Developer Mytilineos’ renewables and storage department has recorded its best ever sales quarter in Q3 at the same time as posting strong numbers for the first three quarters of the year.
Driven by the build, operate and transform business model, the renewables and storage development (RSD) unit achieved record profitability in Q3. The company expects this trend to continue in the years ahead due to the current energy crisis and the increased demand for clean energy projects to offset costs.
Overall, the company’s net profit for the first nine months of the year increased to €312 million (US$310 million), a 171% increase from the €115 million recorded for the nine months of 2021.
Similarly, turnover and EBITDA reached €4,573 million and €533 million at the end of the first nine months of 2022, respectively – an increase of 169% and 121% from 2021 – with a “remarkable” improvement from the RSD unit.
Despite challenges related to the prolonged conflict in Ukraine, the energy crisis and rising interest rates, the company managed to record strong performance due to its diversified portfolio and the internationalisation of its business activity.
Moreover, the Greek developer expects the performance of the RSD unit to not only maintain its performance but further enhance it moving forward, following the completion of the sale of several PV projects from the RSD’s portfolio.
Revenues from the RSD unit in the first three quarters reached €395 million, a 62% increase from the €244 million over the corresponding period of 2021.
During the third quarter of the year, Mytilineos has secured power purchase agreements (PPAs) for 100MW and 588MW of projects, in the UK and Chile respectively.
Meanwhile, the RSD unit is also rapidly expanding its third-party EPC projects by achieving commercial operations with projects in Uzbekistan, Chile or Spain with a total capacity of 417MW of solar PV.
The RSD business unit’s international mature solar portfolio currently sits at 2.4GW, of which 233MW are in operation, 951MW in construction and 1.2GW are ready to build or expected to be in the coming six months. The company also has a further 3.7GW of projects in various stages of development.