Mytilineos posts soaring renewables EBITDA in Jan-Sept

The renewables and storage development (RSD) business of Greek industrial group Mytilineos SA (FRA:MYH) bolstered its nine-month EBITDA by 332% in annual terms thanks to a jump in revenues.

The Greek company said in a filing on Tuesday that the division generated earnings before interest, tax, depreciation and amortisation (EBITDA) of EUR 65 million (USD 64.1m), up from EUR 15 million a year before. EBITDA margin more than doubled, coming at 16.4%.

The RSD unit operates as a developer and contractor of solar and energy storage projects. In the solar segment, it mostly focuses on the development of projects under the build-operate-transfer (BOT) model.

In the first nine months of 2022, the RSD business improved profitability, fuelled by a revenue growth of 62% year-on-year to EUR 395 million. The amount represented 8.6% of the group’s total turnover for January through September.

During the reporting period, the RSD division signed power purchase agreements for 100 MW of projects in the UK, and 588 MWp in Chile.

At end-September, Mytilineos had 2,445 MW in the portfolio of its RSD unit, including 233 MW of capacity in operation and 951 MW under construction, while 1,260 MW of schemes will become shovel-ready within the next six months. Additionally, the company has roughly 3,700 MW of projects in its development pipeline.

(EUR 1.0 = USD 0.986)

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