Voltalia SA: Half-Year Results 2022

28 Sep 2022


Strong improvement in EBITDA and net result

Capacity target of 2.6 GW to be achieved one year ahead of schedule, in 2022

Strong increase in half-year results 2022

  • Revenues +42%
  • EBITDA +39% and normalised1 EBITDA +40%
  • Seasonal net loss divided by 5

Ambitions 2023 capacity achieved by 2022

  • Voltalia will reach its 2023 target of 2.6 gigawatts of capacity in operation and under construction by the end of 2022, one year ahead of schedule
  • Confirmation of normalised1 EBITDA target of €275-300 million in 2023

Dynamic development with a growing pipeline

  • Portfolio of projects under development: +27% since June 2021, to 13.6 gigawatts
  • Since January, 464 megawatts of new long-term electricity sales contracts have been won, supported in particular by the activity of Helexia, whose contract portfolio has increased by a factor of x8.2 over the past 36 months

"At a time when the energy crisis is hitting Europe and the climate crisis is having repercussions all over the world, Voltalia is providing solutions: accelerating energy autonomy by supplying electricity to distributors or directly to companies through the development of renewable power plants owned by Voltalia and its third-party customers; and improving the energy efficiency of companies by helping them to reduce their electricity consumption through the services provided by Helexia. The success of our solutions allows us to bring forward by one year our capacity target of 2.6 gigawatts, initially planned for the end of 2023, which will be reached by 2022. With our half-year results and a pipeline of future projects growing strongly, we have solid fundamentals to pursue our mission by acting daily to build a more sustainable world", commented Sébastien Clerc, Voltalia’s CEO.

Voltalia (Euronext Paris ISIN code: FR0011995588), an international player in renewable energies, announces today its consolidated half-year results for the period ending 30 June 2022.

The limited review of the half-yearly accounts has been finalised by the statutory auditors. The half-year accounts were reviewed by Voltalia's Audit Committee and approved by the Board of Directors at its meeting on September 27, 2022.

Voltalia will comment on its half-year results for 2022 during a live video webcast starting at 8:30am Paris time on Wednesday September 28, 2022. Full login details are available on our website: https://www.voltalia.com/investor-relations.


In € million H1 2022 H1 2021 Change
At current exchange rates
At constant exchange rates2
Revenues3 214.3 150.7 +42% +36%
Normalised EBITDA 51.0 36.3 +40% +40%
EBITDA 47.4 34.1 +39% +27%
Net result, Group share -4.6 -21.4 ÷4.6 ÷4.5

Strong improvement in revenues, EBITDA and net results

Revenues for the first half of 2022 amount to €214.3 million, up +42% compared to the first half of 2021.

Normalised EBITDA, calculated on the basis of an average annual EUR/BRL exchange rate of 6.3 and a wind, solar and hydraulic resource corresponding to the long-term average, stands at €51.0 million, up +40% compared to the first half of 2021.

Consolidated EBITDA is €47.4 million, up +39%.

The seasonal net loss (Group share) is -€4.6 million, 5 times lower than in the first half of 2021.

Since the IPO in 2014, revenues and EBITDA have grown by an average of +48% and +49% per year respectively.


Energy Sales: Full effect of newly commissioned plants

Financial key figures

In € million
Before eliminations of services provided internally
H1 2022 H1 2021 Change
At current exchange rates
At constant exchange rates2
Revenues4 96.1 89.7 +7% -2%
EBITDA 53.6 49.4 +8% +0%
EBITDA margin 56.0% 55.1% +1pt +1pt

Operational indicators

  H1 2022 H1 2021 Change
Production (in GWh) 1,309 1,623 -19%
Installed capacity and under construction (in MW) 2,3685 1,512 +57%
Wind load factor in Brazil 30% 42% -12pts
Wind load factor in France 22% 25% -3pts
Solar load factor in France 19% 17% +2pts
Solar load factor in Egypt and Jordan 26% 30% -4pts
  • Production and revenues

First-half 2022 revenues from Energy Sales amount to €96.1 million, up +7%, despite a decrease in production from 1.6 to 1.3 TWh. This decrease is mainly due to the sale in November 2021 of the VSM2 and VSM4 power plants in Brazil (which had started producing in the first half of 2021) and to a lower average level of resources (wind, sunshine and hydraulic flow) in the first half of 2022, whereas the resource in the first half of 2021 was at its long-term average.

