Valorem announces its results for 2019

VALOREM, an independent operator and pioneer in renewable energies, announces its results for 2019, the year that marked the company’s 25th anniversary. With turnover of €89 million, compared with €61 million in 2018. The French mid-cap is pursuing its growth with the objective of playing a part in bringing the renewable energies in French electricity production to 60 to 80% by 2035.

A solid French base, growing internationalisation

VALOREM accelerated its development in France by opening branches in Aix-en-Provence and Lyon, and offices abroad by increasing the number of financing and park commissioning operations, while at the same time diversifying its electricity production mix. VALOREM notably acquired a majority stake in the Force Hydraulique Antillaise group, consolidating its position as leader in hydro power in the French West Indies, and co-financed two wind projects in Finland, with a combined capacity of 71.4 MW. 2019 also saw VALOREM enter Greece with the acquisition of a pipeline of projects representing 85 MW in wind power and 150 MW of photovoltaic capacity.

2019: Strong growth in indicators for VALOREM Group

The strong growth in results for 2019 confirms VALOREM’s position as one of the best performing independent green energy operators: 

• Electricity production: 717 GWh compared with 592 GWh in 2018 +21%
• Total turnover: €89 million, compared with €61 million in 2018 *  +45%
• EBITDA: €46.4 million compared with €39.8 million in 2018 +16%
• Capacity in production or financed: 506 MW compared with 370 MW in 2018 +36%
• Volume of projects financed: 144 MW gross, compared with 116 MW gross in 2018 +24%

* Please note that VALOREM has switched to IFRS international standards for the year 2019. In 2018, the calculation was made according to French standards.

The company has successfully supported its development by diversifying its energy mix with photovoltaic and hydro as well as marine energy services.

VALOREM continues to base its business on two strong distinctive approaches:

Vertical integration: to increase its robustness and competitiveness, VALOREM has historically focused on vertical integration through its subsidiaries VALREA in construction and VALEMO in operation and maintenance, and masters the entire development chain of renewable energy production units, from prospecting through project management to operation and repowering. 

Ethical and regional development: with its 25 years of commitment to local authorities and their inhabitants enabling them to benefit from the renewable natural resources available to them locally, VALOREM has made its values the drivers of its growth.

2019, a year marked by the completion of projects in France and abroad as well as new development prospects for 2020

In mainland France, VALOREM commissioned six new parks. VALOREM also established partnerships with leading players such as the ONF (National Forests Office) and the VNF (Inland Waterways Authority), winning several competitive bidding processes for hydroelectric development projects. For the coming year, the company plans to finance 150 MW of additional projects in France (all energy sources together).

Outside mainland France, the company commissioned its first multi-megawatt storage hybrid park in the French West Indies, in Sainte-Rose, Guadeloupe, with a capacity of 16 MW, which increased the island’s wind power production by 53%, supplying electricity to approximately 17,000 people. At the same time, VALOREM acquired Force Hydraulique Antillaise SAS (FHA), the main hydro power developer in the French West Indies. With these two developments, VALOREM confirms its position as the leading producer of green energy in this territory, which is particularly dependent on fossil resources. 

Lastly, 2019 also marked the group''s establishment in Finland. VALOREM invested for the first time in a transaction comprising two wind projects with a combined capacity of 71.4 MW. These large-scale operations successfully marked the deployment of VALOREM''s activities in France and abroad. 

Valorem intends to continue its internal and external growth in 2020 and has the financial strength to do so, having at its disposal, in addition to the founders Jean-Yves Grandidier and Pierre Girard and historical shareholders, the 3iN infrastructure fund.

Marc Rouberol, Deputy GM and CFO of VALOREM: “We are very pleased with the financial results obtained for 2019: all our main indicators are up. These results reflect a long-term, collective, human commitment, which has enabled us to develop projects beyond our borders in order to play a full part in the global energy transition. Thanks to our Group''s ability to master the entire value chain of the business, from prospecting through project management and maintenance to operation, we have been able to position ourselves in a market characterised by fierce competition from major groups while at the same time maintaining our independence.” 

Frédéric Lanoë, COO of VALOREM, adds: “For several years, we have been seeing successive governments place growing trust in renewable energy, proof of the sector''s ability to meet the objectives assigned to it. At the same time, we are seeing French people devote more and more attention to the ecological challenges, a trend that has been accentuated notably by the COVID-19 crisis. This tells us that French people are ready for an ambitious energy transition, which is the only alternative to ensure a sustainable future for all. This observation encourages us to continue working to bring the share of wind, solar and hydro power in total French electricity production to over 80% by 2035.” 

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Notes to editors

About VALOREM

An independent French green energy operator, the VALOREM Group masters the entire renewable energy exploitation process, from development through assistance with project management, construction and audit services to operation and maintenance. A pioneer in wind power in France with 260 employees, VALOREM is also present in the French West Indies, Colombia, Finland and Greece.

Since 2014, VALOREM has been certified ISO 9001: 2015 and ISO 14001: 2015 and since 2020, ISO 45001.

More information at: www.valorem-energie.com