Good morning to all of you who are present here and all of those who are on the video. Very happy to be with you again this morning to talk about our final annual results of 2023. Today we will go through a series of subjects. First, I'll start with the 2019 to 2023 Strategic Plan. Then Loan will present some of our strong strategic pillars with more information than what we provide usually, to give you more granularity on our business model. Then Sylvine will continue with the financial results of 2023, and Yoni will continue with the financing strategy, with more detailed information on cash and debt. And finally, I'll conclude about the outlook for the short term, a n ew short-term outlook for 2024, and also more information on 2027. So, let me begin by mentioning that we have delivered on our 2023 ambitions.
You already know it regarding our capacity, which is now at 2.85 GW. And it is also true for our normalized EBITDA, where we published this morning that we are at EUR 271 million. So, we checked both boxes. This means that we had a very rapid growth of all our KPIs since 2019. Since, as you remember, it's in 2019 that we have set these 2023 objectives. Our capacity has grown by 28% per year since 2019, which is a high number, but not as high as 35% annual growth rate for our turnover. Which itself is not as high when compared to the +44% annual growth rate for our EBITDA, which itself is not as high as the +59% per year for our net income. These achievements are the result of a lot of work by all of our stakeholders.
And a special mention to all the employees of Voltalia, who, during these four years, have dedicated themselves to reaching these objectives. So thank you to all of you, Voltalians. To get to this 2023 level has been a long and not-so-easy journey. If I take first energy sales, you can see that both in terms of capacity and the EBITDA generated by energy sales have been growing quite consistently from year to year during this 2019 to 2023 journey. When we go now to services, it is less consistent, which is quite normal, because many of our services are generating revenues at a pace which is less regular than producing electricity out of a portfolio of power plants. Yet, the progression is even more dynamic than energy sales when you look at this 2019 to 2023 flashback.
At the end of the day, we have achieved in 2023 a very impressive set of results, whether they are financials or operationals. You can see here some data which talk by themselves with big progress, not just versus 2019 but also versus 2022. With all that in mind, let's get into the second part. Thank you, Loan.
Thank you, Sébastien. So, now I would like to walk you through the, business model of Voltalia, that is supported by strategic pillars. You can see here on this page that the first one is related to our energy sales business. We are long term. We are long term, you can see the 98% of our capacity backed by long-term PPA. And when I say long, it's very long. It's 17.1 year of the remaining PPA life duration. And, what is remarkable is this figure has increased compared with last year, +7 months compared with last year, moving from 16.5 years to 17.1 years. And it gives us visibility. So you see here, EUR 8 billion of future revenues. And why we like to be long term?
It's because we don't like to be subject to volatility and fluctuation of the price of energy, for instance. It can go up, it can go down, and with that, with long-term PPA, we avoid the risk. And last point is, we do prefer when the price going up, because 74% of our revenues coming from PPAs are indexed on inflation. Meaning, out of EUR 100 of PPA, you have EUR 74 that are moving to inflation, EUR 26 that are fixed. So here, you are protected from risk with long-term PPA and competitive energy, so non-subsidized PPA. And on the second hand, you have higher value creation, thanks to the fact that we have PPA indexed on inflation.
Here, on this page, we are making a focus on our secured portfolio, meaning the capacity in operation, under construction, and the capacity awarded, meaning backed by signed PPA that is not yet under construction. The total secured portfolio is at 4 GW, moving up by +10% compared with last year, and with a strong diversification level. You can see that the biggest part is now Europe, with 46%, compared with Latin America, for instance, at 43%. Now, if I would like to focus on the second pillar, our integrated business model. Basically, we are developing, building, maintaining for ourselves and for third parties, the power plants. And this, historically, we have been selling more than 50% of the plants that we are developing.
Historically, we have been building more than what we built for ourselves, and today, we do operate more for third parties than for ourselves. This brings three main competitive advantage, I would say. The first one is we capture margin. As we are in all the value chain, we capture margin from the development side, the construction and the maintenance side, instead of giving this margin to the suppliers. Second element is we are able to have economy of scales, doing this for ourselves, growing and doing for third-party clients. Finally, and I think the most important thing, is the higher portfolio quality. The fact that we are selling 50% of the portfolio, that means we keep 50%, and we're keeping the best quality portfolio.
As an illustration, I will give you that it would not have been possible to diversify our portfolio if we were not able to sell more projects in Brazil than what we keep. In this page, we wanted to give some illustration of each of development, construction and maintenance services, illustration of 2023 achievements. We sold more than 800 MW of development services. My favorite example, I would say the first one, is the Casqueira ready-to-build wind farm project we sold to the Japanese company, Toda Corporation. What is interesting here is the fact that we were happy to sell for a second time, because we already sold a project in 2020, a 28 MW project to Toda. And second, the fact that we are selling this project that is ready-to-build with construction services.
We are, for example, building the connection infrastructure for them and also the maintenance services. Moving now to the construction services, where we have more than 480 MW under construction for third parties. I think the best example is in Ireland, with, for instance, Power Capital, where we are building 4 solar plants for a capacity of 230 MW. It's our biggest contract, turnkey construction contract for Voltalia. And on the other hand, in a limited time, we were able to have a position where we are, if it's not the leader, we are one of the leader of the turnkey construction project in Ireland. Finally, in maintenance services, where we have a capacity of more than 4.6 GW operated for third party, meaning more than 65% compared with last year, so strong growth.
