Voltalia's Q1 revenue surges 54% y/y on strong services business

The Castellet solar park. Photo by: Voltalia (www.voltalia.com).

April 21 (Renewables Now) - Renewable power plants operator Voltalia SA (EPA:VLTSA) raised its revenue by 54% year-on-year to EUR 98.3 million (USD 106.7m) in the first quarter of 2022 as the top line in the services unit more than doubled.

The French company also enjoyed growing energy sales after new power generation capacity went online and started adding to its results.

“We have now more than 2 GW of capacity in operation and under construction, while services to third party clients generated record revenues,” said CEO Sebastien Clerc.

Services revenues in January-March benefitted from higher development, construction and procurement activity and contracts from Brazil, Kenya, Italy, Portugal and Zimbabwe, as well as operation and maintenance (O&M) deals for plants in Brazil and France. The growth of Voltalia’s revenues from energy sales was fuelled by the addition of new capacity, while lower wind and solar resources partly offset the increase.

The table below gives more details about the company’s results.

In EUR million Q1 2022 Q1 2021 Change Change at constant currency
Consolidated revenues 98.3 63.9 +54% +48%
-- Energy sales 43 39 +10% +3%
-- Services 67.7 30.8 x2.2 x2.2
Eliminations (services for own plants) (12.4) (5.9) x2.1 x2.1
Production (GWh) 659 797 -17% --

At the end of March, Voltalia had 1,161 MW of installed wind, solar, hydro and biomass energy capacity against 1,075 MW a year earlier. Wind farms in Brazil accounted for 732.3 MW of the company's total capacity. Some 840 MW of projects were under construction.

The French firm aims to reach 2.6 GW of operational and under-construction capacity by the end of 2023.

(EUR 1.0 = USD 1.084)

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