(Alliance News) - Altea Green Power Spa announced on Thursday that its board has approved the company's 2024-2028 business plan.

For the current year, the company forecasts production value in the EUR28-31 million range, with expected Ebitda between EUR17 million and EUR19 million and a margin of 60 percent. The Net Financial Position is expected to be cash positive by about EUR5 million.

By the end of the plan, on the other hand, the estimate is for a value of production of EUR60-67 million, Ebitda of EUR37-43 million, with a margin above 60%, and a cash position of EUR48 million or so.

The strategy underlying the significant acceleration of all economic and financial indicators, during the 2024-2028 plan period, is based on consolidating AGP's position as a relevant player in the Storage BESS project development sector in Italy, with a market share of no less than 10%; on growing the Industry component of the business, through the development and subsequent construction and operation of proprietary PV plants in Italy; and on continuing the U.S. development activity, both in the Storage and in the Mixed Solar sector, including through new joint ventures in which the Company will hold a majority position.

The lines of development will be flanked by an ESG strategy in accordance with the new CSRD regulations, which will continue to emphasize the centrality of ESG options in the company's management logic.

In Italy, Altea aims to achieve a number of objectives: in Storage, to exceed 5 GW by 2028; in photovoltaics, to add to the current 440 MW in the authorization process a further 690 MW of projects, all with very high margins; and the construction of its own photovoltaic plants, which represents the addition of an Industry activity to the company's core business.

The development and subsequent construction - starting in 2025 - of the first company-owned photovoltaic plants, with a total capacity of about 90 MW.

In the U.S., a large market for future investments, Altea Green Power will continue with the growth and consolidation of the activities already started and under negotiation, thanks to the consolidated partnership with local developers of high and recognized professionalism, also by leveraging the USD15 million non-recourse credit line, already obtained from the U.S. investee BESS Power Corp. with which to finalize projects for 2.4 GW.

Altea Green Power's stock is up 5.3 percent at EUR7.90 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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