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Introduction & Market Context
Voltalia SA (ENXTPA:VLTSA) presented its full-year 2024 results on January 30, 2025, highlighting the achievement of its operational targets and solid financial growth despite curtailment challenges. The renewable energy producer reported a 10% increase in annual turnover to €547 million, driven primarily by its energy sales segment which grew 20% year-over-year.
As an independent renewable power producer, Voltalia owns and operates solar, wind, biomass, hydro, and storage power plants across Europe, Africa, and Latin America. The company also provides services including project development, engineering, procurement, construction, and maintenance.
Operational Highlights
Voltalia successfully reached its 2024 capacity objectives, achieving 3.3 GW in operation or under construction against its target of approximately 3.3 GW. The company also met its goal of having 2.5 GW in operation by the end of the year, representing a 6% increase from 2,370 MW in 2023.
As shown in the following chart of key performance indicators, the company demonstrated growth across multiple metrics:
The company secured 637 MW in new contracts during 2024, a 42% increase from the previous year. These new awards were distributed across different contract types, with Power Purchase Agreements (PPAs) accounting for the largest portion at 425 MW, followed by Corporate PPAs (109 MW) and Helexia projects (103 MW). Geographically, Africa represented 62% of these new contracts, while Europe accounted for 31% and Latin America 7%.
The regional breakdown and contract types for these new awards are illustrated in this slide:
As of December 2024, Voltalia had 742 MW under construction across multiple countries, including significant projects in the UK (124 MW), South Africa (148 MW), Uzbekistan (126 MW), and Albania (100 MW).
Strategic Initiatives
A major leadership change was announced with Robert Klein taking over as CEO effective January 1, 2025, succeeding Sébastien Clerc who led the company for 13 years. Klein, who founded Voltalia’s Brazil operations, brings extensive experience in Latin America and North Africa, as well as background in the oil and gas sector.
Following this leadership transition, the company has launched a transformation plan that will proceed in two phases: a diagnostic phase followed by implementation. Conclusions from this strategic review are expected by the end of the first half of 2025.
Voltalia also unveiled a new business venture in electric vehicle charging infrastructure under the brand name Yusco. This initiative involves partnerships with major retailers including Auchan, DECATHLON, and Leroy Merlin, with plans to deploy charging stations across 350 parking lots and reach 5,000 charging points by 2028.
The details of this new EV charging initiative are presented in the following slide:
The company continues to expand its energy production portfolio with several notable projects. These include a Corporate PPA signed with CERN for 26.8 MW of solar energy over 15 years, a repowering project in Egypt with TAQA Arabia for up to 3.2 GW (1.1 GW wind and 2.1 GW solar), and a second PPA in Tunisia for 130 MW that will provide clean energy for 700,000 residents.
These major energy production projects are highlighted in this slide:
Financial Performance
Voltalia’s business model combines energy sales (66% of 2024 turnover) with services (34%), operating across three core regions with Europe representing 59% of turnover, Latin America 36%, and Africa 5%.
The company’s business model and turnover breakdown are illustrated in this comprehensive overview:
The 2024 financial results showed solid growth, with total turnover increasing by 10% to €547 million. Energy sales were particularly strong, growing by 20% to €359 million, while the services segment saw a slight decline of 4% to €187 million.
Fourth quarter performance was also positive, with Q4 turnover reaching €93 million, up 12% compared to the same period in 2023. The company’s energy production increased by 9% for the full year to 4,706 MWh, despite facing curtailment issues.
The breakdown of 2024 turnover by region shows the following distribution:
Voltalia confirmed its 2024 EBITDA target of approximately €215 million, despite the impact of curtailment which cost the company around €40 million. During 2024, approximately 876 MWh of energy production was curtailed due to transmission line constraints.
The company’s long-term growth trajectory remains strong, with capacity in operation increasing 3.6 times from 2019 to 2024, while energy sales grew 2.8 times over the same period:
Forward-Looking Statements
With its 2024 operational objectives achieved, Voltalia is now focusing on its transformation plan under the leadership of new CEO Robert Klein. The company completed a redemption of green convertible bonds that were initially issued for €200 million in 2021 and later increased to €250 million in 2022.
While specific financial targets for 2025 were not disclosed in the presentation, the company’s consistent growth in capacity and energy sales over the past five years positions it well for continued expansion. The conclusions from the transformation plan, expected by mid-2025, will likely provide more clarity on the company’s future strategic direction and financial goals.
The company’s diverse portfolio of renewable energy assets, expanding geographical footprint, and new ventures such as the EV charging business suggest multiple avenues for growth in the coming years, as Voltalia continues to strengthen its position in the renewable energy market.
Full presentation:
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