You imagine here that it's just an illustration of some of the contracts. One good example could be the wind farms that we operate for EDPR, a well-known renewable specialist, where we operate in Brazil more than 340 MW. Here, it's a good illustration that we were able to grow very fast from a poor producer to a service provider, very strong, to third-party clients, here, notably with maintenance. Here, the third pillar is that we have a unique approach to corporate. With Voltalia core business, selling directly to corporate, the corporate PPA, corporate power purchase agreements, so between a direct agreement between a company to Voltalia, and on the other hand, with our subsidiary, Helexia, that we acquired in September 2019. That is a specialist in self-consumption and, for instance, solar rooftop for, you can imagine, a large warehouse.
Here, what is striking is the level of growth of Helexia here. W e were able to move from 56 MW of the portfolio of Helexia to more than 650 MW since September 2019. So we multiply by 11.6 the size of the portfolio. So growth, and on the other hand, Helexia is positioned on the fast-growing segment of activity, and notably with solar rooftop right now in Europe. We give here illustration of the 448 MW of PPA we signed in 2023. Here you see that the biggest part, as illustrated earlier, is the corporate, with corporate PPAs of 167 MW and Helexia 166 MW. With, for Helexia, the biggest contract ever for Helexia, with Comerc Energia, 90 MW contract.
Maybe an illustration of interesting corporate PPAs, it's with Leroy Merlin, 23 MW, and with SNCF Group, 37 MW. Why is it interesting? We signed the PPA in 2023, and today it's already producing, w e have two plants already producing for the client and delivering energy for them. Here you see on the right part of the slide that we are, we have signed mainly in Europe and mainly in solar. Finally, moving to the fourth pillar of Voltalia, it's our pipeline of project and development. So that means, it gives a good visibility of the future growth of Voltalia, as the pipeline is all the projects that gather mainly the fact that, it's a data that is audited, and the fact that it's allowing to have four criteria in this project. First, we secure the land for them.
Second, the project, we launch already the permitting and the different analysis and studies. Third, we secure the connection to the grid, and fourth, the fact that it's financially viable. Today, this portfolio amounts to 16.6 GW, growing by 17% compared with last year. And just as an illustration, solar, 62%, it shows how far the solar is competitive today, due to the decrease of the price of the solar thing. And I think, if I think of the past 10 years, the cost of the components have been divided by almost more than 10 since the past 10 years. Here, what we provided is the funnel that we did provide in the last Capital Markets Day in October 2022.
It gives here the idea of how the projects are maturing. So you see here that from the top to the bottom, each of the steps are maturing, allowing us to grow, and you see at the end, the capacity in operation and the portfolio at 2.9 GW. Now I will give the floor to Sylvine for the financial results. Thanks.
Thank you, Loan. Let's have a look to 2023 financial results. So it has been a challenging year. It has been a challenging year because we were in an inflationary environment. We did face a Brazil blackout, and we also had the El Niño effect. However, despite all this context, we'd like to draw your attention to the main KPIs. We indeed increased the production by 18% while the turnover increased by 6%, but out of which, 23% of growth for the energy sales of turnover. We did reach an EBITDA, published EBITDA of EUR 241 million, normalized of EUR 271 million, which is +91%. And finally, we get a positive net income of almost EUR 30 million. So let's have a look first about the turnover.
So here, we build it in a way so that you can understand what is the contribution per plants. So we started from 2022 turnover, increased by the plants operated before December 31, 2022. You had a +EUR 12 million volume effect, and then a +EUR 6 million, due to the price effect on those plants. Besides, we had the full year effect of the plants put into operation during 2022. And finally, out of energy sales turnover, the biggest impact is coming from all the plants commissioned during 2023. Besides, we have development and construction turnover, which decreased by -EUR 33 million, while operation and maintenance increased by EUR 5 million. I'll come back to services more in detail just after. So overall, the turnover increased by 6%, reaching EUR 495 million. What about EBITDA?
So we had followed the same approach, and at first, let's have a look to 2022 to 2023 published EBITDA. So thanks to the plants operating for more than two years, we benefit from the better performance, so year-on-year, +EUR 11 million. And we had, on the top of that, +EUR 7 million from the new plants commissioned in 2022, full year effect. And finally, the contribution of plants commissioned during this year of 2023. You'll notice here that while the turnover was negative effect for services, here we had a positive impact on the EBITDA of +EUR 52 million. So we therefore reach EUR 241 million of 2023 EBITDA. Secondly, we have the contribution up to normalized EBITDA. So first, we had the production effect.
Since we had a lower level of production versus a long-term solar, wind, and hydro average, it results in a positive step to normalized EBITDA. On the other hand, we had a stronger Brazilian real, and therefore, it results in a negative step to the EBITDA. Then we end up with a EUR 271 million normalized EBITDA for 2023. Let's deep dive now for energy sales first. Turnover increased by 23%, and we had the contribution indeed on a year-on-year better performance. For instance, in France, we benefited from a better load factor, as well as availability. The full year effect of the plants was noticed mainly in Brazil, and for 2023, we commissioned plants in Brazil, France, Portugal, and Albania.