These factors of decrease in volume are partially offset by factors of increase:

  • production benefits from the full effect of the plants that started contributing during 2021 (mainly VSM3 in Brazil and Laspeyres, Cabanon and Cacao in France) and the first effects of the plants commissioned in the first half of 2022 (mainly SSM1-2 in Brazil, Stavria in Greece and Carrière des Plaines in France); and
  • production has benefited from the very strong momentum of Helexia.

The increase in revenues (+7%) in a context of lower production (-19%) reflects a strong increase in the average selling price per MWh (+32%) and is explained by a combination of several factors:

  • the contractual indexation of sales prices on indices equal or close to the consumer price index (inflation) at 83% of the revenues contractually indexed on inflation in 2021;
  • the replacement of projects with low prices per MWh (VSM2 and VSM4, which benefit from some of the best wind levels in the world) with more tariffed projects, e.g. Helexia's solar roofs;
  • the strengthening of the Brazilian real: with an average EUR/BRL rate of 5.55 in the first half of 2022, compared to 6.49 in the first half of 2021, which contributes to almost a third of the increase in the average selling price per megawatt hour.
    • EBITDA

Energy Sales generate EBITDA of €53.6 million in the first half of 2022, up +8% (stable at constant exchange rates), representing an EBITDA margin of 56.0%, i.e. +1 point compared to the first half of 2021.

Detail by country:

  • in Brazil, 51% of Energy Sales, EBITDA was negatively impacted by lower production due to the divestment in November 2021 of the VSM2 and VSM4 plants (which had started production in H1 2021) and wind conditions that were less favourable than a year earlier and well below the long-term resource average. This loss of volume was almost entirely offset by a favourable exchange rate effect (strengthening of the Brazilian currency) and by contractual clauses indexing sales prices to inflation;
  • in France, 26% of Energy Sales, EBITDA benefits from the production of the solar and biomass plants commissioned in 2021 (Laspeyres, Cabanon, Cacao and Helexia portfolio) despite a slight decrease in production due to lower wind;
  • in the other countries (UK, Belgium, Portugal, Spain, Italy, Greece, Egypt and Jordan), 23% of Energy Sales, EBITDA is significantly higher, benefiting from the commissioning of the new Stavria solar plant in Greece in March, and the strong production of Helexia in Spain, Belgium and Portugal.

Services: strong revenue and EBITDA growth

Financial key figures

In € million
Before eliminations of services provided internally
H1 2022 H1 2021 Change
At current exchange rates
At constant exchange rates
Revenues 166.9 95.9 +74% +71%
Of which internal revenues 48.6 36.9 +32% +28%
Of which external revenues 118.3 59.0 x2.0 x2.0
EBITDA 7.2 -5.1 N/A N/A

In the first-half of 2022 revenues from Services (internal and external) amount to €166.9 million, up +74% (+71% at constant exchange rates), benefiting in particular from the strong growth in revenues from the Development, Construction and Equipment Procurement segments. EBITDA moves into positive territory despite the weight of development costs linked to the prospecting of new projects, which remains significant in order to contribute to the Group's future growth: the pipeline thus increased from 10.7 GW at the end of June 2021 to 13.6 GW at the end of June 2022, an increase of +27%.

  • Development, Construction and Equipment Procurement

Revenues from the Development, Construction and Equipment Procurement segments amount to €152.0 million in the first half of 2022, up +90% (+88% at constant exchange rates) compared to the first half of 2021. EBITDA from this segment increases by €12.0 million in first half of 2022 to €6.8 million. Over the period, Development benefits from the sale of projects to third party customers, including disposals that were shifted from 2021 to 2022 representing an EBITDA of approximately €10 million. In addition, Construction and Equipment Procurement benefit from the strong commercial momentum with third party customers. Voltalia has managed to control its costs, in a general context of inflation in material costs, thanks to the strength of its integrated model, which enables it to pool its equipment purchases and to finely control its expenses.

