Higher energy sales lift Voltalia's Q2 revenues

French renewable power plants operator Voltalia SA (EPA:VLTSA) on Tuesday reported improved revenues for both the second quarter and first half of 2020 and confirmed its EBITDA goals, although in a “less predictable environment.”

Voltalia’s consolidated revenues in the April-June quarter came at EUR 51.7 million (USD 59.7m), up 72% from a year ago thanks to increased energy sales and the commissioning of new capacity. At constant exchange rates, the increase was 97% in annual terms. The improvement, CEO Sebastien Clerc explained, was also fuelled by the acquisition of rooftop solar and energy management specialist Helexia.

While energy sales increased, revenues from the company’s services business declined because of the lower internal sales as compared to the year-ago period. Sales to third-party clients, however, were on the rise thanks to contracts in Europe and Africa.

The following table shows more details about Voltalia’s revenues in the two reporting periods.

The French company had 820 MW of installed capacity in operation at the end of June, up from 534 MW a year before. Its wind, solar, hydro and biomass power plants generated 915 GWh of electricity in the first half of 2020.

Long-term power sale contracts for a combined capacity of 595 MW, a record for the company, were booked in the first six months of the year. This, it said, secures more than 80% of its 2023 capacity goal of 2.6 GW.

Voltalia continues to expect between EUR 160 million and EUR 180 million in earnings before interest, tax, depreciation and amortisation (EBITDA) in 2020 along with 1 GW of owned capacity in operation and 1.5 GW-2 GW of operated capacity. The group’s long-term goal is for EBITDA of EUR 275 million-300 million at end-2023.

(EUR 1.0 = USD 1.154)

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