Besides the perimeter volume effect, we also had a benefit of positive price effect, thanks to our long-term power sales contract, which are indexed, and it was partially neutralized by early generation revenue in 2022, which by definition, were not forwarded in 2023. As for the EBITDA, I'd like to highlight the both increase on value and profitability with a +6-point margin ratio, driven by new plants, early generation, which was booked in other revenues, that's why you've not seen above. A temporary negative effect due to commissioning of solar plants during the wintertime, while we have a long-term positive effect from solar plants with higher margin than the wind plants. And finally, overall, monitoring our OpEx, we have scale effect on operating expenses.
These are the main drivers which end up reaching EUR 195 million of EBITDA for 2023 on energy sales, meaning a 65% margin. So back to the load factor I was just mentioning before. We overall have, in Brazil, on the right side, a good performance of our resources. However, and, we can notice that Voltalia long-term average, in both cases, is better than the country long-term average. Still, wind is, for us, a point of attention, since we do have the El Niño phenomenon, which is impacting the resource. Looking at solar, and in France, you can see that it's in line with the long-term average, but better than our peers. Now, having a look on services activity.
This slide, on the top line in the table, gives you both internal and external activity. and reflect the fact that we had a strong internal activity, representing the 795 MW, which were either put into operation or in construction during the year 2023. However, since it's eliminated, I'd like to focus on the contributive turnover after elimination. So it decreased by 12%, reaching EUR 195 million. Why is that? Due to, first, a -16% decrease in dev and construction due to temporary lower volume in the activity to third-party clients, while we had +25% increase in the O&M, thanks to new contracts signed during the period. Whereas the turnover decreased, we had an EBITDA multiplied by 6.8. So where does it come from? First of all, driven by development.
We did sell more than 800 MW, mostly greenfield projects, with construction and maintenance contracts in Brazil for 702 MW, as well as we sold project in operation in both Brazil and France for a total of 92 MW. Second, we had construction activity. Despite the solar panel prices, which weighed on our operational margin, we did have an EBITDA growth, mainly in Ireland, Mauritania, and France. Third, O&M, operation and maintenance activity. We signed new contracts, new contracts, including construction and maintenance or maintenance only, which reached a record level. Here we give you two figures, one in Spain, a contract amounting to 347 MW, and one in Brazil of 212 MW. Conclusion is, overall, the EBITDA margin is 32% for services activity.
Keeping in mind that according to our IFRS standards, the sales of developments of project generates EBITDA, but no turnover. So let's deep dive in the development and the sales of projects activity. Project sales is core business in Voltalia. We sold ready-to-build projects in France and Brazil. It accounts for 9x price- to- cost multiple. This shows how valuable it's for Voltalia to develop internal projects. As for operating projects, we sold projects in Brazil and in France. The equity price value, and not the enterprise value, is around EUR 1 million/ MW. I believe it's an interesting KPI to measure Voltalia's portfolio. Finally, regardless the times of the sales, we continue to provide maintenance services, which again, shows the benefit of our integrated model. Let's have a look below on the EBITDA. How to reach the net income of EUR 30 million.
Main items, depreciation and amortization, it's driven by two aspects. The first one is the depreciation linked to the commissioned plant in 2022 full year effects, plus the one in 2023. And we also did book an impairment during 2023 on the stock, due to some decrease of value of solar panel and some stocks which were destroyed due to a burn in a warehouse. Then, in terms of income and expenses, it amounts to EUR 18 million, and it arises mainly from some non-recurring expense, extraordinary one, which refers to regulation in France, tax infra-marginal, as well as a similar one in Portugal. And we did have a reversal of provision in 2022, which was related to a reversal of depreciation of a real estate building that we didn't have in 2023.
For the financial result, so it amounts to EUR 57.9 million, and it's driven by two points. First, the debt financing of the plants commissioned. We had short-term drawdowns, revolving facilities, which impacting the structure of our financial costs, as well as the full year effect on new project financing. I'll not go too much into detail, since you will have a full focus on the financing strategy just after. Taxes. It shows two points. It reflects the improvement of our profitability, and therefore increasing taxable income, as well as the tax effect on the project sold during the period. Finally, the net result group share amounts to EUR 29.6 million, which is a EUR 37 million increase compared to prior period. What about our balance sheet?
So we had a total balance sheet of EUR 3.8 billion, mainly linked to the increase of fixed assets. So we did record as an increase, the construction of plants that we still have in our pipe nowadays, plus the development of project which are ongoing. Just as a reminder, we had 2,237 MW of capacity power plants in operation at the end of 2023, so it's in line, as well as the construction ongoing. As for the current and non-current assets, it increased by EUR 159 million. It's close to the increase of other current and non-current liabilities, and mainly refers to our working capital related to the services activities.
Cash and equivalents remain a strong position, EUR 319 million, decreased by 17%, since we temporarily used the cash for accelerating the construction of own plant before finalization of their long-term loans. It also allows us to benefit from attractive electricity price in Europe, I mentioned earlier, with early generation approach. Equity share amounts to EUR 1.3 billion. Financial debt to EUR 1.9 billion. It's 46% increase compared to prior periods. The financial debt in 2023 is lower than the fixed assets one. You will see in detail, together with Yoni, how we used our cash and how we managed the debt financing during 2023.