  • Operations & Maintenance

Revenues of the Operations & Maintenance segment reach €15 million, up +17% (+12% at constant exchange rates), benefiting from contracts in Europe and Latin America. The segment posts an EBITDA of €0.4 million (x4), confirming the positive profitability achieved in 2021.


In € million H1 2022 H1 2021 Change
At current exchange rates
At constant exchange rates
EBITDA before eliminations and corporate 60.7 44.3 +37% +27%
Eliminations and corporate -13.3 -10.1 +31% +27%
EBITDA 47.4 34.1 +39% +27%
Depreciation, amortisation, and provisions -31.8 -34.3 -7% -13%
Operating revenue (EBIT) 15.6 -0.2 N/A N/A
Financial result -13.9 -18.1 -23% -34%
Taxes and net income of equity affiliates -8.4 -4.1 x2.1 x1.9
Minority interests 2.1 0.9 x2.4 x2.1
Net result (Group share) -4.6 -21.4 ÷4.6 ÷4.5

EBITDA before eliminations and corporate items increases by +37% to €60.7 million. Eliminations are up, reflecting the growth in internal activity. Corporate items are also up, but at a much lower rate than overall activity. Consolidated EBITDA is €47.4 million, up +39% compared to 2021. Consolidated EBITDA amount to €47.4 million, up +39% compared to 2021.

Depreciation, amortisation and provisions amount to €31.8 million, down -7%. Depreciation is up, due to the plants commissioned in the first half of 2022 and the full-year effect of the plants commissioned in 2021, while provisions are down after significant allocations in the first half of 2021.

At €13.9 million, net financial expenses are down -23%. Interest earned on deposits in Brazil (notably the reserve accounts required for project financing), which rose sharply with the increase in short-term rates, more than offset the financial charges related to long-term project financing, the outstanding amounts of which are rising in line with investments on Voltalia's three continents.

After taking into account minority interests and taxes, the seasonal net loss (Group share) is divided by almost 5.


Voltalia's balance sheet at 30 June 2022 is €2.6 billion, up 23% at current exchange rates and 19% at constant exchange rates, with the difference coming from the appreciation of the Brazilian real with a EUR/BRL rate of 6.32 at the end of December 2021 compared to 5.44 at the end of June 2022.

In € million 30/06/2022 31/12/2021
Goodwill 80 78
Tangible and intangible fixed assets 1,846 1,510
Cash and cash equivalents 331 291
Other assets 334 234
Total assets 2,591 2,113
Equity, Group share 757 672
Minorities 108 62
Financial debt 1,398 1,050
Provisions 12 14
Other current and non-current liabilities 316 315
Total liabilities 2,591 2,113

The increase in the Group's assets is mainly due to the increase in the portfolio of power plants in operation and under construction, with fixed assets up by +22% to €1,846 million.

The Group's cash position at the end of June 2022 is €331 million, up +14%.

This level should be compared to total financial debt of €1,398 million at the end of June 2022, up +33%, reflecting a gearing6 that remains low, at 55%.

Over the period, operational activity (excluding investments) generated cash flow of €19 million.


The portfolio of projects under development, to be retained or sold with construction and maintenance services, is growing strongly to 13.6 GW at 30 June 2022, i.e. +27% compared to 30 June 2021.

With the strategy of geographical diversification promoted by the Group, this portfolio is currently distributed as follows: 47% in Latin America, 38% in Europe and 15% in Africa. In terms of technology, solar energy is in the majority, at 66%, followed by wind energy at 30% and other technologies at 4%.


Construction of a 140 MW solar project in Albania7

Voltalia is launching the construction of the Karavasta solar power plant, which was awarded a 30-year concession in 2020. Under the terms of the tender, Karavasta will sell 50% of the electricity through a 15-year sales contract to the Albanian public operator, while the remainder of the production will be sold through long-term contracts to private operators. The plant is expected to be commissioned in the second half of 2023.

Construction of two UK solar projects of 90 MW in total8

After winning the recent CfD AR4 auction in the UK for two solar projects, Clifton Solar and Higher Stockbridge Solar, of 45 MW each, Voltalia has launched their construction, with respective commissioning scheduled for the last quarter of 2023 and the first quarter of 2024.

