Voltalia revenue up 71% as development, building unit drives growth

• French renewables business Voltalia's economic efficiency last year was enhanced by the growth of its project development, construction and also equipment procurement section, as the company increased its focus on developing solar PV.

Revenues for 2021 were up 71% year-on-year to EUR398.6 million (US$ 439 million) as revenues from project development, building and construction and also supply of tools more than increased. The company claimed the rise in construction and tools supply was driven by outside sales in markets such as Portugal, Greece and France.

Although normalised EBITDA jumped 55% on 2020 to EUR156.5 million, it was listed below the previous support of EUR170 million as some disposals of projects under development in Brazil will not be acknowledged in the accounts up until 2022. Without this hold-up, the firm stated the revenues target would have been fulfilled.

Voltalia's portfolio of projects under development, meant to be preserved or marketed with building and construction and maintenance services, completed 11.1 GW, up 14% on 2020, with solar's share of the total enhancing from 61% in 2020 to 67% last year.

In terms of renewables capacity in operation as well as unfinished, this increased 34% year-on-year to 1.7 GW. Mounted solar capacity jumped 25% to 304MW as the firm boosted its PV portfolio in markets such as Brazil, the UK, Portugal, Italy as well as Belgium.

Of the greater than 588MW of renewables Voltalia has under construction, the mass of capacity is solar PV, including the 320MW SSM1 & 2 plant in the Brazilian state of Rio Grande do Norte as well as the 50MW South Farm solar farm in the UK, which started building and construction last year and also is backed by a power purchase arrangement with the City of London Corporation.

Additionally in the UK, Voltalia announced previously this year that its 32MW/32MWh Hallen battery energy storage system near Bristol has been commissioned, launching its first power into the grid in December.

The firm is now working with enhancing its portfolio of renewables projects in operation as well as under construction to 2.6 GW by the end of 2023.

CEO Sébastien Clerc said the firm is reaffirming its 2023 ambitions "with a conviction reinforced by recent occasions that we have to increase the growth of renewable, neighborhood, low-carbon as well as competitive energy, especially in Europe".