Finally, other current and non-current liabilities, indeed, are mainly the trade payables from power plant construction operating activities, and therefore, we end up with our total balance sheet of EUR 3.8 billion. So now let's have a look more into detail to the financing strategy with Yoni.
Thank you very much, Sylvine. Good morning, everyone. So, yes, so let's start now with the financing. So I'd like to walk you through the cash flow statement, which is, as Sébastien said, more detailed than usually. First, cash flow from operation amounts to a solid 115 million EUR, despite 73 million EUR of non-cash items. Those items includes, notably, a payment shift from a sell-off project. Working capital and company taxes are, I would say, a normal level, so no particular comments. In terms of the cash flow from investment, the CapEx reaches EUR 694 million in 2023, reflecting the strong 2023 delivery, but as well, the beginning of investment of the 2023, 2027 CapEx plan to deliver the 2027 guidance.
For the financing cash flow, I will comment just after the net EUR 564 million increase in debt, and you can see here the EUR 73 million of interest paid, first in construction, but as well paid in operation. At the end, the cash flow statements leads to a robust EUR 319 million of cash position. Now, coming to the bridge for the debt variation, so cash-wise, we have drawn EUR 689 million of debt and reimbursed EUR 125 million. Accounting-wise, you can see that the debt coming from IFRS 16 is up EUR 16 million, and accrued interest increased a little bit with EUR 12 million. The gross debt finally stands at EUR 1.9 billion, resulting in a EUR 1.6 billion of net debt at the end of 2023.
So coming to the debt strategy, in Voltalia, we have a consistent business strategy and debt strategy, and I will start then by the PPAs. As you know, at Voltalia, we cherish a long-term PPA strategy. As a matter of fact, having long-term PPAs allow us to mobilize long-term project finance, which limits the risk for Voltalia. Lowering the risk, we can have better bank conditions with, of course, PPAs, which are long-term, which are indexed, and which are with blue chip counterparties. So with that, we get better conditions, so longer tenor, better margins.... Then, of course, the swap for long-term financing are available, preventing Voltalia from interest rate exposure on the pricing projects.
And finally, as you can see, residual project debt maturity is well lower than the remaining life of the PPAs, meaning we amortize the financing over the PPAs, avoiding any refinancing risk at the end of the PPA, which is as well very important for us. So that's why we love long-term PPA. What about corporate debt? Corporate debt is an instrument very important for us because it, because it creates value. Short-term value, we can have flexibility, we can anticipate construction, not waiting for project finance to be in place, and it can be very value creative in some kind of environment. For instance, it's been very useful and a big competitive advantage during the energy crisis in Europe.
Another illustration for the long-term value creation design is the ability of Voltalia to bridge long-term project finance for Helexia, for instance, which built actually a bunch of small assets, which is time-consuming to finance. So we are building a sum of assets, and then we are refinancing, and this is possible through our corporate debt. What is important here is I would like also to precise that we do not have, in Voltalia, junior debt, and the leverage stands at 53% this year, with a net debt over EBITDA of 6.6 times, a bit decreasing, slightly decreasing compared to 2022. It was at 6.8.
Finally, in terms of the cost of debt, the cost of debt increased slightly to 5.9%, compared to 5.3% in 2022 at group level, coming of course from the increase of interest rates. But it's important to precise that the new PPA price are higher in order to reflect the increasing interest rates. Now, let's come to the main characteristics of the debt. So those are the, I would say, classic pie chart, you know. But the first one is very, very important, the debt structure. So as of today, 71% of the debt is project finance. Actually, 11% is on the verge to be project finance, as it's bridged and under finalization. It remains 29% of the green bonds and corporate debt.
The second pie chart comes to currency breakdown, whereas the main interest is just to reaffirm that 100% of the project finance of Voltalia is raised in the same currency than the PPAs. The third pie chart is about the rate structure. As I said, 85% of the debt is either hedged, pre-hedged, or indexed. So it remains a 15% variable rate structure over the debt of Voltalia. Another indicator, which is very important for us as a mission-driven company, is that 89% of our corporate debts are either green bonds, through a green framework, or sustainability- linked loans, meaning that the margin of the loans is indexed on sustainable KPIs. Finally, I'd like to remind you the composition of our corporate facilities, syndicated loan, form of our syndicated loans. All the banks supporting Voltalia for years, and I would like to thank them.
It's now time for Sébastien to conclude this presentation.
Thank you, Yoni. Now, let's look at the future, short term and medium term. First, we are setting an objective for 2024, so the current year. It's our new practice. We'll do this annually, providing every year the guidances for the current year. What is the level of our guidance? First, regarding capacity, we target to have, at the end of this year, a portfolio of 3.3 GW, of which 2.5 GW will be in operation. About EBITDA, and this is the published EBITDA versus the normalized EBITDA. We target an EBITDA of EUR 255 million, of which EUR 230 million will come from energy sales.
As you see, energy sales will represent a significant proportion of our 2024 EBITDA, boosted a lot by the full year effect of all the plants we have put online in late 2023. Giving you more details on 2024, as on one important subject, which is our CapEx plan to reach our 2027 objectives. You already know the table on the left, which is the series of sites which are under construction now. In fact, these are the sites that were under construction on January 1st. Since then, some capacity has been put in operation, but and most of it will be put online this year.
