April 16 (Renewables Now) - Renewable power plants operator Alternus Energy Inc (OTCMKTS:ALTN) on Monday reported positive adjusted EBITDA for 2018 after revenues grew by 4% to USD 2.6 million (EUR 2.3m).
The company owned 24 MW of solar power generation capacity at the end of the year, up from 7.7 MW in 2017, across plants in Germany, Italy and Romania. It said yesterday the new assets it has acquired in Germany and Italy have long-term feed-in tariff (FiT) contracts in place so Alternus has a contracted revenue backlog of roughly USD 4.8 million over the next 15 years.
The table below contains the firm’s full-year results.
|Results in USD||2018||2017|
|Revenue||2.6 million||2.5 million|
|Gross profit||1.3 million||1.2 million|
|Adj. EBITDA (loss)||0.7 million||(0.7) million|
|Net profit (loss)||(1.2) million||(1.6) million|
|Earnings (loss) per diluted share||(0.02)||(0.02)|
Alternus is in talks to buy 18 MW of solar power plants from an existing partner in Italy and it has agreements to acquire up to 24 MW of Dutch solar assets. In addition to that it expects to boost its German portfolio from 10 MW currently to 50 MW-70 MW. The company said it could surpass 100 MW of capacity this year, which would translate into a contracted revenue backlog of more than USD 300 million over the next 15 to 20 years.
“With access to growth capital in place and a robust pipeline of solar projects, we are at a very exciting inflection point to significantly scale our business. We will continue to invest in our infrastructure and additional solar parks to increase our installed power, which will drive increases in revenue and income,” said company head Vincent Browne.
(USD 1 = EUR 0.88)