Amsterdam/Oslo– 16 August 2022 – MPC Energy Solutions N.V. (“MPCES” or “Company”), Amsterdam, will publish its Q2 2022 report tomorrow morning (17 August 2022). The Company develops, builds, owns and operates renewable energy projects including solar PV, wind, hybrid and energy efficiency solutions in Latin America and Caribbean.
“We are happy to conclude another quarter of progress. The key milestone in the second quarter was the start of early works for the combined solar plant and battery energy storage system in St. Kitts. Once operational, this landmark project will be a key energy source for the nation, significantly reducing their dependence on imported fossil fuels,” said Martin Vogt, CEO of MPC Energy Solutions.
MPC Energy Solutions also outlined the challenging environment caused by continued supply chain disruptions and sustained high equipment prices. The Company has been informed about localized delays from grid operators following material shortages and longer delivery times, risking a timely connection of plants to power grids. Delays of up to three months, depending on the respective local situation, are anticipated, even though construction of the project assets themselves progresses as planned.
“During the first half-year we entered a new phase of the company following our acquisition of the operational Los Santos I, a solar PV plant in Mexico. In the second quarter, this plant continued to perform well, and for the first half as a whole the project generated USD 1.5 million in revenues with an EBITDA margin of 74%, which is in line with our expectations,” said Martin Vogt.
MPC Energy Solutions recorded an operating loss (EBIT) in the first half-year 2022 of USD 1.6 million (1H 2021: also negative, USD 1.7 million), and a net loss of USD 1.8 million (unchanged from 1H 2021), reflecting that the company is still in a build-up phase.
Given the anticipated delays and a postponement of the commercial operation date for the Company’s combined-heat-and-power plant Neol CHP in Puerto Rico, MPC Energy Solutions reduced its full-year outlook to USD 3.5 million revenues (down from USD 4.5 to 5.0 million compared to the previous outlook) ad USD 2.2 million project-level EBITDA (previous: USD 3.1 to 3.5 million).
“Due to the fact that we are experiencing continued delays in obtaining grid operator approvals for the new plant in Puerto Rico, we find it prudent to lower our guidance. At the same time, we have officially communicated to the responsible project partners that we expect to be held fully harmless from any financial damages the project might incur following the delay,” said Martin Vogt.
The financial results as well as an update on the Company’s projects will be given during a conference call and simultaneous webcast for the investment community tomorrow at 9:00 a.m. CET (see details below).
Q2 webcast and conference call information:
The Company will host a webcast on Wednesday, 17 August 2022 at 9:00 am 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. The live webcast can be accessed through the following link: https://edge.media-server.com/mmc/p/8erp7cz2
Alternatively, participants may dial in to the webcast using the below dial-in information:
• Norway LocalCall Dial-In: +47 2396 0264
• USA LocalCall Dial-In: +1 631 5107 495
• UK LocalCall Dial-In: +44 8445 718892
• International/Toll Dial-In: +44 2071 928000
Conference ID: 2686257
For further information, please contact ir. @mpc-energysolutions.com
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 assets, 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