- The company has recorded revenues of €15.7 million and is thus making progress in meeting its objectives for 2022, which foresees €40 million in revenue.
- Enerside already has a portfolio of 5.5 GW of its own projects to be developed.
- The situation in the renewable energy sector, marked by the increase in electricity prices and the value of projects under development, is having a positive impact on the company’s evolution.
Barcelona, October 31st, 2022. Enerside Energy, a Spanish company vertically integrated in the photovoltaic solar industry, complies with its business plan and multiplies its revenues by 9 during the first semester to € 15.7 M, confirming the expectations of turnover until June.
The strong activity of the company’s three business lines has begun to be reflected in the half-yearly income statement. The strong increase in turnover has been achieved without the sale of any development, as foreseen in the IPO business plan.
During the first half of the year, Enerside has benefited from the situation in the renewable energy sector, which has been marked by a clear improvement, largely due to the fact that the electricity price curve has skyrocketed not only in the short term, but also in long-term purchase agreements (PPAs) and market prices of projects under development, as a result of the situation in Ukraine.
Strong growth on a strengthened capital structure
In this context, the founder and CEO of the company, Joatham Grange, has stated that “Enerside has had a first semester of high growth in all lines of business”. “This has resulted in an increase in market share in existing geographies, with a leading position in Brazil; brand recognition and customer loyalty; the opening of new high-growth geographies such as Italy, its IPO in BME Growth with a valuation of €204M; and the revaluation of the portfolio of their own projects, thanks to the increase in energy prices not only at a European level but also worldwide”, he explained.
During the first six months of the year, Enerside has met its target of developing an additional 1 GW of new projects per year. Thus, its project portfolio stands at 5.5 GW, which means having 3 GW more compared to the first half of 2021.
Regarding the construction for third parties, Enerside has completed the construction of 34 MW, connecting four wind farms in Brazil and Chile and has been awarded new EPC/BOS contracts (contracts to carry out all stages of implementation of a park, from design, through construction and the connection to operate) which means increasing its order book to 232 MW and a turnover of up to 232 MW 76 €M between 2022 and 2023. This activity forecast will allow achieving the objectives of this line of activity during 2023.
Regarding the activity of developing its own projects as independent power producers (IPP), Enerside has declared 4 new projects under construction in Chile, bringing the company to 6 parks under construction with a total of 19 MW of peak power. It is also progressing satisfactorily with the rest of the projects with the aim of reaching 330 MW of PPI by 2023.
Between January and June 2022, Enerside increased the number of employees by 433, which means a fourfold increase between December 31st, 2021 and June 30th, 2022, due to the fact that the workforce has been sized to be able to successfully execute the objective of reaching 1 GW of PPI in 2025.
While strengthening its capital structure, thanks to the €34 million raised during its IPO, Enerside has reduced its indebtedness and has a net cash position and long-term financial debt of €2 million.
Expectation of reaching €40 million in revenue by the end of the year
The company reaffirms its expectations of reaching €40 million in revenue. To this end, in addition to the good evolution of the activity in its three business lines, Enerside estimates that in the coming months the parks it is building for third parties (34 connected and 92 in execution) will begin to operate, as well as the first own parks as independent energy producers (IPP), which will generate a strong increase in recurring cash from this activity.
Likewise, Enerside, in line with its asset rotation strategy, is moving forward with asset sale processes to successfully reach the target of 400 MW for this year. It should be noted that valuations of well-managed PV projects in high-growth markets have experienced substantial growth in recent months, especially in Europe, significantly improving the price expectations included in the company’s business plan.
ANNEX. INCOME STATEMENT FIRST SEMESTER 2022
Enerside is a company in the photovoltaic solar energy sector, vertically integrated, and stands out for its marked industrial profile and geographical diversification in the markets with the greatest potential for solar energy (Spain, Italy, Brazil and Chile).
The company is currently immersed in promoting the development of 5.5 GW in differentiated, highly qualified projects with an advanced degree of maturity that give it an excellent position to capture the growth of demand and a great capacity to generate value, through the sale of projects in RTB (Ready To Build) phase and with the direct exploitation of part of the pipeline as an independent energy producer (IPP).