GreenYellow confirms its strong growth dynamic in the first half of 2021 and expands into Eastern Europe
A major player in the energy transition in France and internationally, GreenYellow continues the development its unique and global decentralized platform.
The first half of 2021 confirms the Group's strong growth dynamic with an EBITDA of 36.5 million euros as of June 30, 2021, a 40% increase compared to the first half of 2020, and an advanced pipeline up 85% for solar photovoltaic (809 MWp on June 30, 2021) and 78% for energy efficiency (350 GWh as of June 30, 2021) compared to the first half of 2020.
GreenYellow strengthens its existing positions and continues its international expansion by launching its first projects in Eastern Europe through a strategic partnership with Solarpro.
GreenYellow continues its shift towards an “infrastructure” model of long-term asset ownership and operation. To accelerate the development of its model, combining decentralized energy production, energy efficiency and energy services, GreenYellow plans to invest approximately €1.9 billion cumulatively (excluding investments from joint ventures) over the period 2021-2025.
Strong earnings growth and outlook
With its unique, global, and synergetic decentralized platform, GreenYellow has continued its strong growth dynamic in the first half of 2021.
The Group recorded EBITDA of 36,5 million euros on June 30, 2021, up 40%1 compared to the first half of 2020.
Green Yellow’s results reflect the acceleration of its transition to an infrastructure model of long-term asset ownership and operation. This transition is also illustrated by the signature of two photovoltaic assets portfolio financing deals in Thailand and Burkina Faso - in partnership with major financial institutions such as FMO - demonstrating the Group's ability to finance its growth ambitions.
With a strong model in a promising market context for the energy transition, the Group has an advanced pipeline of 809 MWp for solar photovoltaic projects, up 85% compared to June 30, 2020, with an additional pipeline of opportunities of 3.5 GWp. GreenYellow also has an advanced pipeline of 350 GWh in energy efficiency projects, achieving a 78% growth compared to June 30, 2020, and an additional pipeline of nearly 900 GWh.
"This first half of 2021 confirms the strength of our model. Our unique decentralized platform, constantly enhanced by innovation, enables us to seize all the opportunities of the rapidly expanding energy transition market. With a solid asset base, we are continuing our international development by establishing ourselves in Eastern Europe. Our ambition is clear: to become one of the leaders in the energy transition," said Otmane Hajji, President of GreenYellow.
During the first half of the year, GreenYellow strengthened its positions in France, Latin America, Africa and Southeast Asia.
This strengthening is illustrated particularly by:
- In France, the commissioning of 4.7 MWp solar installations on 3 carparks of the Magny-Cours F1 circuit, spanning 28,000 m²;
- The launch of a new "Cold as a service" energy efficiency offer with franprix, which enables the retailer to reduce by 30% the energy costs related to its shops' refrigeration facilities;
- In Colombia, an HACC programme for an international hotel chain, the first project of its kind in a new building under construction in the country;
- In Africa, the signature of a PPA contract to build the largest self-consumption solar power plant in Senegal (1.56 MWp) for a major player in the food industry;
- In Madagascar, in partnership with Axian, the extension of the Ambatolampy plant - the largest solar power plant in the country - to double its capacity (from 20 to 40 MWp) while adding 5 MWh of battery storage;
- In Southeast Asia, the launch of two projects, including GreenYellow's largest solar photovoltaic plant in Thailand for Panel Plus Co (a particle board manufacturer), with a total capacity of 6.7 MWp.
Continued international expansion with a first project in Eastern Europe
GreenYellow takes another step in its international expansion by entering Eastern Europe. Through a strategic partnership with Solarpro - the leading operator in the Eastern European photovoltaic sector - GreenYellow launches its first 4 MWp solar project in Bulgaria, which will become the largest self- consumption solar power plant in the country. GreenYellow aims to expand its position in the region, particularly in Poland, Hungary, and Bulgaria. Within the framework of this partnership with Solarpro, GreenYellow aims to develop 100 MWp of installed capacity by 2025.
To accelerate the development of its model combining decentralized energy production, energy efficiency and energy services, GreenYellow plans to invest, over the period 2021-2025, c. €1.9 billion cumulatively (excluding investments in its joint ventures).
These investments will fuel the strong growth of its EBITDA, which is expected to be between €80 and €85 million in 2021.
GreenYellow's ambition is to reach an EBITDA of around €250 million by 2025.