Board of Directors approves Interim Financial Report as of 30 September 2021 

The growth and diversification of the pipeline of projects under development continues, with 7.2 GW reached (+157% compared to 31 December 2020), accompanied by an increase in installed capacity (+13% compared to 2020) 

Increase in investments (+107% compared to 2020) and expenditure for the development of new projects (+68% compared to 2020)  

The economic impact caused by the lack of wind increased during the third quarter 



Revenues of € 348.2 million, compared to € 275.8 million during the first nine months of 2020;

Ebitda[1] of € 128.6 million, compared to € 137.4 million during the first nine months of 2020; 

Profit before tax of € 30.5 million, compared to € 42.5 million during the first nine months of 2020;

Net financial debt, including the fair value of the derivatives (which also includes the fair value of hedges), amounted to € 943.9 million, compared to € 705.5 million as of 31 December 2020, up mainly due to the effect of the fair value of hedging derivatives on energy price risk;

Capex of € 147.5 million, compared to € 71.3 million during the first nine months of 2020;

Cash costs increased from € 12.0 million during the nine months of 2020 to € 20.1 million during the nine months of 2021;

Installed capacity to date increased by 13% (+153 MW compared to 31 December 2020);

Improved guidance on Ebitda: range raised to € 196-205 million.



  • Project pipeline reached approximately 7.2 GW[2] (+157% compared to December 2020); entered Finnish market[3] and started floating offshore activities in Italy;
  • Total production reached 1,963 GWh (-0.7% compared to the first nine months of 2020), partially offset by the increase in installed capacity in Sweden, Spain, and the US;
  • Low wind levels in the United Kingdom, Sweden, Norway and France during the first nine months of 2021, especially compared to the exceptional wind levels recorded in 2020 (internal production index: -13.9% in 2021 compared to +1.4% in 2020);
  • Commercial operation of the Westmoreland solar project (29.6 MW) in the US;
  • Floating offshore wind: launch of a programme to develop new offshore wind projects in partnership with BlueFloat Energy (up to 2.5 GW in Italy);
  • First crowdfunding campaign launched in Italy with the aim of involving local communities in the financing, construction, and development of the agrivoltaic plant (10 MW) in Scicli, in the province of Ragusa;
  • Energy management: 1,278 GWh dispatched in Italy and the United Kingdom during the first nine months of 2021 (+ 38% compared to the first 9 months of 2020); of this, 759 GWh dispatched by Falck Renewables and 519 GWh by third parties;
  • Positive trend in the service businesses: Vector Renewables: Ebitda € +0.5 million and downstream services € +1.9 million (compared to the first nine months of 2020); completed acquisition of SAET SpA and started integration process into Falck Renewables Next Solutions.


Milan, 10 November 2021 – The Board of Directors of Falck Renewables S.p.A. met today to examine and approve the Interim Financial Report as of 30 September 2021. 

As Chief Executive Officer, Toni Volpe, highlights: “2021 undoubtedly marks a major turning point in our business strategy, with our pipeline undergoing significant growth and increased technological and geographical diversification. We have greatly exceeded our annual target, more than doubling the pipeline in comparison with December 2020, and increasing our growth target for 2025 to 20 GW. In terms of production, during the first nine months of the year we have been experiencing extraordinarily low winds in the United Kingdom, Sweden, Norway and France. We responded to this industry-wide trend by increasing and diversifying our installed capacity in Sweden, Spain and the United States. We also entered a new market, with the signing of the purchase of two ready-to-build wind projects in Finland. Compared to the end of 2020 our installed capacity has increased significantly, from 1,196 MW to 1,349 MW.”


[1] Ebitda = Ebitda is defined by the Group as the profit for the period before investment income and costs, net finance income/costs, amortisation and depreciation, impairment losses, charges to risk provisions and tax. 

[2] Pipeline: MW under Novis (joint venture with ENI) and offshore partnership (with BlueFloat) included at 100%, not pro rata. 

[3] Agreement signed on 3 November for the purchase of two ready-to-build wind farms in Finland, with a total capacity of 55 MW.

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