Voltalia met its capacity and EBITDA targets for FY2024 despite a net loss of €20.9 million
It improved its capacity addition with a strong focus on Latin America
It is expecting better times in FY2025, especially with its strategic review of its SPRING transformation plan
French renewable energy company and independent power producer (IPP) Voltalia exited FY2024 having met its capacity and EBITDA targets. However, it reported a net loss of €20.9 million, mainly owing to the curtailment in Brazil. A decrease in the value of solar panel stock in the equipment procurement activity also played its role.
It achieved its EBITDA target of €215 million after curtailment impacts, a decline of 11%. Without this impact, the company said it would have grown by 6%. Voltalia’s turnover improved by 10% year-on-year (YoY) to €547 million, thanks to the 20% growth in energy sales.
The company also reported a 14% YoY growth in capacity in operation and construction, reaching around 3.3 GW out of which 2.5 GW was in operation, an annual growth of 6%. Most of this capacity in operation exists in Latin America, followed by Europe and Africa.
Voltalia’s 17.4 GW pipeline also is Latin America heavy with a 39% share. It grew the portfolio by 5% over 2023. In terms of technology, 100% of its new capacity wins of 637 MW represents solar. This is also a 42% annual growth for its awarded contracts.
For FY2025, Voltalia targets a 10% YoY growth in its capacity in operation and under construction at around 3.6 GW, including around 3 GW in operation with a 20% YoY increase. Most of the commissioning is scheduled for the end of 2025. It also targets to produce around 5.2 TWh of clean energy with a 10% YoY jump.
Voltalia says it is confident of a favorable outcome, in the medium term, to the legal and contentious actions undertaken to obtain compensation in Brazil. For 2025, with the improvement in the curtailment situation, forecasts anticipate a clear reduction in curtailment compared to 2024 and take into account a curtailment assumption for Brazilian annual production in 2025 of around 10% (21% in 2024), stated the company.
Meanwhile, the company is carrying out a strategic review of its business as part of its SPRING Transformation plan to carry out a strategic review and create sustainable conditions for profitable growth.
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