Greenvolt's revenue grows almost 60% y/y in Q1

Portuguese renewables company Greenvolt - Energias Renovaveis SA (ELI:GVOLT) raised its revenues by almost 60% year-on-year to EUR 101.6 million (USD 108.8m) in the first quarter of 2024 thanks to strong utility-scale and distributed generation segments.

EBITDA, supported by energy sales and green certificates from operational utility-scale assets, stood at EUR 18.7 million, the company said on Tuesday.

The group's total net loss came in at EUR 2.7 million due to the low electricity prices in the UK, penalising the biomass segment, and the lack of utility-scale asset rotations.

“The results recorded in this first quarter are not representative of Greenvolt’s expectations for the whole of 2024. We anticipate a significant improvement in activity, as well as profitability over the next few quarters, developing our project portfolio at the same time as implementing the strategy of asset rotation that we commit to with our stakeholders”, says Joao Manso Neto, CEO of Greenvolt.

Greenvolt noted it currently has four portfolios under sale, two with binding offers and the other two have preferred bidders.

(EUR 1.0 = USD 1.071)

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