French renewable energy company Voltalia has disclosed its financial results for the third quarter of this year, reporting a turnover of €126.2 million (US$133.3 million) and a total production of 1.2GWh across its renewable energy portfolio.
The company's Q3 turnover remains consistent with the previous quarter, with a marginal increase of total turnover for the first nine months of 2023 compared to the same period in 2022. This steady performance is attributed to the disruptions caused by the August blackout in Brazil, which interrupted approximately 19GW of electric load across the nation, significantly impacting Voltalia's operations.
Nevertheless, Voltalia's recent commissioning of projects during the quarter has contributed to a 5% increase in energy sales, maintaining turnover stability. Notable additions include the 260MW Solar Serra do Mel facility in Brazil and a combined 50.6MW portfolio in Portugal, commissioned in July and August, respectively.
Sébastien Clerc, CEO of Voltalia, expressed optimism despite the challenges, stating, “Despite the restrictions put in place following the widespread power cut in Brazil in August, production in the third quarter is increasing, as in each of the first two quarters.” Clerc further affirmed the company's 2023 EBITDA target of approximately €275 million, representing a doubling compared to 2022.
Voltalia has expanded and reaffirmed its long-term plans in light of these results. The company now targets 2.8GW of power capacity in operation and construction by the end of 2023, an increase from the previous forecast of 2.6GW. Their ambitious aim is to reach 5GW of capacity by 2027. Additionally, Voltalia plans to operate 8GW of capacity on behalf of other companies by 2027, with the specifics between solar and wind projects yet to be determined.
Voltalia has also broadened its business scope by building and selling solar facilities to other power companies. This quarter, they successfully sold a 420MW project at the ready-to-build stage to Brazilian firm Newave Energia. This strategic move may pave the way for similar agreements and diversification of revenue streams in the future.