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Alternus Energy grows annual recurring revenues and asset base in second quarter

Notably the period to June 30 this year saw the group's annual recurring revenue grow 308% compared to the same quarter of 2020

Alternus Energy PLC -
CEO Vincent Browne said: "Most importantly this quarter started to show the positive income impacts to the business from the recent acquisitions"

Alternus Energy PLC (EURONEXT:ALT), the independent power producer, has hailed its second-quarter performance, which saw the company boost revenue and its asset base.

For the period ended June 30, 2021, the group's annual recurring revenue grew 308%, compared to the same quarter of 2020, due to the addition of a 20 MWp operational solar park.

Also, and as reported in June, the firm acquired a majority 60% interest in Netherlands-based Engineering Procurement and Construction (EPC) and Operations and Maintenance (O&M) company Unisun Energy Holding, adding over 250 MW of solar projects at various stages of development to the Alternus portfolio.

READ: Alternus Energy Group set to up-list to the Euronext Growth Oslo stock exchange following €7 million private placement

"We have increased the company’s annual recurring revenues to 16.3 million euros, up from 3.8 million euros from the same quarter last year and are maintaining an average of 75% project gross margins," highlighted Alternus CFO Joseph Duey in a statement.

"Our strengthened balance sheet and proven financing capability is enabling us to accelerate our growth as seen in the increased contract backlog. This continued strong financial performance demonstrates our successful growth and underpins our business plan to secure more than 3.5 GW of operational projects by 2025.”

Group revenue in the second quarter increased to 5.2 million euros, up from 1.5 million euros in the second quarter of 2020, while the company's owned assets increased by 14 times to 423 MW.

Alternus CEO Vincent Browne said: "Most importantly this quarter started to show the positive income impacts to the business from the recent acquisitions. Further to the 110 million euro bond issuance and 27 million euro equity raise in the first quarter, the company raised an additional 6.9 million euro in equity this quarter through our listing on the Euronext Growth Market – Oslo at the end of June."

"All funding is concentrated on continuing to grow our asset base from the 1.4 gigawatts (GW) of contracted assets we have in hand. I am also very pleased to confirm that we finally look set to acquire the exciting 65MW polish park that is part of the initial bond portfolio in September. On completion, this will make us operational in a new country and add approximately 3.5 million euros to our annual revenues bringing the total to just under 20 million euros annually without further acquisitions."

Contact the author at giles@proactiveinvestors.com

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