Construction of 50.6 MW solar projects in Portugal9

Voltalia has launched the construction of five projects for a total of 50.6 MW, launching Garrido, its new Portuguese complex of small solar power plants. The electricity will be sold through very long-term sales contracts signed with companies that will consume the electricity (corporate PPA).

Construction of a 23.6 MW wind farm in France10

The Sud Vannier wind farm is located in the Haute-Marne region, approximately 25 kilometres south-east of the town of Langres and 65 kilometres north-east of the town of Dijon. It has a 20-year sales contract with a guaranteed tariff. Commissioning is planned for the first half of 2023.

Signature of a CPPA with Leroy Merlin for the construction of a 30 MW plant11

Leroy Merlin and Voltalia have signed a CPPA for the production of an additional solar power plant specifically built for Leroy Merlin. This agreement will enable Leroy Merlin to supply approximately 15% of its electricity consumption with renewable energy. Commissioning is scheduled for 2025.

New 2.9 MW hydroelectric project in French Guyana12

The French Energy Regulatory Commission (CRE) has authorised Voltalia to sign a contract with EDF SEI for the sale of the electricity that will be generated by a run-of-river hydroelectric power plant located on the Inini River at Saut-Sonnelle in the commune of Maripa-Soula, French Guiana. The contract covers a period of at least 30 years from the commissioning of the plant, scheduled for 2026.

Helexia helps European companies weather the energy crisis, with a contracted solar portfolio that has grown from 52 to 427 MW in 36 months13

In a context of energy scarcity and cost inflation, the offer proposed by Helexia responds perfectly to the major challenges facing companies today: reduction of the carbon footprint, reduction of energy bills and access to energy autonomy. To achieve this, Helexia offers companies a complete range of services combining energy efficiency and solar energy production on the client's sites, both on the roof and on their car parks, in order to transform their constraints into opportunities.

Launch of an additional issue of green convertible bonds maturing in 2025 for €50 million14

Voltalia SA has launched an additional issue of green convertible bonds (OCEANEs Vertes) maturing in 2025 for a nominal amount of approximately €50 million fully assimilated to the OCEANEs Vertes maturing in 2025 issued in January 2021.

Voltalia has successfully completed its second employee share plan15

For this second edition, seven countries, i.e. 88% of employees, were eligible: France, Portugal, Brazil, Greece, Italy, Spain and the United Kingdom. In total, 72% of eligible employees decided to participate, compared to 69.5% in the first plan.


Voltalia is bringing forward by one year its target of 2.6 GW of installed capacity and under construction, initially planned for 2023

Voltalia announced today that its target of 2.6 GW of installed capacity in operation and under construction, which it had planned to achieve by the end of 2023, will be reached by the end of 2022, one year ahead of schedule. To date, Voltalia has 2.4 GW of installed capacity in operation and under construction, with a further 200 MW to be launched by the end of the year.

Voltalia confirms its EBITDA target for 2023

Voltalia reiterates its normalised EBITDA16 target of €275-300 million for 2023.


Voltalia will present new post-2023 ambitions at a meeting following the third quarter revenues announcement, of which the exact details will be communicated at a later date.

Forward-Looking Statements
This press release contains certain forward-looking statements, which shall not be considered per se as historical facts, including projections and estimates and assumptions on which these projections and estimates are based, statements regarding projects, objectives, intentions and anticipated results as well as events, operations, future services or product development and potential or future performance. In some cases, you can identify forward-looking statements by words such as “expects,” “anticipates,” “believes,” “intends,” “estimates,” “plans,” or similar words. Although the management of Voltalia believes that these forward-looking statements are reasonably made, they are based largely on the current expectations of Voltalia as of the date of this press release and are subject to a number of known and unknown risks, uncertainties and other factors, a large number of which are difficult to predict and generally outside the control of Voltalia, that may cause actual results, performance or achievements to be materially different from any future results, performance or achievement expressed or implied by these forward-looking statements. In particular, the expectations of Voltalia could be affected by, among other things, uncertainties involved in Voltalia’s produced electricity selling price, the evolution of the regulatory context in which Voltalia operates and the competitiveness of renewable energies or any other risk and uncertainties that may affect Voltalia’s production sites’ capacity or profitability of as well as those developed or identified in any public documents filed by Voltalia with the French financial market authority (the Autorité des marchés financiers – the “AMF”), included those listed in section 2.2 “Risk factors” of the 2021 Universal Registration Document filed with the AMF on May 2, 2022 under number D.22-0410. In light of these risks and uncertainties, there can be no assurance that the forward-looking statements made in this press release will in fact be realized. These forward looking statements are given only as of the date of this press release and Voltalia expressly declines any obligation or commitment to publish updates or corrections of the forward looking statements included in this press release in order to reflect any change affecting the forecasts or events, conditions or circumstances on which these forward-looking statements are based.

