Second quarter turnover: +42%
Second quarter turnover: +42%
Turnover of 137.8 million euros in Q2 2024
Energy Sales: +31%. Growth in production volume (+26%) thanks to new plants and increase in average unit selling price thanks to contractual indexation, taking sales to 93.8 million euros
Services: +75% (after eliminations). Rapid growth in construction of power plants for third parties and steady growth in Operation and Maintenance for third parties, bringing sales to 44.0 million euros
Operational capacity indicators as of June 30, 2024
Capacity in operation and under construction: +15% to 3.06 gigawatts (including 2.45 gigawatts in operation and 0.61 gigawatt under construction)
Capacity operated on behalf of third parties: +15% to 6.4 gigawatts
2024 objectives reaffirmed
Capacity in operation and under construction of around 3.3 gigawatts, including around 2.5 gigawatts in operation
EBITDA of around 255 million euros, including around 230 million euros from Energy Sales
Ambitions 2027 confirmed
Capacity in operation and under construction exceeding 5 gigawatts, of which approximately 4.2 gigawatts in operation
Capacity operated for third-party customers of more than 8 gigawatts
Normalised EBITDA1 of approximately 475 million euros, including approximately 430 million euros from Energy Sales
Over 4 million tons of avoided CO2
100% of capacity under construction with a stakeholder engagement plan
50% of solar capacity in operation located on co-used or upgraded soil
-35% of carbon intensity for solar held capacity under construction in kgCO2/MW (Scope 3) in 2030 compared with 2022
Voltalia (Euronext Paris, ISIN code: FR0011995588), an international player in renewable energies, publishes its 2024 second quarter turnover.
Sébastien Clerc, Chief Executive Officer of Voltalia, comments: “The second quarter of 2024 consolidates and accelerates the trajectory initiated at the beginning of the year, driven by the sustained growth in both our Energy Sales and Services to third-party customers. Following on our record year in 2023, this performance illustrates the unfailing commitment and mobilisation of our teams.”
Second quarter (Q2) 2024 turnover
In € million | Q2 2024 | Q2 2023 | Change at current exchange rates | Change at constant exchange rates | H1 2024 | H1 2023 | Change at current exchange rates | Change at constant exchange rates |
Energy sales | 93.8 | 71.8 | +31% | +33% | 168.7 | 134.2 | +26% | +26% |
Services before eliminations | 122.0 | 169.5 | -28% | -28% | 202.1 | 271.0 | -25% | -25% |
Eliminations | -78.0 | -144.3 | -46% | -45% | -121.9 | -210.2 | -42% | -42% |
Services after eliminations | 44.0 | 25.2 | +75% | +69% | 80.2 | 60.7 | +32% | +32% |
Turnover | 137.8 | 97.0 | +42% | +42% | 248.9 | 195.0 | +28% | +28% |
ACTIVITY REVIEW
Turnover for the first half of 2024 amounts to 248.9 million euros, up +28% at current and constant exchange rates. It benefits from the combined effect of +26% growth in Energy Sales, representing 68% of turnover, and +32% growth in services for third-party customers, representing 32% of turnover. Geographically, 59% of the turnover is generated in Europe, 35% in Latin America and 6% in Africa.
Turnover for the second quarter of 2024 comes to 137.8 million euros, up +42% at current and constant exchange rates, with a further +31% rise in Energy Sales and very strong growth of +75% in Services to third-party customers.
ENERGY SALES: GROWTH ACCELERATION
First-half 2024 turnover from Energy Sales comes to 168.7 million euros, +26% at current and constant exchange rates. The average EUR/BRL exchange rate is 5.49 in the first half of 2024, compared with 5.48 in the first half of 2023.
