Clearvise faces lower 9mo earnings but sticks to 2024 forecast

German renewable power producer Clearvise AG (ETR:ABO) last week reiterated its 2024 forecast, saying that its operating performance in the first nine months of the year remained “stable”.

The company booked adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of EUR 18.5 million (USD 19.8m) in January-September, down 21.5% in annual terms, according to preliminary results. At EUR 27.5 million, revenues fell by 18.6%, reflecting the sale of a Finnish wind farm trio and the divestment of a biogas plant, coupled with a decline in power production in France and lower market values in Germany.

The German firm’s power plants generated 351.2 GWh of electricity in the nine months, which was 13.9% lower than the 407.8 GWh produced in the year-ago period regardless of the higher solar output.

“The general conditions for renewable energies were extremely challenging. Nevertheless, we have succeeded in tapping growth potential and strategically strengthening our portfolio,” said CFO Manuel Sieth. He explained that the confirmed forecast for 2023 is based on the successful and stable development of the company’s portfolio, including from its entry in Italy and the expansion of its solar project pipeline in France.

Clearvise continues to expect group EBITDA adjusted for special effects of between EUR 21.8 million and EUR 23.1 million for 2024, while revenues are forecast to fall within the EUR 35.5 million-37 million range, based on secured prices under existing power purchase agreements (PPAs) or respective tariffs, less expenses for electricity marketing. Assuming that the portfolio of operating assets remains unchanged, full-year output is projected to amount to 440-460 GWh under normal weather conditions.

(EUR 1.0 = USD 1.072)

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