Alternus Energy PLC (EURONEXT:ALT) has announced that its third-quarter 2022 booked revenues increased by 57% year over year to €11.2 million, driven by increased generation capacity and higher energy rates.
The international renewable independent power producer said power production during the quarter doubled to 64-gigawatt hours (GWh) from 32GWh, driven primarily by increased generation capacity year-on-year.
“The year-on-year growth in both quarter and year-to-date, represent our underlying solid operating performance and is in line with the growth in generation capacity during the year,” Alternus Energy CEO Vincent Browne said in a statement.
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“Our focus for this quarter was on progressing acquisition of the announced 184MW of contracted projects in Poland and pan- European debt facility of up to €500 million with a Tier one European bank,” Browne added.
Alternus noted that compared to the same period last year, run-rate annual revenues stand at circa €30 million with 168 megawatts (MW) of operating solar parks in five European countries and a backlog of about 680 MW of solar parks owned and in development.
It added that a further 845 MW of solar projects are under binding purchase contracts pending the outcome of successful financing and achievement of relevant closing conditions.
Total owned assets increased by 69-megawatt peak (MWp) in 3Q to 817 MWp, according to the company.
As well, Alternus said it has achieved approval for the first project to be financed under the debt facility with an expected fourth-quarter deployment.
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 Sean at sean@proactiveinvestors.com