenues in the utility-scale and distributed generation (DG) segments increased by 190% and 108%, respectively. The share of biomass stood at 57% of Greenvolt’s revenues.

“The results of the first half of 2023 reflect the decrease in Biomass EBITDA, mainly due to lower spot prices in the United Kingdom, as anticipated, as well as the scheduled shutdown of our unit in the UK,” said CEO Joao Manso Neto.

Greenvolt’s waste biomass plants injected around 486 GWh into the network in the period in question. In the utility-scale solar photovoltaic (PV) and wind segment, the company has 169 MW of installed capacity, which fed 70.9 GWh into the grid.

In regards to DG, Greenvolt installed 32.1 MWp during the first six months of the year. The firm also has a backlog of 165.7 MWp, of which 59.2 MWp have secured power purchase agreements (PPAs).

(EUR 1.0 = USD 1.070)