| Q2 2024 | Q2 2023 | Variation | H1 2024 | H1 2023 | Variation |
| ||||||
Production (in GWh) | 1,111 | 882 | +26% | 2,084 | 1,842 | +13% |
Capacity in operation (in MW) |
|
|
| 2,452 | 1,699 | +44% |
Capacity in operation and under construction (in MW) |
|
|
| 3,057 | 2,661 | +15% |
Wind load factor in France | 18% | 18% | stable | 22% | 22% | stable |
Wind load factor in Brazil | 27% | 30% | -3pts | 27% | 35% | -8pts |
Solar load factor in France | 18% | 22% | -4pts | 14% | 17% | -3pts |
Solar load factor in Brazil | 21% | 25% | -4pts | 23% | 27% | -4pts |
Solar load factor in Egypt and Jordan | 32% | 30% | +2pts | 27% | 26% | +1pt |
Load factor in the UK | 22% | 24% | -2pts | 15% | 17% | -2pts |
Quarterly production rises by +26% to 1,111 GWh. Production from plants commissioned since June 30, 2023 is more than compensated the lower load factors in France and Brazil and the effect of power plants disposals at the end of 2023. For the first time, solar production accounts for more than half of Voltalia's production.
Analysis of production by country:
In Brazil, generation is down by -2%, mostly due to the sale of power plants2, the lower wind and solar resources and to preventive maintenance operations done during the period with less wind resource.
In France, output rises by +6%, boosted by the commissioning of Rives Charentaises, Sud Vannier and Montclar.
In the rest of the world, production has more than doubled (x2.1). Voltalia benefits from power plants commissioned, notably in Albania and Portugal.
Helexia's production continues to grow rapidly (+92%), in Brazil and in Europe (France, Portugal, Spain, Romania and Hungary).
Second-quarter turnover from Energy Sales reaches 93.8 million euros. The +31% increase (+33% at constant exchange rates) is driven by the increase in volume produced (+26%) and by the rise of the average unit selling price (+4.5%), mainly thanks to the inflation indexed selling prices in the long-term electricity sales contracts.
SERVICES: VERY STRONG ACCELERATION
First-half 2024 turnover from third-party Services totals 80.2 million euros, a +32% increase at current and constant exchange rates. The Development, Construction and Equipment Procurement segment grows by +38% to 68.0 million euros, and the Operation-Maintenance segment by +7% to 12.1 million euros. Internal Services (eliminated on consolidation) amounts to 121.9 million euros, down -42% on the first half of 2023, when it reached a record level of activity.
Second-quarter 2024 turnover from third-party Services (after eliminations) reaches 44.0 million euros, up +75% (+69% at constant exchange rates). Services for own account (eliminated on consolidation) falls by -46%, with teams now more focused on third-party contracts..
The Development, Construction and Equipment Procurement to third-party customers segment grows by +91% to 37.8 million euros. This segment benefits from the construction contracts in Ireland with ESB and Power Capital (330 MW).
The Operation and Maintenance segment for third-party customers rises by +15% to 6.2 million euros in the second quarter of 2024. Capacity operated on behalf of third-party customers comes to 6.4 GW (+15% compared with the end of June 2023). This segment benefits particularly from new contracts in Brazil.
RECENT DEVELOPMENTS
Voltalia today announces the sale of a new wind project under development in Brazil
Voltalia has sold a 500 MW wind project to be built in the Macururé complex in the Bahia region, once again demonstrating investors' appetite for sites developed entirely by the Group.
Voltalia operates 6.4 GW on behalf of third parties3
Voltalia has announced the signing of a new maintenance contract in Brazil, enabling it to pass the milestone of 6 GW operated on behalf of third-party customers worldwide. The new contract covers predictive, preventive and corrective maintenance, inventory management and ancillary services for the Arinos facilities, a complex developed and sold by Voltalia in the state of Minas Gerais.
In Egypt, Voltalia continues to develop the complex combining renewable energy production and green hydrogen production4
With its partner TAQA Arabia, Voltalia has signed a framework agreement with the Egyptian authorities, following on from the Memorandum of Understanding (MoU) signed in December 2022. The project will be implemented in two identical phases, each comprising a 500 MW electrolyser powered by more than 1.3 GW of solar and wind energy.
In Uzbekistan, at the Sarimay complex, construction begins on the 126 MW solar power plant5
Construction of the Sarimay Solar plant has begun, and it is scheduled to come on stream in the second half of 2025. The 25-year power sales contract was awarded in 2022. Voltalia has mandated the EBRD and JICA to finance the project. The solar power plant is part of a multi-energy complex in which wind power and battery storage projects are also being developed. Construction of the 50 MW / 100 MWh storage unit, which will be the subject of a long-term sales contract to be signed by the end of September, is due to start in early 2025.
