Alternus Energy Group PLC has reported its fifth consecutive quarter of annual recurring revenue growth as the company steps up power production through the acquisition of several solar parks.
For the three months ending March 31, 2022, the company reported a 278% increase in revenue to €6.4 million from €700,000 for the same period in 2021.
Alternus also increased its earnings before interest, taxes, depreciation, and amortization to €2.3 million for the first quarter, compared to €0.1 million in 1Q 2021.
READ: Alternus Energy closes acquisition of 11MW operational portfolio to complete 24MW agreement
The company said its run-rate annual revenues have grown to more than €26 million with 168 megawatts (MW) of operating solar parks in five European countries, with a backlog exceeding 580 MW of solar parks owned and in development.
Alternus CEO Vincent Browne said the company had delivered another strong quarter in 1Q with positive indicators across all key metrics.
He noted that the company had receive suitable terms and have completed mandates for substantial debt facilities with a leading bank to support Alternus’ growth plans for 2022 and 2023.
“Confirmatory due diligence and final negotiations are ongoing, and we look forward to providing further details when definitive agreements are executed,” Browne said.
Alternus CFO Joseph Duey added that the results for the quarter were demonstrative of the underlying financial performance generated by the growth in the company’s operating assets over the past year.
“We are very pleased to have delivered our first project in-house, from development through to energization, at Rotterdam airport,” Duey said.
“Our year-on-year increased operational portfolio and owned development backlog is testament to our flexible market strategy, differentiated business model and execution reputation with existing and new industry partners.”
The company reported a net loss of €4.6 million for the quarter, compared to a profit of $1.5 million for the same period last year.
Headquartered in Ireland, Alternus Energy is an internationally vertically integrated independent power producer that develops, installs, owns, and operates midsized utility scale solar parks.
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