Voltalia sinks into deeper loss in H1

September 28 (Renewables Now) - French renewable power plants operator Voltalia SA (EPA:VLTSA) saw its net loss expand to EUR 19.4 million (USD 20.5m) in the first half of 2023 as growing revenue from energy services and power sales could not offset increased expenses.

The company explained on Wednesday that the wider loss reflects the seasonality of its electricity production and services, saying it now expects to book consolidated earnings before interest, tax, depreciation and amortisation (EBITDA) around EUR 275 million, rather than the previously forecast EUR 275 million-300 million.

Voltalia’s EBITDA in the first six months of the year improved by 18% on the year to EUR 56 million thanks to the improved revenues and the expansion of the power generation fleet. At EUR 198.9 million, revenues were up 0.4% in annual terms.

While energy sales marked a 44% year-on-year jump, revenues from services delivered to third-party clients contracted by 41%.

Amounts in EUR million	H1 2023	H1 2022	Change at current exchange rates	Change at constant exchange rates
Revenues	198.9	198.1	stable	stable
-- from Energy sales	138.3	96	+44%	+43%
-- from Services (external)	60.7	102.3	-41%	-41%
EBITDA	56	47.2	+18%	+17%
Net profit (loss)	(19.4)	(4.6)	x4.2	x4.3
Power output (GWh)	1,842.2	1,308.5	---	----

Voltalia had 1.7 GW of installed capacity at the end of June, plus some 1 GW of projects under construction. After reaching its goal for 2.6 GW of renewables in operation at the end of 2022, the French firm will aim at having over 5 GW of installed assets in 2027, it said.

(EUR 1.0 = USD 1.057)