French wind and solar developer Voltalia reported solid financial results for 2016. The company achieved turnover of €127.0 million ($135.4 million) last year, up from €58.5 million ($62.3 million) a year earlier. Of this revenue, €102.1 million came from the company’s power sale business, while the remaining revenue comes from the project development and O&M segments.
Ebidta increased from €30.0 million in 2015 to €50.0 million last year, while Ebit grew year-on-year from €22.3 million to €34.2 million. The net result for last year, however, was €1.6 million, down compared to €3.9 million in 2015. This decrease was mainly attributable to a €4.7 million loss registered by Martifer Solar in the last five months of 2016. Voltalia acquired the company in August 2016.
Martifer, however, was also able to generate sales to the amount of €17.7 million in the period, and to obtain a contract for 5 MW of solar in Tanzania and a 50 MW O&M contract in Japan between the end of 2016 and the beginning of this year. The unit’s net loss, Voltalia added, was primarily attributable to the difficult situation of Martifer’s parent company in the period 2014-2016.
Voltalia’s operating expense increased 86% year-on-year from €14.8 million to €27.6 million. The company said that this rise was due to the completion of several wind projects in Brazil and to the fact that interest rates in the country have reached unexpected levels.
Voltalia also said it will invest a further €133.9 million in new wind and solar projects this year. In the fourth quarter of 2016, the company announced a capital increase of €170 million.
Voltalia claims it currently has 2.7 GW of renewable energy projects in development and that it aims to install 1 GW by 2019. So far, Voltalia has deployed around 500 MW of renewable energy generation capacity worldwide.
In January, the company announced the start of construction of its first PV plant in Brazil, a 4 MW power plant located in Oiapoque,in the State of Amapa.