Greenvolt Group revenues reach €188 million in the first half of the year

The Greenvolt Group reached revenues of €188 million in the first six months of 2024, an increase of 42% year-on-year resulting from the strong growth of the Utility Scale segment and Distributed Generation, which counteracted the impact of the drop in electricity prices in the United Kingdom, affecting the Biomass business.

EBITDA reached €26.5 million supported by the reinforcement of energy generated by Biomass that was injected into the electricity grid, namely through Tilbury Green Power in the United Kingdom. The absence of asset rotation operations ended up penalizing the EBITDA of the Utility Scale segment, resulting in a drop of 40% in the Greenvolt Group's EBITDA.

Given the Group's ongoing investment phase, with nearly 800 MW of assets currently under construction and distributed generation operations being launched across six countries, the net profit attributable to Greenvolt, excluding the effect of discontinued operations, amounted to -€16.8 million, with the total net profit attributable to the Group being -€19 million.

"These results, which also reflect a non-recurring negative impact, will certainly show substantial growth until the end of the year, anticipating an improvement in the comparison between 2024 and 2023", says João Manso Neto, CEO of the Greenvolt Group.

The Greenvolt Group predicts that optimizing investments in Biomass, but also accelerating asset rotation in the Utility Scale segment, as well as accelerating installations in the Distributed Generation segment, will boost net income for the year.

In the second half of the year, the Greenvolt Group concluded the sale of a portfolio of 19 solar projects in Italy, but there are more operations in pipeline. Sales processes are underway for five portfolios, three of which should be completed in 2024, which will allow Greenvolt Group to exceed 500 MW sold, which compares to the 200 MW sold in 2023.