Alternus Energy Group on pace to see a tenfold increase in its power capacity by the end of 2023

Alternus Energy Group Plc (NOTC:ALT) is set to see a nearly tenfold increase in its power capacity by the end of 2023. 

The European independent power producer told investors that it has agreed terms to acquire over 1.2 GWp of additional solar PV projects, set to be acquired this year. 

If all projects reach commercial operation, the total asset base would increase by over ten times from today’s levels – and generate around €85 million in annual recurring revenues, according to Alternus. 

READ: Alternus Energy drives continued European expansion with completion of 15MWp capacity in Romania

The Ireland-based energy company has closed the acquisition of 18 MWp of the 109 MWp contracted projects announced since December 2020. Alternus expects to close the remaining projects by the end of April 2021, with the exception of a single 65 MWp project that should close by the second quarter of the year.

By the end of April 2021, Alternus expects to have proforma annual revenues of over €17 million and proforma EBITDA of around €14 million, it told shareholders, which is expected to grow to proforma annual revenues of over €22 million and proforma EBITDA of around €18 million on closing of the 65 MWp project acquisition.

The company said that if it realizes these figures, they will represent a fivefold increase in annual revenues and an increase in EBITDA of about €17.7 million over the 2020 reported results.

Alternus CEO Vincent Browne said the company has taken “major steps” in building the 1.2 GWp contracted project baseline out to 2023.

“This was achieved well ahead of our plan by our dedicated team and a buoyant market that now understands Alternus can execute on its commitments,” Browne said in a statement. “We are delighted with this performance and look forward to continuing building our contracted backlog throughout the rest of 2021. Our existing strategic partners have significant project pipelines for us to choose from.”

Browne added that the power producer is proud to be at the forefront of the transition to clean energy as it builds one of the largest pan-European solar operators by the end of the decade.

“The world is currently at the beginning of a one-time transition from fossil-based energy to renewables.”

Alternus has a current portfolio of 39 owned or contracted parks in Germany, Italy, Netherlands, Romania and Poland in excess of 140 MWp capacity.

Contact Angela at [email protected]

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Story by ProactiveInvestors