But in parallel to these projects that you see here, we will also launch construction of new sites, which will represent over 400 MW of additional projects in 2024. So additional 400 MW sites under construction to be added this year. These are MW. Now, what about euros? The 2023-2027 CapEx plan that was outlined in November 2022, during our last Capital Markets Day, was a plan of EUR 2.5 billion-EUR 3 billion of CapEx. Out of that, EUR 300 million have already been spent in 2023, and we think that an extra EUR 500 million will be invested this year. Together, so for a total of EUR 800 million, it represents roughly 30% of the 2027 plan.
So as you see, we are advancing at a fast pace toward this objective. This brings me to the 2027 objectives themselves, where, on one hand, we confirm, and on the other hand, we provide you with more details. Let's talk first about the capacity. We confirm the 5 GW target that we provided you already, and we add an additional information, which is that, out of these 5 GW, 4.2 GW will be in operation in 2027. Then, we confirm also our target of normalized EBITDA of EUR 475 million, and we provide you, we provide you extra information. First, out of these EUR 475 million, EUR 430 million will come from energy sales.
There again, a relatively high proportion, because services can vary from a year to another, and we want to be sure to have a cautious objective for 2027. And which means that we've assumed, so far, a level of services lower than average for 2027, which I think provides us quite a bit of visibility. Then, at the bottom right of the page, we also provided some sensitivities to help those who want to analyze and to understand better our 2027 target. And we've run two sensitivities. The first one is about exchange rate, where we calculated the impact of a ±1 impact on the Brazilian real exchange rate.
Whether it is ±1, it would have an impact on EBITDA of +EUR 35 million or -EUR 25 million, depending if it's ±1. Then the second sensitivity is about power generation, where we run numbers, where in 2027, we would have the same magnitude of deviation that we have seen in 2023. The impact there would be ±EUR 48 million, which impact is proportionally less than in 2023, because in 2027, we will have more solar capacity proportionally than what we had in 2023.
As specialists know, the year-to-year variation of solar is smaller than the year-to-year variation of wind. Anyway, to sense it, the probability to have in 2027 an impact of the size of 2023 is smaller for a last reason, which is that with portfolio growth, you have also portfolio diversification. And the climate variations would be much more spread over many sites and countries. Finally, we added new ESG guidances. We confirm, of course, our guidance about avoided CO2 emissions of 4 million tons for 2027. We add three new ones.
The first target is to be at 100% of our capacity, having a stakeholder engagement plan aligned with the World Bank standards, compared to 44% today. The second target is to have 50% of our solar capacity, which is located on co-used land or degraded soil. This is co-uses, for instance, to have solar panels on rooftops, on parking lots, on agrivoltaic, on agriculture land, and today we are at 37%. Finally, we have a target to be 35% lower for our carbon intensity. This is in 2030 versus 2022. This target is aligned on the standards required by European regulation, and this is why it's 2030 and not 2027.
And we've already reduced it by 4% since 2022. Voilà! And I'd like just to wrap up before answering all of your questions with the help of of the team. And I'd like to highlight a few takeaways. First, we've delivered the 2019-2023 plan, and this journey was not easy since we have not changed the target during COVID. You know, many companies in or out of our sector have done so. We have not, and yet we delivered the plan.
Second, we tried to give you more details and more data on the foundation of our business model, showing its strength, its robustness, since it doesn't depend on the future price of electricity in the market. It does not depend. We are resilient in case we want to accelerate in given countries versus others, thanks to the ability to develop more sites than what we keep in the balance sheet at the end of the day. Third takeaway, of course, are our financial results, with an EBITDA that has grown by 76%, generating net income of EUR 30 million.
Fourth takeaway, thanks to Yoni, I think we provided quite more information on our financing strategy with a series of actions and data. Finally, last but not least, our 2024 and 2027 objectives that are either confirmed when they were preexisting, or more detailed than when they were not. Before answering your question, we have a 1-minute video that will refresh all of us before going through your questions. Thank you.
I think we can begin the questions in the room. Do we have questions in the room? Okay. Thank you.
Yes. Good morning, everybody. Harold Lescure from Redburn. I have two questions, for you, Sébastien. The first one, in the current context, if you look at the way the share price has gone in the last months or quarters, and the fact that you have a very strong majority shareholder, can you shed a bit of light regarding their intentions? And especially because if I were them, I would look at the share price and the value of the company and take it private, to enjoy it for myself. So if you have any views on that, that would be helpful. And second question, regarding the convertible that you have maturing next year for EUR 250 million. What are your plans about it? What are you gonna do?
Because obviously, looking at the share price, the possibility that it converts seems rather slim. And so, as of right now, do you have the means to repay it? Do you have the lines to do that right now? Thank you.
Thank you to you. On the second part of the question, the means that if I use present time, so the means we have in April would be using our the available part of our revolving credit facilities. Is the available part this April higher than the convertible? I think so, right? Yes, it is. So the answer is yes. The cash available in April is sufficient to repay the convertible. The second question is a bit more strategic about a take private by our majority shareholder. Well, where to start with? C learly, the stock price is at a very low level.
All the analysts have targets above the current price. We've met many shareholders in the past several months, and I think I can say 100% of them feel that the stock price is undervalued. So, of course, it would make sense to create a value to do a take private. There is a probability of that, but I'm not, I wouldn't know myself to answer more precisely to the question. So, it's a possibility indeed, and of course, the stock price is an incentive to do this, but it's not up to me, but up to my majority shareholder to answer that type of question.
