Clearvise AG, the German renewable power producer, has reiterated its 2024 forecast following a stable operating performance in the first nine months of the year. Despite a 21.5% year-on-year decline in adjusted EBITDA to EUR 18.5 million (USD 19.8 million), the company remains confident in its outlook.
The company's revenues for January-September dropped by 18.6%, totaling EUR 27.5 million. This decline was attributed to the sale of a Finnish wind farm trio and the divestment of a biogas plant, as well as a decrease in power production in France and lower market prices in Germany.
Clearvise's power plants generated 351.2 GWh of electricity during the period, which represents a 13.9% decrease from the 407.8 GWh produced in the same period of the previous year. However, the company noted an increase in solar output.
Despite the challenging conditions in the renewable energy sector, Clearvise emphasized its strategic portfolio expansion, including its entry into the Italian market and the growth of its solar project pipeline in France.
The company continues to forecast 2024 group EBITDA (adjusted for special effects) to fall between EUR 21.8 million and EUR 23.1 million. Revenues are expected to range between EUR 35.5 million and EUR 37 million, driven by secured prices under existing power purchase agreements (PPAs) and related tariffs, offset by electricity marketing expenses. Full-year output is projected to be between 440-460 GWh, assuming normal weather conditions and an unchanged asset portfolio.
