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Alternus Energy Fourth Quarter 2021 – highest growth on record for both quarter and full year

By February 16, 2022November 8th, 2022No Comments

Full Year Revenues booked at EUR 20.6 million – 540% increase YoY


Dublin, 16 February 2022 International Renewable Independent Power Producer (IPP) Alternus Energy Group Plc (OSE: ALT) (the “Company” or “Alternus”) announces its unaudited financial results for Q4 2021 and the 2021 fiscal year.

Compared against the previous year, Alternus is now over five times larger in recurring long-term revenues and gross margins, and just under four times larger in operating assets, with a backlog of contracted and pipeline projects.

Commenting on the quarter and annual financial results, Vincent Browne, Chairman and CEO, said:

“These results reaffirm Alternus Energy’s ability to execute and deliver on our ambitious growth targets. We have met and exceeded every target we set for ourselves at the beginning of the 2021 fiscal year. Having integrated the Unisun team and by adding key resources across the whole organisation, I believe we are now well positioned to continue our growth and take full advantage of the large and growing market for solar and renewable energy over the next few years.” 

Key highlights for Q4 2021 are:

  • Power production increased to 16.4 GWh from 2.9 GWh
  • Booked revenues increased to EUR 7.5 million from EUR 0.3 million
  • EBITDA increased to EUR 3.5 million from EUR 0.1 million
  • Gross margins for the period were 73% of booked revenues
  • Net loss reduced to EUR 0.9 million from a loss of EUR 1.5 million in Q4 2020
  • Operating assets increased to 143MWp with acquisition of 13MWp operating parks in Poland
  • Total owned assets increased by 100MWp to 573MWp
  • Successfully completed EUR 20 million bond tap issuance
  • Spanish market entry with 35MWp park owned and in development
Key highlights for the full year (FY) 2021 are:
  • Power production increased to 70.1 GWh from 27.9 GWh
  • Booked revenues increased to EUR 20.6 million from EUR 3.8 million
  • EBITDA increased to EUR 10.6 million from EUR 0.3 million
  • Net income grew to EUR 9.5 million from loss of EUR 4.8 million for FY 2020
  • Operating assets increased to 143MWp from 30MWp
  • Annual Recurring Revenues increased to EUR 24.1 million from EUR 4 million
  • Total owned assets increased to 573MWp from 44MWp

Joseph Duey, CFO, added:

“The results for this quarter in particular, are demonstrative of the underlying financial performance generated from the growth in operating assets over the past year. The larger contracted backlog is testament to our flexible go to market strategy, differentiated business model and execution reputation with current and new industry partners.”

The Q4 2021 financial report is attached to the OSE filing and is available to view on the Alternus Energy website here.

About Alternus Energy

Established in 2016, Alternus Energy Group Plc is an international vertically integrated independent power producer (IPP). Headquartered in Ireland and listed on the Euronext Growth Market – Oslo, the Company develops, constructs, owns, and operates utility scale solar PV projects in multiple countries. The Company also has offices in Rotterdam and America.

Forward Looking Statements: Certain information contained in this letter, including any information on the Company’s plans or future financial or operating performance and other statements that express the Company’s management’s expectations or estimates of future performance, constitute forward-looking statements. When used in this press release, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions, as they relate to us or our management team, identify forward-looking statements.  Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Such statements are based on a number of estimates and assumptions that are subject to significant business, economic and competitive uncertainties, many of which are beyond the control of the Company. The Company cautions that such forward-looking statements involve known and unknown risks and other factors that may cause the actual financial results, performance or achievements of the Company could differ materially from the Company’s estimated future results, performance or achievements expressed or implied by the forward-looking statements. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.