MPC Energy Solutions publishes Annual Report and Sustainability Report for 2023, expects significant financial improvements in 2024 after transitional 2023
Amsterdam/Oslo – 2 April 2024 – MPC Energy Solutions (“MPCES”, “Company”) published its Annual Report 2023 today.
“2023 was a transitional year for our company. We connected four new projects to the power grids in El Salvador, Puerto Rico and Colombia, significantly growing our installed capacity.”, said Stefan H.A. Meichsner, Chief Financial Officer of MPCES. “In addition, we decided to exit several projects that no longer met our strategic focus and return requirements. And we started several new greenfield developments in core countries across Central America, establishing a foundation for future growth.”
MPCES today owns and operates five power-producing assets across Latin America and the Caribbean with an aggregate capacity of around 79 MWp (proportionate share MPCES: 66 MWp). Earlier this year, the Company commenced construction of a 65 MWp solar PV plant in Guatemala, which is expected to commence operations in mid-2025. This project alone is expected to generate revenues of more than USD 8 million per year at EBITDA margins above 80 percent, once operational.
Now that a portfolio of five power plants is operational for a full year for the first time in MPCES’s history, Meichsner projects a significant increase in the Company’s year-on-year financial performance. “We expect revenues in 2024 to increase to USD 12 million and project EBITDA to grow to USD 8.5 million, almost doubling the 2023 EBITDA. In addition, cost reduction measures taken at the end of last year will have a positive impact on our overall profitability.”
For 2023, the MPCES Group reported the following key financials (consolidated):
in million USD, negative values in “()” | 2023 | 2022 |
Revenue | 9.1 | 3.6 |
Project EBITDA / EBITA | 4.4 / 1.8 | 2.1 / 1.1 |
adjusted for one-time energy trading losses | 5.4 / 2.8 | 2.2 / 1.2 |
Group EBITDA / EBITA | (0.7) / (3.3) | (2.2) / (3.2) |
Total assets | 123.1 | 129.0 |
Equity | 69.4 | 75.3 |
Equity ratio | 56% | 58% |
Free cash position | 14.8 | 16.0 |
Along with its Annual Report, MPC Energy Solutions also published its Sustainability Report 2023, demonstrating the Company’s progress towards becoming a regional ESG leader in Central America and the Caribbean. Both reports are available on the Company’s website: Reports & Presentations (mpc-energysolutions.com).
On 30 April 2024, MPCES will report on its financial results for the first quarter 2024.
- 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.co
