(AOF) – Voltalia’s 2023 turnover stands at 495.2 million euros, an increase of 6% compared to 2022 (at current and constant exchange rates). Energy sales and services (after eliminations) contribute 60% and 40% respectively to this turnover. The company confirms the 2023 normative EBITDA target of around €275 million. This performance represents a multiplication by 2 compared to 2022 and by 4 compared to June 2019, the date the objective was set.
At the end of 2023, the company exceeded its targets for total capacity (in operation and construction) and operating capacity.
At the end of 2023 at 2.85 GW, total capacity has increased 2.8 times since June 2019.
As for the operating capacity, the initial objective of which was set at 2.3 GW in October 2023, it reached at the end of 2023: 2.37 GW. Since June 2019, operating capacity has increased 4.4 times, thanks in particular to growth of 51% during 2023 alone.
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Key points
– Independent energy producer and service provider across the entire renewables value chain, created in 2005;
– Turnover of €469 million, divided between energy sales (wind, solar, hydro, biomass and storage) for 52% and services;
– Capacity of 2.6 GW in operation and construction and 4.4 GW of assets under management, for the group or on behalf of third parties, with an installed capacity of 44% in solar, 51% in wind and 5% in biomass , 69% in Latin America and 25% in Europe;
– Integrated business model for a complete value chain (development of renewable projects, engineering and construction, operation and maintenance), duplicated into 2 businesses – renewable energy producer and service provider and capital efficient through use of “Corporate PPA”, electricity contracts linking the company to the electricity producer;
– Capital controlled 71.3% by the Mulliez family, Laurence Mulliez chairing the board of 7 directors and Sébastien Clerc being general manager;
– Balance sheet under control after the capital increase of November 2022, with €1.34 million in equity and €384 million in cash compared to a financial debt of €1.31 billion.
Challenges
– 2027 strategy for growth above the market:
– diversification: more ground and roof solar, services, storage and strong expansion outside Brazil,
– limitation of capital expenditure by growth of service activities and by use of “Corporate PPAs”, electricity contracts linking the company to the electricity producer,
– selectivity of projects, carried out independently or with strategic partners;
– owned capacity of + 5 GW operated and under construction and capacity operated on behalf of third parties greater than 8 GW
– gross operating profit of around €475 million;
– Innovation strategy serving the environmental strategy:
– reduction of environmental impact: after 564 kt of COe avoided in 2022, objective of + 4 Mt of CO2 avoided in 2027,
– preservation of biodiversity by impact study before construction,
– borrowings aligned with ISG criteria;
– Rapid ramp-up of Helexia, specialist in energy efficiency and optimization programs on sites -148 MW installed, 449 MW in portfolio
– After 1,128 MW of new contracts won in 2022, 2.7 GW in operation and nearly 1 GW under construction at the end of June;
– Visibility of the activity with sales contracts with an average duration of 16.5 years, 78% of future revenues being indexed to inflation.
Challenges
– Sensitivity of the business to the weather (winds and sunshine), resulting in increased losses in 2022, also affected by power plant sales;
– After the sale, associated with a development contract, of a solar power plant to the Brazilian Newave Energia, awaiting other sales accompanied by service contracts, reflecting the strategic option of positioning as a developer;
– Continued winning of “Corporate PPA” contracts;
– After stable turnover in the first half, 2023 objectives of 2.6 GW of capacity in operation and under construction and a gross operating profit between €275 and €300 million.
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