Portugal's Greenvolt posts 43% y/y jump in Q1 profit

Portuguese renewables company Greenvolt - Energias Renovaveis SA (ELI:GVOLT) booked an adjusted net profit of EUR 1.3 million (USD 1.4m) for the first quarter of 2022, marking a year-on-year increase of 43%, the company said on Tuesday.

Earnings before interest, tax, depreciation and amortisation (EBITDA), excluding transaction costs, surged by 241% to EUR 22 million, as revenues jumped 167% to EUR 56.6 million.

The company highlighted the impact on the renewable energy market of Russia's invasion of Ukraine and noted that electricity prices remained high. This, in turn, has boosted demand for long-term power purchase agreements (PPAs) on a European scale and individuals' demand for solar installations for self-consumption.

During the reporting period, Greenvolt grew its distributed generation (DG) segment, with 67.9 MWp installed and in backlog in Iberia.

Other notable milestones achieved in the first quarter are the company’s co-development agreement for wind and solar projects in the US, the reinforcement of its presence in France and the ongoing construction of 72 MWp in Portugal and 112 MWp in Poland.

(EUR 1.0 = USD 1.066)

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