Amsterdam/Oslo– 27 April 2023 – MPC Energy Solutions (MPCES, Company) today announces its Q1 2023 results. The quarter was marked by several milestones including connecting three more projects to the power grid and signing long-term off-take agreements for new projects. Revenues and operating profits increased significantly compared to Q1 2022.
“The results of the first quarter underline the scale-up we can expect from our business going forward and these effects will become even more visible as the year progresses. We continue to build more power plants, expand our development backlog and grow our revenues and operating income. MPCES is in a stronger position now than at any time since the IPO in early 2021,” says Stefan H.A. Meichsner, Chief Financial Officer of MPCES.
The Company develops, builds, owns and operates renewable energy projects, including solar PV and wind farms as well as hybrid and energy efficiency solutions, in Latin America and the Caribbean.
Highlights of the quarter
- Announcing the start of operations for two plants in El Salvador (Santa Rosa and Villa Sol) and Puerto Rico (Neol CHP LLC), in addition to completing the construction of a 12.3 MW solar plant in Colombia (Parque Solar Los Girasoles) and connecting it to the power grid.
- Signing a long-term power purchase agreement in Guatemala with one of the country’s largest private companies
- Expansion further into Puerto Rico by investing in a new combined-heat-and-power project.
- The company generated USD 1.7 million in revenues during the first quarter of this year (USD 0.5 million in Q1 2022).
- Project-level earnings before interest, taxes, depreciation and amortization (EBITDA) were USD 0.7 million (Q1 2022: USD 0.3 million), and project-level earnings before interest and taxes (EBIT) were USD 0.4 million (Q1 2022: USD 0.3 million).
- Without including contributions from energy trading activities in Colombia, the results for revenue, project-level EBITDA and project-level EBIT were USD 1.4 million, USD 0.9 million and USD 0.5 million, respectively, in line with the Company’s expectation and significantly exceeding the Q1 2022 results.
The Company expects proportionate revenues of about USD 10 million this year, with proportionate operating profits on project level expected to grow to around USD 7 million.
On consolidated level, MPCES reported negative EBITDA and EBIT of USD 0.7 million and USD 1.5 million, respectively, and a net loss for the reporting period of USD 1.1 million. MPCES ended the first quarter 2023 with total assets of USD 130.0 million, of which USD 17.7 million were cash and cash equivalents. The consolidated equity ratio of the group as of 31 March 2023 was 58%.
The Company will host a webcast for the investment community today at 09:00 a.m. CET. There will be a Q&A session after the presentation, and a recording and written transcript of the webcast will be published on the Company’s website afterwards.
From 09:00 am CET, the presentation to be reviewed during the conference call and webcast will be available on our website:
Q1 webcast information:
|Date:||27 April 2023|
|Time:||09:00 am CET|
|Duration:||30 minutes incl. Q&A|
The live webcast can be accessed through the following link:
- ENDS -
About MPC Energy Solutions
MPC Energy Solutions ("MPCES") is a global provider of sustainable energy and primarily focuses on low-carbon energy infrastructure, including solar and wind farms, and other hybrid and energy efficiency solutions. The Company participates in the full project lifecycle of renewable solutions, from early-stage development through construction and operation. More details at www.mpc-energysolutions.com