Portugal's Greenvolt more than triples profit in 9-mo 2022

Portuguese renewable project developer and power producer Greenvolt - Energias Renovaveis SA (ELI:GVOLT) more than tripled its net profit in the first nine months of 2022 thanks to the strong performance of the biomass segment and the first positive contribution of the solar and wind business.

Net profit soared 241% year-on-year to EUR 16.8 million (USD 17.3m) while earnings before interest, tax, depreciation and amortisation (EBITDA) went up by 154% to EUR 74.8 million.

The company saw its revenues jump 134% to EUR 195.2 million. The Biomass and Structure segment generated EUR 147.3 million in revenues, up 79% from a year earlier. Revenues in the wind and solar unit totalled EUR 22.3 million.

During the reporting period, Greenvolt’s waste-fired biomass plants injected around 775 GWh into the network, an increase of 27% on the year.

In regards to the utility-scale segment, which includes wind and solar assets, the company carried out its first asset rotation when it inked a sale agreement with Iberdrola for a 98-MW wind and solar portfolio under construction in Poland.

By the end of September 2022, Greenvolt had secured 145.8 MWp of renewable distributed generation (DG) projects for residential and commerce and industry (C&I) clients, the firm noted.

(EUR 1.0 = USD 1.027)

Choose your newsletter by Renewables Now. Join for free!