New storage complex in Uzbekistan: partnership signed for a very large-scale project (1 GWh)6
At the Tashkent International Investment Forum, held on 2 and 3 May 2024, Voltalia signed a protocol with the Uzbek authorities for the development, financing, construction and maintenance of a battery storage complex with a capacity of 500 MW / 1000 MWh.
In Tunisia, a solar power project won for 130 MW7
Located in the Gafsa region, the future power station will produce enough electricity to supply 700,000 inhabitants. Revenues will come from a 30-year electricity sales contract. Construction will begin in 2025 and commissioning is scheduled for 2026.
Voltalia wins a 266 MW maintenance contract in Brazil8
Relying on dedicated teams at its nearby plants, Voltalia will manage maintenance services for a 266 MW solar power plant in Lajes, Rio Grande do Norte. The new contract includes predictive, preventive and corrective maintenance, two-hour on-call services, module cleaning, waste management, warehousing and spare parts, as well as documentation and control.
2024 OPERATIONAL AND FINANCIAL OBJECTIVES REAFFIRMED
Voltalia reiterates its 2024 targets:
Capacity in operation and under construction of around 3.3 GW, representing growth of +16% compared to 2023, of which around 2.5 GW in operation
EBITDA of around 255 million euros, representing growth of +6% compared with 2023, of which around 230 million euros from Energy Sales.
OPERATING AND FINANCIAL TARGETS FOR 2027 CONFIRMED
Voltalia confirms its operational and financial targets for 2027:
Own capacity in excess of 5 GW, with approximately 4.2 GW in operation.
Capacity operated on behalf of third-party customers in excess of 8 GW.
Normalised EBITDA9 of around 475 million euros, of which around 430 million euros from Energy Sales.
MISSION OBJECTIVES 2027 and 2030 CONFIRMED
Finally, as a Mission-driven company, Voltalia is pursuing its ambitions to strengthen its commitment to sustainable development with the following objectives:
By 2027: CO2 avoided of over 4 million tons.
By 2027: 100% of owned capacity under construction with a Stakeholder Engagement Plan (SEP) aligned with IFC (World Bank Group) standards.
By 2027: 50% of solar MW held capacity in operation located on co-used or upgraded soil, i.e. land combining solar with another human activity (such as buildings, parking lots, agriculture, and grazing) or located on land with low biodiversity, agricultural or economic potential (such as deserts, industrial wastelands, and disused quarries).
By 2030: -35% carbon intensity in kgCO2/MW (Scope 3) of solar power plants owned compared with 2022, notably by prioritizing the acquisition of low-carbon solar panels.
Next meeting: Half-year results 2024, September 5, 2024 (before market opens)
PROSPECTIVE STATEMENTS
This press release contains forward-looking statements. These statements are not historical facts. These statements include projections and estimates and their underlying assumptions, statements regarding plans, objectives, intentions and expectations with respect to future financial results, events, operations, services, product development and potential, and statements regarding future performance. These forward-looking statements may often be identified by the words "expect", "anticipate", "believe", "intend", "estimate" or "plan", as well as by other similar words. Although Voltalia's management believes that these forward-looking statements are reasonable, investors are cautioned that forward-looking statements are subject to numerous risks and uncertainties, many of which are difficult to predict and generally beyond Voltalia's control, that could cause actual results and events to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include, among others, the uncertainties inherent in the evolution of the selling price of electricity produced by Voltalia, the evolution of the regulatory environment in which Voltalia operates as well as the competitiveness of renewable energies and other factors that may affect the production capacity or profitability of Voltalia's production sites as well as those developed or identified in Voltalia's public filings with the Autorité des marchés financiers including those listed in section 2. 2 "Risk Factors" of Voltalia's 2023 Universal Registration Document filed with the Autorité des marchés financiers on April 12, 2024. Voltalia undertakes no obligation to update any forward-looking information or statements, except as required by law.
