Renewables independent power producer (IPP) Alternus Energy Group has reported an 82% increase in earnings before interest, tax, depreciation and amortisation (EBITDA) for 2022, to over $12m.
Gross profit in 2022 was $23.3m compared with $14.2m in 2021, for the Ireland-headquartered IPP.
Revenue also rose as capacity and power production expanded rapidly with new projects connecting in Poland and the Netherlands.
Alternus benefited from the hike in energy rates across Europe during 2022, which boosted operating profit.
The IPP’s development pipeline grew, with over 721MW of capacity under development or contracted, with exclusive rights to acquire another 800MW.
During 2022 power production from Alternus’ assets increased 118% to 187.6GWh, while booked revenues increased 52% to $32.5m.
Operating assets grew 15% to 165.4MW.
Vincent Browne (pictured), Chairman and Group CEO, said: “2022 was another strong year overall for Alternus.
“On the operating side, we more than doubled our power sold as we brought online projects in the Netherlands and purchased additional assets in Poland, which complement our strong presence in Romania and Italy.
“This resulted in outstanding financial performance, with revenue up 50% and operating profit of $5m.
“All in, the pipeline is well over 2GW of capacity, the majority of which we expect to come online in the next few years.
“This visibility, along with the expertise and dedication of our team, gives us high confidence in our 2025 forecast of over $150m of EBITDA, and for even greater growth in subsequent years.”