Greenvolt – Energias Renovaveis SA announced a robust performance in the first quarter of 2024, with revenues surging nearly 60% year-on-year to EUR 101.6 million (USD 108.8 million), driven by strong segments in utility-scale and distributed generation.
The company reported EBITDA of EUR 18.7 million, bolstered by energy sales and green certificates from operational utility-scale assets, despite challenges in the biomass segment due to low electricity prices in the UK and a lack of utility-scale asset rotations. Greenvolt recorded a net loss of EUR 2.7 million for the quarter.
CEO Joao Manso Neto commented, “The results recorded in this first quarter are not representative of Greenvolt's expectations for the whole of 2024. We anticipate a significant improvement in activity, as well as profitability over the next few quarters, developing our project portfolio at the same time as implementing the strategy of asset rotation that we commit to with our stakeholders.”
Greenvolt disclosed ongoing portfolio developments, noting four portfolios under sale, with two having received binding offers and the other two having preferred bidders.
The company remains optimistic about the remainder of 2024, expecting enhanced performance and profitability as it progresses with its strategic initiatives.