Capacity in operation as of June 30, 2024
In MW | Wind | Solar | Biomass | Hydro | Hybrid | Q2 2024 | Q2 2023 |
Albania |
| 140 |
|
|
| 140 |
|
Belgium |
| 21 |
|
|
| 21 | 17 |
Brazil | 773 | 721 |
|
|
| 1,494 | 1,112 |
Egypt |
| 32 |
|
|
| 32 | 32 |
France | 93 | 244 |
| 5 |
| 341 | 245 |
French Guiana |
| 14 | 7 | 5 | 24 | 49 | 44 |
Greece |
| 17 |
|
|
| 17 | 17 |
Hungary |
| 22 |
|
|
| 22 | 4 |
Italy |
| 17 |
|
|
| 17 | 15 |
Jordan |
| 57 |
|
|
| 57 | 57 |
Netherlands |
| 60 |
|
|
| 60 |
|
Portugal |
| 77 |
|
|
| 77 | 48 |
Romania |
| 8 |
|
|
| 8 |
|
Spain |
| 27 |
|
|
| 27 | 20 |
United Kingdom |
| 57 |
|
| 32 | 89 | 89 |
Total | 866 | 1,513 | 7 | 10 | 56 | 2,452 | 1,699 |
Capacity under construction as of June 30, 2024
10
Name of the projet | Capacity | Technology | Country |
Bolobedu | 148 | Solar | South Africa |
Cafesoca | 8 | Hydro | Brazil |
Clifton | 45 | Solar | United Kingdom |
East gate | 34 | Solar | United Kingdom |
Helexia | 2 | Solar | United-Kingdom |
Helexia | 92 | Solar | French Guiana |
Helexia | 31 | Solar | Italy |
Helexia | 0 | Solar | Belgium |
Helexia | 1 | Solar | Brazil |
Helexia | 1 | Solar | Spain |
Helexia | 6 | Solar | France |
Helexia | 2 | Solar | Italy |
Helexia | 1 | Solar | Portugal |
Higher Stockbridge | 45 | Solar | United Kingdom |
Lercara Friddi | 3 | Solar | Italy |
Paddock | 50 | Solar | United Kingdom |
Sarimay solar | 126 | Solar | Uzbekistan |
Sinnamary | 10 | Biomass | French Guiana |
Sinnamary | 1 | Storage | French Guiana |
Total (in MW) | 605 |
|
|
Power production as of June 30, 2024
In GWh | Wind | Solar | Biomass | Hydro | Hybrid | H1 2024 | H1 2023 |
Albania |
| 136 |
|
|
| 136 | 0 |
Brazil | 918 | 456 |
|
| 24 | 1,398 | 1,427 |
Egypt |
| 38 |
|
|
| 38 | 38 |
France | 95 | 42 |
| 3 |
| 140 | 133 |
Greece |
| 15 |
|
|
| 15 | 14 |
French Guiana |
| 7 | 18 |
|
| 25 | 23 |
Helexia brazil |
| 44 |
|
|
| 44 | 5 |
Helexia Europe |
| 147 |
|
|
| 147 | 94 |
Jordan |
| 65 |
|
|
| 65 | 64 |
Portugal |
| 45 |
|
|
| 45 | 11 |
United Kingdom |
| 30 |
|
|
| 30 | 33 |
Grand Total | 1,013 | 1,026 | 18 | 3 | 24 | 2,084 | 1,842 |
About Voltalia (www.voltalia.com) | |
Voltalia is an international player in renewable energies. The Group produces and sells electricity from its wind, solar, hydro, biomass and storage facilities. It has 3.1 GW of capacity in operation and under construction, and a portfolio of projects under development with a total capacity of 16.6 GW. | |
Voltalia | Press Relations Seitosei.Actifin - Jennifer Jullia |
1 "Normalised EBITDA" of 2027 calculated with an average annual EUR/BRL exchange rate of 5.5 and wind, solar and hydro production corresponding to the long-term average.
2 January 9, 2024 press release.
3 July 22, 2024 press release.
4 July 1, 2024 press release.
5 May 15, 2024 press release.
6 May 15, 2024 press release.
7 May 8, 2024 press release.
8 April 29, 2024 press release.
9 "Normalised EBITDA" of 2027 calculated with an average annual EUR/BRL exchange rate of 5.5 and wind, solar and hydro production corresponding to the long-term average.
10 April 8, 2024 press release.
Attachment