Alternus Energy PLC (EURONEXT:ALT) has announced “strong” growth in revenue and profit for the second quarter of 2022, in line with its expectations.
The international renewable independent power producer (IPP) said run-rate annual revenues totaled around €30 million in the period, up 180% from the second quarter of last year.
The company now has 168 megawatts (MW) of operating solar parks in five European countries, up 250% year-on-year, and a backlog of more than 748 MW of solar parks owned and in development.
A further 412 MW of solar projects are now under binding purchase contracts, it added.
READ: Alternus Energy Group appoints energy analyst Jon Masdal to company’s board
Commenting on the results, Vincent Browne, Alternus Energy chairman and group CEO, said in a statement: “The financial results for this quarter are in line with expectations and demonstrate our continued operational execution with strong year-on-year growth in all key metrics, including exceeding budgeted production numbers from our operating parks in the first half of this year. We continue to strengthen our team in key areas to support the exploitation of opportunities in leading growth markets.”
The company reported a rise in booked revenues in the second quarter to €10.6 million from €5.2 million, with EBITDA climbing to €6.4 million from €2 million.
Power production increased to 71-gigawatt hours (GWh) from 23 GWh.
Based in Ireland and listed on the Euronext Growth Oslo, Alternus Energy develops, installs, owns, and operates midsized utility-scale solar parks and aims to own and operate over 3.5 gigawatts of solar parks by the end of 2025.
Contact the author at jon.hopkins@proactiveinvestors.com