Alternus Energy Q3 2021 report – record revenues and EBITDA

Pan-European independent power producer (IPP), Alternus Energy Group Plc (OSE: ALT) (the “Company” or “Alternus”) delivers another strong quarter, with record revenues and EBITDA reported in the third quarter and for the nine months to September 2021. Alternus has now completed all 109 megawatts (MW) of targeted acquisitions for the year to date and is executing on the targets set by management.

Third-quarter revenues were EUR 7.1 million with EBITDA of EUR 4.6 million and an associated EBITDA margin of 69%, all significant improvements from Q3 2020. Gross margins in the period were 79%. Power production increased by 1.7 times from the same quarter last year and totalled 26 gigawatt-hours (GWh).

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A summary of the key points from the financial report for Q3 2021:

  • Revenues increased to EUR 7.1 million for Q3 2021, up from EUR 2.0 million in Q3 2020
  • EBITDA increased to EUR 4.6 million for Q3 2021, up from a negative EUR 0.2 million in Q3 2020
  • Net income of EUR 0.3 million for Q3 2021 up from negative €2.5 million in Q3 2020
  • Annual recurring revenues (ARR) now stand at EUR 19.9 million
  • Owned Assets increased to 472 MW – the largest portfolio owned since its inception.
  • 1.37 GW of contracted assets as of 30 September 2021 with 674MW in near term pipeline

Commenting on the successful quarter, Vincent Browne, Chairman, and CEO, Alternus, said

“Alternus has had its strongest financial quarter ever. This reflects successful execution of our business model and shows the significant economies of scale that are achievable as we continue to add operational capacity. Our contracted backlog and pipeline now stands at over 2GW combined. Our recent issuance of EUR 20 million in bond tap, with strong demand from investors, will allow us to add further operating assets before the end of 2021. Our construction project at Rotterdam airport is expected to be operational in Q1 2022 which will then bring ARRs to over EUR 22 million, up by 8%. It will also demonstrate our team’s ability to bring projects from development through construction and into operation.”

Revenues for the nine months ended 30 September 2021 were EUR 13.1 million, up from EUR 3.5 million in the prior year. EBITDA increased by more than 40 times to EUR 7.1 million for the same period.

The full Q3 2021 financial report is available to view here.

Author: KS

Source: Alternus Energy Group Plc

Topic: Finance News | Solar Business News

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