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Mytilineos renewables and storage department records its best ever quarter

October 26, 2022
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Mytilineos renewables and storage department records its best ever quarter
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Revenues from the RSD unit within the first 9 months of the yr reached €395 million, a 62% enhance over the corresponding interval of 2021. Picture: Mytilineos.

Developer Mytilineos’ renewables and storage division has recorded its greatest ever gross sales quarter in Q3 concurrently posting robust numbers for the primary three quarters of the yr.

Pushed by the construct, function and rework enterprise mannequin, the renewables and storage growth (RSD) unit achieved file profitability in Q3. The corporate expects this development to proceed within the years forward as a result of present power disaster and the elevated demand for clear power initiatives to offset prices.

General, the corporate’s web revenue for the primary 9 months of the yr elevated to €312 million (US$310 million), a 171% enhance from the €115 million recorded for the 9 months of 2021.

Equally, turnover and EBITDA reached €4,573 million and €533 million on the finish of the primary 9 months of 2022, respectively – a rise of 169% and 121% from 2021 – with a “exceptional” enchancment from the RSD unit.

Regardless of challenges associated to the extended battle in Ukraine, the power disaster and rising rates of interest, the corporate managed to file robust efficiency on account of its diversified portfolio and the internationalisation of its enterprise exercise.

Furthermore, the Greek developer expects the efficiency of the RSD unit to not solely preserve its efficiency however additional improve it transferring ahead, following the completion of the sale of a number of PV initiatives from the RSD’s portfolio.

Revenues from the RSD unit within the first three quarters reached €395 million, a 62% enhance from the €244 million over the corresponding interval of 2021.

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Throughout the third quarter of the yr, Mytilineos has secured energy buy agreements (PPAs) for 100MW and 588MW of initiatives, within the UK and Chile respectively.

In the meantime, the RSD unit can also be quickly increasing its third-party EPC initiatives by attaining business operations with initiatives in Uzbekistan, Chile or Spain with a complete capability of 417MW of photo voltaic PV.

The RSD enterprise unit’s worldwide mature photo voltaic portfolio at present sits at 2.4GW, of which 233MW are in operation, 951MW in building and 1.2GW are able to construct or anticipated to be within the coming six months. The corporate additionally has an additional 3.7GW of initiatives in numerous levels of growth.

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Tags: DepartmentMytilineosquarterrecordsRenewablesstorage
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