Installed capacity as of June 30, 2022

In MW Wind Solar Biomass Hydro Hybrid17 June 30, 2022 June 30, 2021
Belgium   15.0       15.0 13.1
Brazil 732.3 76.7     12.0 821.0 936.3
Egypt   32.0       32.0 32.0
France 64.2 105.9   4.5   174.6 153.7
French Guiana   17.118 6.8 5.4   29.3 29.7
Greece   16.7       16.7 4.7
Italy   13.7       13.7 10.8
Jordan   57.0       57.0 57.0
Portugal   19.7       19.7 14.9
Spain   7.8       7.8 5.1
United Kingdom   39.319       39.3 7.3
Total 796.5 400.9 6.8 9.9 12.0 1,226.1 1,264.7

Capacity under construction as of June 30, 2022

Name of the project Capacity Techno. Country
Canudos 1 99.4 Wind Brazil
Cafesoca 7.5 Hydro Brazil
SSM 1 & 2 247.3 Solar Brazil
SSM 3 – 6 260.0 Solar Brazil
Helexia 87.0 Solar Brazil
Helexia 2.1 Solar France
Helexia 1.9 Solar Italy
Helexia 0.7 Solar Portugal
Helexia 0.1 Solar Spain
Sable Blanc 5.0 Solar France
Montclar 3.7 Solar France
South Farm Solar 49.9 Solar United Kingdom
Karavasta 140.0 Solar Albania
Miscellaneous 12.0 Solar Portugal
Total (in MW) 916.7    

Power production as of June 30, 2022

In GWh Wind Solar Biomass Hydro Hybrid20 H1 2022 H1 2021
Brazil 965.6 14.4     20.9 1,000.9 1,324.5
Egypt   39.0       39.0 39.9
Jordan   65.6       65.6 68.1
France 62.9 69.1   2.4   134.4 133.9
French Guiana   2.1 17.9 1.6   21.6 25.3
Greece   9.0       9.0 3.5
United Kingdom   4.7       4.7 4.2
Portugal   13.1       13.1 8.2
Italy   7.7       7.7 6.3
Belgium   7.4       7.4 5.9
Spain   5.2       5.2 2.8
Total 1,028.5 237.2 17.9 4.0 20.9 1,308.5 1,622.5

Consolidated income statement (unaudited)

In € thousand At 30 June 2022 At 30 June 2021
Revenues 214,251 150,651
Turnover 198,117 149,517
Purchases and sub-contracting (83,888) (51,134)
Other operating expenses (57,768) (44,838)
Payroll expenses (25,257) (23,300)
Other operating income and expenses 16,229 3,898
EBITDA 47,433 34,143
Depreciation, amortisation, provisions and write-offs (31,797) (33,033)
Current operating profit 15,636 1,110
Other non-current income and expenses (42) (1 297)
Operating revenue (EBIT) 15,594 (187)
Net cost of financial debt (28,646) (20,865)
Other financial income and expenses 14,746 2,806
Income tax and similar taxes (8,258) (4,051)
Share of results of companies accounted for using the equity method (188) (7)
Net profit (6,752) (22,304)
Non-controlling interests (2,124) (880)
Group Share (4,628) (21,424)

Consolidated balance sheet (unaudited)

