Alternus Energy swings to net income in third quarter with revenue growth

Alternus Energy PLC (EURONEXT:ALT), the independent power producer, revealed it had swung to a net income in its third quarter compared to a loss in the year-ago period as the company continues to grow. 

In a statement, the group also told investors, it had now completed all 109 megawatts (MW) of targeted acquisitions in the year so far. 

In the three months to end-September, the company reported net income of €0.3 million, compared to a loss of €2.5 million in 3Q, 2020, on revenue of €7.1 million versus €2 million in the year-ago period. Earnings before interest, tax, depreciation and amortization (EBITDA) rose to €4.6 million, up from negative €0.2 million in 3Q, 2020. 

“Alternus has had its strongest financial quarter ever. This reflects successful execution of our business model and shows the significant economies of scale that are achievable as we continue to add operational capacity,” said Vincent Browne, CEO.

READ: Alternus Energy set to acquire 15 megawatts-peak of additional capacity with €20M green bond issue

“Our contracted backlog and pipeline now stand at over 2GW combined. Our recent issuance of EUR 20 million in bond tap, with strong demand from investors, will allow us to add further operating assets before the end of 2021.

“Our construction project at Rotterdam airport is expected to be operational in Q1 2022, which will then bring ARRs to over EUR 22 million, up by 8%. It will also demonstrate our team’s ability to bring projects from development through construction and into operation.”

Power production by the firm increased 1.7 times compared to the same quarter last year, at 26 gigawatt hours (GWh), while annual recurring revenues (ARR) now stand at €19.9 million, said Alternus.

The company’s owned assets increased to 472 MW – the largest portfolio owned since the group’s inception.

Alternus owns and operates a diverse portfolio of utility-scale solar PV parks on long-term government contracts and/or power purchase agreements with investment-grade off-takers.

The firm aims to own and operate over 3.5 gigawatts (GWs) of solar parks by the end of 2025 and to become one of the largest pan-European IPPs by the end of the decade.

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