No more in the room, so maybe let's switch to the, es, we can switch to the platform. I have a question from Philippe Ourpatian. Could we have an idea about the capture prices you are integrated in your EBITDA, published electricity sales for 2024 and 2027?
For those who are not specialists, capture price is a concept where you look at what is the wholesale, sorry, the firm electricity price in a market for consumers that can receive the electricity 24 hours a day, 365 days a year. The capture price is the price at which electricity generated by solar or wind, so not 100% of the hours, is selling, necessarily, which is a price which is lower than the baseload price. For us, this capture price is the price that is written in our contracts? You know that 98% of our plants are backed by PPAs.
So, we don't have to ask ourselves, what is the capture price of this portfolio, which is selling at a given price, which is used to calculate the forecast and to set the targets. So, we just have 20-year contracts most of the time, so this becomes applicable for all years, including 2024. And 2027. Yet, Philippe's question still is putting the spotlight on one last parameter, which is if there are early generation revenues, what is the level of the price? And maybe as well, for future PPAs in 2027, what is the price level?
Early generation are these revenues that we receive before the start of the 20-year contract, if we have been able to complete construction ahead of the beginning of this contract. There, the capture price we have in our forecast is already hedged, since we tend to hedge these early generation revenues when we start construction. For 2024, therefore, there are no uncertainties about that. In 2027, the proportion of early generation in the total is negligible. And, but anyway, we tend to use the low range of data specialists data well-known to the sector. But again, anyway, it doesn't have a big impact.
Last part of the answer of this very useful and wide and technical question is the price we have in long-term PPAs in our 2027 target. First, significant portion of these PPAs are already in our backlog, so w e don't have an uncertainty for that. But yet, we need to find new PPAs between today and 2027. We have set that at current market price and using the trend of analysts. But again, this out of the EUR 430 million of EBITDA generated in 2027 from power plants, it's a very small portion, the rest being on existing PPAs that are already for plants already in operation or not yet in operation, but we have already set the price.
I have a question from Oscar Najar, from Santander. In the list of assets under construction, 480 MW, there is no wind farms. Would you consider to reduce the 25% of the CapEx into wind to other technologies, as solar PV? What kind of capacity load factor are you considering for 2027 by technology? Your long-term load factor or a bit lower, total output expected for 2027, more or less? So question on CapEx.
The first question on technology is a good remark, because it is true that our acceleration in solar has provided quite unbelievable results. Up to a point where if we look at the picture as of today, solar indeed represents almost all of the plants that we have under construction. This is the result of a strategy where we look to generate the cheapest source of electricity in any given grid. And it happens that, as of today, the levelized cost of energy, the price you need to at which you need to sell electricity to make a return, is lower for solar in almost all grids in the world. Not all, but a vast majority.
Since our strategy is to be the low-cost producer, and therefore not relying on subsidies, it is normal that solar taken a big part. Yet, there is still room, and a lot of room for wind, because we need electricity by day, but also by night, even though this electricity by night, in most grids, will be maybe more expensive than during the day. And we continue to develop wind projects, and we will have more projects coming on wind. You will see them progressively, year after year. And competitiveness, by the way of wind is about to improve because it was reduced by the higher and higher cost price of- for those who want to buy a wind turbine.
With the rapid expansion of the global market share of Chinese wind turbine suppliers, the cost of building a wind farm is getting down quite significantly in more and more markets. The second part of the question is about load factors. The load factors that we have in 2027, given that it's a normalized EBITDA, is using the long-term average of these load factors. Like I've said a bit earlier, we've run sensitivities to see what would be the impact if we would be below or above this long-term average. Let me say, or say again, that e ven though we had lower than average load factors last year and the previous two years, it is the long-term average will prevail, yeah? When you measure for 60 years, the wind at an airport, you see that some years are higher, some years are lower.
And we've seen that we've been lower than long-term average in several places, but including Northeast Brazil. But to be lower than average doesn't mean that there will not be years that will be higher than average. So we give you the average, and this is determining the load factors. The volatility of load factors is smaller for solar versus wind, so the variability of the load factors will diminish globally for the whole portfolio of Voltalia quite rapidly.
Okay, I think I have a few questions, related to the financing strategy. Yoni, could you elaborate more, on the financing plan for full year 2024? You say you will draw the full amount. Any option for, revolving credit facility for corporate debt? How much from, full year 2024, EUR 500 million CapEx will be funded from, new project finance team? This is from Benoit de Boissieu. And I have another one, I think, from Adrian Leue. Could you give more details on debt schedule, particularly related to the bond?
Yeah. Of course. Thank you, Loan. So elaborating for 2024, of course, we said that we have the available facilities to draw 100% of the green bond refinancing. We have as well cash, but it does not mean that the project finance team and the corporate finance team is not working in 2024. Of course, first, as you saw in the presentation, EUR 220 million of project finance are under finalization. EUR 56 million is already drawn, and the rest should be drawn in the coming weeks.
We will finance the EUR 500 million of CapEx with new project finance, with an amount which is depending, of course, of each project, depending on the geography, but roughly, with a classic project finance leverage. So, 60%, 55%-60% for the remaining assets in Brazil, which should be very low this year, and the rest would be between 70% and 80% in Europe and Africa. For the rest of the corporate finance, we were waiting actually the annual results in order to launch the refinancing properly of the green bonds. So it will be launched today with our banks in order to raise a new RCF and term loan facilities.