In € thousand At 30 June 2022 At 31 December 2021
Goodwill 78,123 77,767
Right of use 44,219 43,332
Intangible assets in progress 257,480 210,691
Property, plant and equipment 1,546,436 1,255,870
Equity affiliates 2,469 2,765
Financial assets 16,074 16,646
Deferred tax assets 1,705 1,521
Other non-current assets - -
Non-current assets 1,946,506 1,608,592
Inventories, work in progress and advances to suppliers 87,604 63,038
Due from customers 38,962 22,799
Trade receivables 84,797 72,156
Financial assets 42,745 10,793
Other current assets 59,624 44,178
Cash and net cash equivalents 331,047 291,404
Current assets 644,779 504,368
Total Assets 2,591,285 2,112,960
Equity, Group share 756,929 671,796
Non-controlling interests 107,842 62,404
Equity 864,771 734,200
Non-current provisions 7,727 8,521
Provisions for post-employment benefits 1,005 1,490
Deferred tax liabilities 19,400 16,648
Long-term borrowings 992,399 882,632
Financial liabilities 16,430 14,770
Other non-current liabilities 33 39
Non-current liabilities 1,036,994 924,100
Current provision 4,772 5,223
Short-term borrowings 405,281 167,400
Due to customers 6,717 5,792
Trade payables and other payables 220,912 231,731
Financial liabilities 7,540 15,391
Other current liabilities 44,298 29,123
Current liabilities 689,520 454,660
Total Liabilities 2,591,285 2,112,960

Next on the agenda: Third quarter revenues, on October 19, 2022 (after market close) 

About Voltalia (www.voltalia.com)
Voltalia is an international player in the renewable energy sector. The Group produces and sells electricity generated from wind, solar, hydraulic, biomass and storage facilities that it owns and operates. Voltalia has generating capacity in operation and under construction of 2.4 GW and a portfolio of projects under development representing total capacity of 13.6 GW.  

Voltalia is also a service provider and supports its investor clients in renewable energy projects during all phases, from design to operation and maintenance.

As a pioneer in the corporate market, Voltalia provides a global offer to private companies, ranging from the supply of green electricity and energy efficiency services to the local production of their own electricity.

With more than 1,450 employees in 20 countries on 4 continents, Voltalia has the capacity to act globally for its customers

Voltalia is listed on the regulated market of Euronext Paris, compartment B (FR0011995588 – VLTSA) and is part of the Enternext Tech 40 and CAC Mid & Small indices. The Group is also included in the Gaïa-Index, an index for socially responsible midcaps.
Investor Relations: invest@voltalia.com
T. +33 (0)1 81 70 37 00
Press Contact: Jennifer Jullia
jjullia@actifin.fr . T. +33 (0)1 56 88 11 11


1 “Normalised” means calculated with an average annual EUR/BRL exchange rate of 6.3 and a long-term average wind, solar and hydraulic resource
2 Calculated on the basis of an average EUR/BRL exchange rate of 5.55 in H1 2022 compared to 6.49 in H1 2021
3 Revenues are net: it includes income related to capital gains generated on the sale of assets and not the total value including the value of the asset sold
4 Since the first quarter of 2022, the financial reporting on Helexia is split between Energy Sales and Services, in line with the rest of the company. Until the announcement of the 2021 results, Helexia was fully included in Energy Sales. The figures presented for the first half of 2021 in this release have been updated accordingly
5 Installed capacity and under construction at the date of publication on 28 September
6 Net financial debt / (equity including minorities + net financial debt)
7 Announced in press release dated July 1, 2022
8 Announced in press release dated September 8, 2022
9 Announced in press releases dated September 22, 2022
10 Announced in press release dated July 27, 2022
11 Announced in press release dated September 26, 2022
12 Announced in press release dated August 31, 2022
13 Announced in press release dated August 23, 2022
14 Announced in press release dated July 26, 2022
15 Announced in press release dated July 11, 2022
16 “Normalised” means calculated with an average annual EUR/BRL exchange rate of 6.3 and a long-term average wind, solar and hydraulic resource
17 4 MW of solar and 12 MW thermal
18 Including the Toco storage complex
19 Including the Hallen storage complex
20 Including solar production from Oiapoque



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