Renewables IPP Alternus books Q1 loss on growth costs

Solar farm. Author: iamme ubeyou. License: CC0 1.0 Universal.

May 19 (Renewables Now) - Ireland-based renewable independent power producer (IPP) Alternus Energy Group Plc (OSE:ALT) on Wednesday reported a net loss of EUR 4.6 million (USD 4.8m) for the first quarter of 2022, versus a profit of EUR 1 million a year earlier, attributed to seasonality in revenues and more costs to fund growth.

The company increased its operating assets to 168 MWp across solar parks in five European countries from 45 MWp in the same quarter of 2021. It also has a backlog of 580 MW of solar projects in development and a further 328 MW under purchase contracts, while about 1.4 GW are under exclusive options.

With generation growing to 30.2 GWh from 4.3 GWh in the year-ago period, booked revenues expanded 278% to EUR 6.4 million. Annual recurring revenues (ARR) increased 178% to reach EUR 26.1 million.

Earnings before interest, tax, depreciation and amortisation (EBITDA) came in at EUR 2.3 million, up from EUR 0.1 million a year ago.

(EUR 1 = USD 1.052)

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Browse all articles from Plamena Tisheva

Plamena has been a UK-focused reporter for many years. As part of the Renewables Now team she is taking a keen interest in policy moves.

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