The Board of Directors approves

 the interim financial statements as of 31 March 2022


Growing results and improved production volumes (+24%)

Installed capacity increased

Net financial debt reduced 





  • Adjusted revenues at €264.7 million, compared to €128.7 million of the first quarter 2021; 
  • Adjusted Ebitda[1]  at €103.0 million, compared to €62.8 million of the first quarter 2021; 
  • Adjusted profit/loss before tax at €68.1 million, compared to €32.6 million of the first quarter 2021;
  • Adjusted net financial debt, including the negative fair value of derivatives, which also includes the effect of energy price hedges, of €808.7 million compared to €1,013.6 million at 31 December 2021;
  • Investments for €14.3 million compared to €13.7 million in the first quarter of 2021.



  • Installed capacity increased by 16% compared to 31 March 2021 (+189.7 MW), reaching 1,385.2 MW in total;

  • Two solar plants, with a total capacity of 15 MW, came into operation in New York State;
  • Reached approximately 13.5 GW of pipeline[2] (+286% compared to March 2021), including projects jointly developed with partners; 
  •  Floating offshore wind in Scotland: option agreements signed for the three successful proposals in the ScotWind leasing round;
  •  Total production of 1,022 GWh (+24% compared to Q1 2021) due to an increase in installed capacity in Sweden, Spain and the US. Good wind conditions in the United Kingdom and in Italy. Total production was partially reduced by lower wind production in France and Spain (internal production reference index: +3,0% in Q1 2022 compared to -5.3% in Q1 2021);
  • Energy management: 601 GWh dispatched in Italy and the UK in the first quarter of 2022 (+17% compared to the same period of 2021); of these, 380 GWh dispatched by Falck Renewables and 221 GWh by third parties;
  • Services business of Group’s companies further growing compared to the first quarter of 2021. Energy Team: closing of two major commercial contracts and increase in services offered for digital connection to TSO; SAET S.p.A.: consolidation of the leading position in Italy in the design and construction of high voltage electrical and storage systems, with the connection of approximately 200 MW in Sicily and Lazio. Vector Renewables: reached 4.8 GW of assets under management.

Milan, 12 March 2022 – The Board of Directors of Falck Renewables S.p.A. met today and approved the interim financial report as of 31 March 2022.

Chief Executive Officer Toni Volpe said: The first three months of 2022 were significant for the growth of the pipeline which has tripled in size compared to the first quarter of 2021. We added about 190 MW of new installed capacity compared to the same quarter of last year, confirming our growth strategy in Europe and the US. In our role as enablers of the energy transition, we continue with conviction on our growth path, towards increasingly challenging objectives”. 

 [1] The Group defines Ebitda as: net profit, plus direct taxes, IRAP and any extraordinary losses and any write-downs, plus
consolidated net financial expenses, provisions for risks, provisions for TFR (Staff leaving indemnity), provisions for bad debts, other provisions, depreciation and amortisation of property, plant and equipment and intangible assets, less any extraordinary income and any revaluation.

 [2] The MW included in the Novis joint venture and in the offshore partnership with BlueFloat Energy are considered at 100% and not on a pro-rata basis. 


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