Renewables developer Voltalia has reported normalised earnings before interest, tax, depreciation and amortisation (EBITDA) of €156m, up 55% compared to 2020.
Normalised EBITDA for 2021 is below the target of €170m, Voltalia said, as some disposals of projects under development in Brazil (pre-construction), signed in 2021, will not be recognised in the accounts until 2022.
“Without this unanticipated delay, the 2021 target would have been exceeded,” said Voltalia.
Of the disposals signed in 2021 but not recognised, those that have already met the recognition criteria since 1 January 2022 represent more than €10m in EBITDA, accounting for the “vast majority” of the variance from target.
Consolidated EBITDA was €137.4m a 41% increase, on 2020, which came from both energy sales and services.
Production in 2021 rose 51% to 4143GWh, while installed and capacity under construction increased 34% to 1709MW in 2021, from 1280MW in 2020.
Voltalia chief executive Sebastien Clerc said the company achieved a “very good operational and commercial performance in 2021”, with revenues up 71%.
“Normalised EBITDA is also up sharply at +55%, but below target due to a deferral from 2021 to 2022 in the accounting recognition of projects under development sales signed in 2021.
“We reaffirm our 2023 ambitions, with a conviction reinforced by recent events that we must accelerate the growth of renewable, local, low-carbon and competitive energy, particularly in Europe,” said Clerc.