GREENVOLT ENERGIAS RENOVAVEIS SA

EthiFinance Ratings affirms Greenvolt Energias Renováveis, S.A.'s long-term rating at "BBB-", maintaining the outlook at Stable. Greenvolt is a Portuguese company, listed on Euronext Lisbon (market cap of € 830M at the close on October 18th, 2023), which operates in the renewable energy sector. It is the leader in Portugal (EthiFinance Ratings sovereign rating of 'BBB+' with a Stable outlook) in terms of installed injection capacity related to sustainable biomass for energy production. It operates with three divisions: biomass and structure (74.8% of FY22 revenues, after eliminations), wind, solar PV and storage utility scale projects (10.8%), and distributed generation (14.4%). At end-June 2023, Greenvolt operated five biomass power plants in Portugal and one in the UK, with an installed injection capacity of 142.1 MW (100.5 MW in Portugal and 41.6 MW in the UK). In the utility scale segment, Greenvolt is a medium-sized player, with a presence in 17 countries and a pipeline of 7.7 GW at end-June 2023, of which 2.9 GW is expected to reach at least "ready to build" (RtB) phase by end-2023 and 4.1 GW by end-2024. In distributed generation, the group is currently present in 5 countries,with a strong market position in the commercial & industrial segment in Portugal, particularly for large and medium corporates. For 2022, Greenvolt reported revenues of € 259.7M (+83.6% yoy), and EBITDA of € 92.0M (+62.7%), equivalent to a 35.4% EBITDA margin. The consolidated EthiFinance Ratings NFD/EBITDA ratio was 4.4x at end-2022. Over the last twelve months to end-June 2023, the group generated revenues of € 285.5m, and EBITDA of € 93.5m (32.7% EBITDA margin).