New capacity fuels growth of Voltalia's Q3 revenues

First turbines commissioned at the VSM wind farms

October 21 (Renewables Now) - Voltalia SA (EPA:VLTSA) booked a 67% year-on-year increase in revenues for the third quarter of 2021 after both its services and energy sales divisions bolstered their performance.

The French renewable power plants operator closed the July-September quarter with consolidated revenues of EUR 102.7 million (USD 119.5m), which crossed the EUR-100-million for the first time. The registered rise was the third one in a row, both at current and constant currency rates, the company announced on Wednesday.

“This performance, driven by both Energy Sales and Services, illustrates the success of our integrated model that combines growth, resilience and value creation," commented CEO Sebastien Clerc.

Voltalia’s energy sales in the third quarter improved by 47% on the year as the company produced an all-time high of 1.3 TWh of electricity. In Brazil, where most of the company's power plants are located, generation jumped by 67% thanks to the commissioning of new capacity that offset the slightly weaker winds.

Revenues in the services business, which encompasses the development, construction and procurement, as well as operation and maintenance (O&M) of power plants, climbed by 46% in annual terms.

Revenues from third-party clients were the largest contributor, growing by 120%. More specifically, development, construction and equipment procurement revenues were up 45% to EUR 44.7 million thanks to contracts in France, Portugal and Greece. At EUR 8 million, operation and maintenance revenues gained 49%.

The table below gives more information about the company’s revenues.

Amounts in EUR million Q3 2021 Q3 2020 Change at current rates Change at constant rates 9mo 2021 9mo 2020 Change at current rates Change at constant rates
Consolidated revenues

102.7

61.6 +67% +68% 253.6 150.1 +69% +77%
-- Energy 67.0 45.4 +47% +50% 159.8 107.5 +49% +60%
-- Services 52.6 36.1 +46% +45% 146.2 85.9 +70% +71%
Eliminations (services for own plants) -17 -19.9 -15% -15% -52.3 -43.4 +21% +23%
Power output (GWh) 1,303 894 -- -- 2,910 1,794 -- --

102.7

At end-September, Voltalia had 1,278.2 MW of capacity in operation, of which 984.5 MW wind parks. An additional 577.6 MW of wind, solar and energy storage facilities were under construction.

The French firm continues to expect around EUR 170 million in normalised earnings before interest, tax, depreciation and amortisation (EBITDA) for 2021. It also reiterated its mid-term goal for 2.6 GW of operational or under-construction capacity and an EBITDA of EUR 275 million-300 million at end-2023.

(EUR 1.0 = USD 1.163)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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