Voltalia to reach 2.6GW capacity target one year early

The bulk of Voltalia’s renewable projects under construction are from solar PV with 800MW of capacity. Image: Flickr.

Renewables company Voltalia expects to achieve 2.6GW of renewables in operation or under construction in 2022, a year ahead of schedule.

During the first half of 2022, the French company reached 1.4GW of renewables in operation, with a further 900MW currently under construction, representing a 57% year-on-year increase from H1 2021, which had a combined 1.5GW of capacity target. The remaining 200MW – to achieve its 2.6GW target for 2023 ahead of schedule – would be launched by the end of the year.

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Revenues for H1 2022 were up 42% year-on-year to €214.3 million (US$204.75 million), despite a decrease in energy production from 1.6TWh to 1.3TWh. This was offset by the effects of plants commissioned in H1 2022, mainly the SSM1-2 solar plants in Brazil, as well as its renewables subsidiary Helexia’s “strong momentum”.

While solar installed capacity (400MW) is nearly half of installed wind power (800MW) as of 30 June 2022, the bulk of projects under construction are solar PV, Voltalia said.

The company has projects under construction in France, in Albania with 140MW awarded in a tender, in the UK with 90MW awarded through the Contracts for Difference (CfD), Portugal, 580MW+ utility-scale projects in Brazil, Italy and Spain. More than 800MW of solar PV projects are currently under construction between Voltalia and Helexia.

Furthermore, the company recently signed a 30MW solar PV corporate power purchase agreement (CPPA) with retail company Leroy Merlin, which is expected to be commissioned in 2025.

Future growth is expected to be fueled with further expansion of its PPA portfolio, which has increased by 464MW since January.

Voltalia’s portfolio of projects under development, intended to be retained or sold with construction and maintenance services, grew to 13.6GW as of 30 June 2022, up 27% on 30 June 2021, with solar PV taking 66% of the share.

With 42% of share, Latin America is the renewables’ largest market, followed closely by Europe with 39% and the remaining 19% located in Africa.

Voltalia has reiterated its normalised EBITDA target of €275-300 million for 2023 and will announce its targets post-2023 after the Q3 2022 results.

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