Audax is positioned as the first independent energy group in Portugal
The company boosts its generation activity in Portugal by awarding 157 MW of photovoltaic solar power in the solar auction held in August
Audax Renovables (ADX.MC), the energy group that integrates the businesses of generation and marketing of renewable 100% electricity, has been awarded 157 MW of photovoltaic solar power in the Portuguese solar auction held on August 24 and 25, being the second company that has won the most power in the auction. Specifically, Audax has been awarded 99 MW of Lot 1, located in Alentejo, and 58 MW of Lot 4, located in Algarve, both under the modality of compensation to the national electricity system for use of the network. These are projects without a battery storage system, whose estimated RTB and COD dates are 2023 and 2024 respectively.
Likewise, Audax has acquired the Portuguese marketing company PH Simples, thus giving a boost to its growth and positioning in the Portuguese market. With this acquisition, Audax is positioned as the first independent energy group in the Portuguese electricity market with more than 23,000 customers, a volume of supplied energy of 1.2 TWh/year and a total turnover of 175 million euros. The EBITDA of Audax Portugal after this operation exceeds 6 million euros. To this we must add its own generation capacity of 230 MW of renewable energy.
These two operations reaffirm the commitment of the Audax energy group to the generation of renewable energy in Portugal and to position itself as a reference group in the Portuguese energy market.
Audax intends to continue growing in the Portuguese energy market, both in renewable energy generation and marketing, especially in the SME segment, in which it currently already has a relevant position in the market. The company's excellent results and a highly professional team support the growth forecasts.
In the last 2 years, Audax has shattered all growth records in Portugal, largely thanks to the reinforcement of its management team with the incorporation of Marc Farriol as Country Manager of Audax in Portugal. Marc Farriol is a young manager who joined the company and grew professionally until he reached his current responsibilities. The trust placed in it by the Management of Audax Renovables has allowed it to position Audax as the 6th company in the Portuguese electricity market, only behind the large traditional energy groups, and which already has a staff of 60 employees.
At a global level, the Audax Group continues with its roadmap in terms of achieving the objectives for 2022 of increasing the customer portfolio from 305,000 to 500,000 and supplying a total of 15 TWh of energy. In addition, it plans to exceed 1,500 million euros in revenue, place EBITDA above 100 million euros and reduce its financial leverage, all with the aim of optimizing the group's resources, in order to create value for its shareholders. .
About Audax Renewables
Audax entered the Portuguese energy market in 2013, creating its first subsidiary outside Spain. The company has maintained strong levels of growth during these 7 years and is now firmly committed to its 100% renewable energy generation activity in the Portuguese country.
It is currently listed on the Spanish Continuous Market under the name (ticker) ADX.MC, having been incorporated into the IBEX SMALL CAP® index on March 23, 2020.
The Group operates in two differentiated business activities: marketing and generation. In its electricity and gas marketing division, it is present in Spain, Portugal, Italy, Germany, Poland and Holland, with more than 365 thousand clients.
On the other hand, the generation division manages a total operating portfolio of 91 MW in Spain, France and Poland in wind farms. In addition, it has a portfolio under development of 320 MW of photovoltaics in Spain, as well as a 66 MW wind project under construction in Panama.