Albioma raises revenues by 19% y/y in Q3 2021

Albioma’s first solar power plant with integrated storage has been installed on the roof of a shopping centre in Saint-Pierre, on Reunion Island. All rights reserved.

October 21 (Renewables Now) - French renewable power producer Albioma SA (EPA:ABIO) said on Wednesday it grew revenues by 19% year-on-year to EUR 149.7 million (USD 174.3m) in the third quarter of 2021.

During the first nine months of the year, Albioma’s revenues totalled EUR 417.4 million, up 11% on the year.

The revenue growth was driven by the full-year effect of the biomass converted plant in Guadeloupe, “excellent performance” and higher earnings by Albioma’s thermal biomass-based plants in Brazil and improved production from the Gumuskoy geothermal power plant in Turkey, the company said.

In Brazil, intense drought severely affected hydroelectric production and drove electricity prices to record high levels, with a spot price reaching BRL 577 per MWh at the end of September, according to Albioma.

“Some of the Group's entities were also able to sell part of their production at prices of around BRL 1,500/MWh in September as part of the emergency regulated auctions set up by the government to offset the production deficit,” said Albioma.

Revenues in Brazil during the nine-month period rose by 15% on the year to EUR 17 million.

Solar PV production at Albioma’s solar facilities was stable at 93 GWh, “despite a lack of sunshine in all areas, particularly in French Guiana”.

The solar business booked third-quarter revenues of EUR 13 million, characterised by the company as stable in year-on-year terms. Solar revenues over the nine-month period stood at EUR 36.9 million, slightly down from EUR 37.0 million recorded in January-September of 2020.

The Albioma group confirmed its 2021 guidance for EBITDA, which is seen standing between EUR 206 million and EUR 216 million. The net income, group share, is foreseen at between EUR 53 million and EUR 59 million.

(EUR 1.0 = USD 1.164)

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