Draft individual and consolidated financial statements as at 31 December 2021 approved by the Board of Directors


Record year for Capex reaching 

a total of 204.8 million euros (+9% vs 2020) 


12.5 GW of pipeline reached (+350% vs 2020)


 Substantial progress in floating offshore wind
in Scotland and Italy




  • Adjusted revenue of €568.4 million, compared to €384.4 million in 2020 (+47.9%). Excluding revenue from energy management that does not generate significant margins, adjusted revenue reached €447.7 million, compared to €370 million in 2020 (+21%)
  • Adjusted Ebitda[1] of €207.6 million, compared to €195.8 million in 2020
  • Adjusted profit of €47.3 million, compared to €51.9 million in 2020
  • Profit attributable to owners of the parent of €22.2 million, compared to €36.6 million in 2020
  • Adjusted Net financial debt, including the fair value for derivatives (and this, in turn, including the fair value of hedging transactions) of €1,013.6 million compared to €728.7 million as at 31 December 2020, an increase largely due to the impact of the fair value of derivatives used to hedge energy prices
  • Capex of €204.8 million [2], compared to €188.0 million in 2020 
  • Development cash cost of €28.2 million in 2021, up from €18.8 million in 2020

  • New shareholder to accelerate the growth process: acquisition by the Infrastructure Investments Fund (“IIF”) of a stake representing 60% of the share capital of Falck Renewables S.p.A. owned by Falck S.p.A., announced on 20 October 2021 and concluded on 24 February 2022.


  • Installed capacity increased by 14.5% year on year (+174.7 MW compared to 31 December 2020), reaching a total of 1,370 MW of installed capacity.

  • Okla wind farm (21.0 MW) in Norway, Brattmyrliden wind farm (74.1 MW) in Sweden, and Westmoreland solar plant (29.6 MW) in the United States came into operation. Acquisition of an operating solar plant (Desafio) in Spain (50 MW).
  • Pipeline now stands at about 12.5 GW (+350% compared to December 2020).[3]
  • Been offered option agreements in ScotWind leasing round (in Scotland) to develop up to 3 GW [4]of floating offshore wind along with partners (BlueFloat Energy and Ørsted).
  • Floating offshore wind Italy: submitted five project proposals in Apulia, Calabria and Sardinia with our partner BlueFloat Energy, for a total capacity of 4.6 GW.
  • Onshore wind: Beuningen municipality (Netherlands) has approved the zoning plan and the environmental permit which allows the construction of a wind farm (30 MW), of which Falck Renewables Nederland BV owns a 25% stake. The project strongly emphasises the involvement of the local community.
  • Planning permission granted for our first photovoltaic project in the UK (Blandford Hill, 15 MW)
  • Total production of 2,813 GWh (+4% on 2020) thanks to an increase in installed capacity in Sweden, Spain and the United States.
  • Drop in wind levels in the United Kingdom, Sweden, Norway and France in 2021 compared to higher levels recorded in 2020 (internally produced benchmark index: -9.9% in 2021 compared to -1.9% in 2020).
  • Energy management: 1,762 GWh dispatched in 2021 in Italy and the United Kingdom (+32% compared to 2020). About 1,086 GWh of this was dispatched by Falck Renewables and 676 GWh by third parties.
  • Positive trends for services business: the improvement seen in the previous year continued, with Ebitda at €6.6 million +€2.1 million compared to 2020); Record year for Energy Team;  SAET S.p.A. merged into Falck Renewables Next Solutions to leverage synergies and to better meet customers’ business needs. Vector Renewables reaches 4.1 GW of assets under management.


Milan, 10 March 2022 – The Board of Directors of Falck Renewables S.p.A. met today to analyse and approve the draft individual and consolidated financial statements as at 31 December 2021.


Chief Executive Officer Toni Volpe said:“2021 marked important changes for the Group: the acquisition by the Infrastructure Investments Fund of the 60% stake in our Company held by Falck S.p.A. and a significant turning point in our business strategy. In addition to the expansion of our activities with a significant increase in installed capacity, we saw impressive growth and diversification in the pipeline of projects under development. On this front, the Group made excellent progress with developing floating offshore wind projects in Italy and Scotland, highlighting our position as one of the leading players in the international renewable energy sector.


 [1] The Falck Renewables 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 severance indemnities, provisions for bad debts, other provisions, depreciation and amortisation of tangible and intangible assets, less any extraordinary income and any revaluation.

 [2] Includes change in scope.

 [3] The MW included in the Novis joint venture and the offshore partnership with BlueFloat Energy are recorded at 100% and not pro-rated. Data refer to the pipeline as at 31.01.2022.

 [4] In the pipeline, the option agreements are accounted for with a total of 2.7 GW.

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