What we can say is that you saw that the stock price is very low, so if we want to go further to that financing, we will favor non-dilutive instrument. Finally, in terms of the next milestone for financing, we can tell you that the next big event of refinancing will come in Q2 2026 for EUR 270 million. Then it will be Q4 2027 for EUR 90 million, and finally, Q4 2028, for EUR 1 90 million. This one should be postponed for one year because it's one of the extension of the last corporate finance facility we have raised last year.
Thank you, Yannick. Before moving to the conference call questions, we have two questions related to, to Brazil. So one from, Juan Rodriguez, from Kepler. Can you please provide an update on the Brazilian litigation, and if possible, what kind of compensation of missing revenue Voltalia would be covered? And I take the opportunity to also take the question of Emmanuel Chevalier from CM- CIC: What impact has El Niño had on Voltalia since the start of the year?
Thank you. Yes, it was not mentioned in the presentation, but it was mentioned in the press release. We have initiated a litigation in order to be compensated for unfair and illegal curtailment following the last year's blackout. This litigation, by the way, has been initiated jointly, not us, but all the other players of the market who have been affected. And therefore, this is actually the entirety of the market which joined this litigation, and we had favorable judge decision to compensate us for the impact we suffered from.
This litigation might take time, because there is an appeal going on, so it can take time, but it provides good, I think, basic information that this curtailment was rightly so not expected, since the judge said it was not legal, so showing that we've been impacted like the rest of the sector in an unfair way. It is difficult for me to provide you too many details, because when you start a litigation, you claim high amounts, as you should always do when you litigate. And since we share this strategy with the rest of the sector, we have to be cautious not to provide too many details.
But the impact of curtailment can be defined in several ways. And, of course, when we claim, and we continue to work on that to continue to increase the amount we claim, is quite high compared to what we've discussed so far. So I cannot say much more than that without weakening our position during this litigation. But I think at the main message is that this problem we disclosed back in September is actually in a good way to be solved, even if it may take some time to have a final judgment. The second question was about El Niño.
You know, this Pacific Ocean current that goes in a certain way on certain years and in another way in other years, and it's affecting climate almost globally. And, an El Niño event has started something like a year ago, and had a negative impact on our power generation in a bit depending on the countries. But a negative impact for wind farms in Brazil means that for us, in average, the impact has been negative. The impact has been significant. I don't have the exact data, but we'll gladly share more numbers about that. But, we've put a euro amount in front of the impact.
So, a significant part of that is, is because of El Niño, even though it's always difficult to precisely define what is about El Niño, what is about, other weather events, and so on. The El Niño event is coming to an end, early, this year, so the impact, is not completely, gone, but is weakening, as we speak.
Um-
And last point, of course, we took, by setting our 2024 target, we took into account actual power generation since January 1st.
Before moving to the conference call, I have a quick question I think we can answer very quickly from Gérard Bouvet: What part, in percentage, of the group total debt is swapped in floating rates with caps, of course?
Yes.
Yes.
So in percentage, just we have EUR 65 million of corporate debt, which is capped, and the cap is already reached because it's an old hedge we've done a few years ago. So t hat is the amount of what is swapped with a cap, and the cap is reached.
Okay. So we have a few questions coming from the call. As a reminder for the persons, participants on the call, if you wish to ask a question, please press star one on your telephone to enter the queue. Operator, can you please take the first question?
The first question is from Arthur Sitbon, Morgan Stanley. Please go ahead.
Hello, thank you for taking my question. The first one would be on the additional details that you provide on the cash flow statement. There is an item, which is the adjustment for non-cash, starting from, from your operational profits. You mentioned that it was due to a shift in project phase. Just wanted to understand a bit better what this is about exactly. And I've also noticed that there is rather limited cash inflow in investing activities. While I would have suspected this is where you would book the proceeds from, from disposal. So I was just wondering if you could provide a bit more detail on that. So that's on the cash flow statement. The second question is on value creation in renewables, generally speaking.
I was wondering if you could comment a bit on the trajectory that PPA prices are taking at the moment? And are you seeing any pressure on PPA prices due to the fact that wholesale power prices in Europe are much lower than they used to be, or are PPA prices just holding up quite well at this stage? Thank you very much.
Maybe Sébastien, I'll take the first one. So when we were saying that there is a shift in the payment, it's because we actually closed a project, the sale of a project last year. But there was a vendor loan for three months, three and a half months, actually, in order to for the seller—for the buyer to pay, and it will appear actually within the next 15 days. So this is a sale, which is to be paid within the next few days. This is the shift in payment I was mentioning in the bridge. Then, actually, I did not totally get the second part of the investing cash flow question.
Yeah. If I understand properly your question, so investing cash, it's actually the gross amount, it's not the net of the proceeds. So it's the overall amount of the cash invested flows during 2023.
Exactly, yeah. Yeah, and the proceeds, as you saw, it comes in the operating cash flow as at Voltalia. Development includes the sale of projects, which is business as usual, and then it is in the operations and not in the investment part.
Maybe I'll answer to the third part of the question about PPA price trajectory. PPAs are, let's say, 20 years, huh? To where the wholesale price is between daily price up to, depending whose definition it is, until 1-3 years. And wholesale prices have gone up tremendously in Europe during the war in Ukraine, and then has been coming down as it was said in the question. Does this have an impact on the 20-year price of the that we see in PPAs? I would say that the answer is that it has limited impact. The 20-year PPA price has gone up with CapEx inflation during the past years and has gone up more with interest rate increases.
If these two parameters come down, the 20-year PPA price market will come down, and if they go up, the 20-year PPA price market will go up. The relationship between short-term price of electricity and 20-year price of electricity is a little bit like for interest rates or currency. It's not completely disconnect, but the curve of price from spot to 20 years has a shape that varies over time, and you can have high spot price without having 20-year PPA changing, and that's quite normal. Then I'd like also to answer the same question, but in the Brazilian market. In the Brazilian market, the wholesale short-term price are going the opposite direction than in Europe. We have been, for 3 years, at record low spot prices.
Again, not affecting us, since we sell electricity under 20-year contracts. But, those who, and there are quite a few players in Brazil like this, who didn't enjoy 20-year contracts, had record low revenues of around EUR 10/MWh for 3 years in a row. These short-term prices started to go up while the El Niño effect is becoming smaller, because there starts to be less rain since last December in the hydro plants of Brazil, creating the beginning, and we'll see if it's confirmed or not, of a big hike of short-term prices in Brazil. There again, it could mean higher 20-year PPA price. The answer is not so much.
But whether we are in Europe or in Brazil, these short-term price evolutions may have, and I think it will be the case in Brazil, an impact on how much volume clients are looking for in the 20-year market. When spot prices are high, many buyers, whether they are distributing utilities or corporates that consume the electricity, see a positive effect during the first years, and it's a strong motivating factor to sign 20-year contracts. So we might see this in Brazil, and on the contrary, in Europe, corporate buyers might wait before signing new 20-year contracts. But in Europe, the market is quite different. Since a big portion of the market is with states or regulated and forced buyers, and where the volume is a political decision, and this will, I think, support the market.
Thank you for this, sector, interesting question, because it's an opportunity to explain how the market works, which is always important to us, because it's really a foundation of our strategy to do 20-year contracts to avoid many of these questions.
The next question is the last question from Paul [Inaudible], and please go ahead.
Yes, good morning. Thank you for taking my question. Actually, I would like to follow up on your comments on Brazil. And if I remember correctly, in Brazil, you need to set up between BRL 170 and 200 BRL in order to, well, at least make positive return or positive value creation. So in light of the comment that you just made, would you say that today you can find demand for 10-year PPA at this price range, on average? And I think the other end question is on returns. Last year, you had presented the target equity IRR for the energy market of 15%. Is it still something that is achievable in Brazil, as of today?
Maybe if you could give a quick comment on this target equity IRR versus what essentially the spread of IRR versus WACC, so the value creation that you achieve there. That would be extremely helpful. Thank you.
Thank you to you. The first part of the question, and the two are connected, as you said, is, do we find in the markets, in the Brazilian market, long-term prices that are sufficient for us to sign 20-year contracts? And the two parts of the questions are connected, because for us, what we need is to have a price which is high enough to give us target equity IRR, in that case, of 15%. The answer is, for the past few years, we found the right prices, but only in the distributed generation. So the Helexia business model. Meaning, in the past few years, we have not found long-term PPAs at the price that fit our targets.
This is one of the fundamental reasons why we, when we had sites which were ready to be built, we have not kept them, but we have sold them to other investors who were either happy with a lower return or happy with market price exposure. The projects we have built recently were done with PPAs, one a while ago, at the time where prices were higher than today for the 20-year prices. As I said, at the last question, the market has cycles, and I assume we can have, with the end of El Niño, the comeback of the bigger volume asked in the 20-year contract, 20-year prices, which mean that, hopefully, we will have, again, a market reaching our target.
Meanwhile, Voltalia has been growing in Brazil quite a lot, thanks to distributed generation through Helexia, where Voltalia is now a market leader, one of the largest of this market with many small players, so not all of them having the technicality and the strength of Voltalia, so it has been a good market for us. And Helexia started from zero in 2019 and is now one of the market leaders, parallel to Voltalia itself, which is, it's good to remind all of us that one of the three largest developers in Brazil year after year. When I say developer, I don't mean owner, since we develop and keep and develop and sell.
But when you look at the total volume of everything developed, especially in wind, we are in the top three every year. And, for solar, it depends a bit of the year, but, quite often in the top three, but not keeping if it's not meeting our financial standards. The last part where Voltalia has grown in Brazil is what was mentioned by Loan, a bit earlier, is services for third parties, where the in the maintenance segment of our business, where Voltalia is expanding very fast, starting from a small base two, three years ago, is now a gigawatt player in Brazil, for that part.
I think, if there's no more question in the room, I think we will end the presentation. So maybe, a word?
Well, thank you for being here today. I was very happy together with the team to provide you all the information that you need. We had a remarkable journey between 2019 and 2023. I trust that the journey to 2027 will be an opportunity for all of us to demonstrate we will meet again our target while creating financial value, as we explained, for instance, during the last question. So thank you to all of you, and I look forward to seeing you during our next annuals or semestrals. Thank you.