MPC Energy Solutions N.V.: MPC Energy Solutions publishes Q1 2022 results
AMSTERDAM and OSLO, Norway, April 28, 2022 /PRNewswire/ -- MPC Energy Solutions N.V. ("MPCES" or "Company"), Amsterdam, published its Q1 2022 report this morning. The Company develops, builds, owns and operates renewable energy projects including solar PV, wind, hybrid and energy efficiency solutions in the Latin-American and Caribbean regions.
"The first quarter represented an important milestone in MPC Energy Solutions' history as we generated our first revenue, following the acquisition of a 15.8 MW operational solar PV plant in Mexico. This is another confirmation that we are proceeding well on our journey to build a fast-growing renewable energy company with attractive financial returns based on a broad portfolio of assets in the attractive Latin American and Caribbean region," said Martin Vogt, CEO of MPC Energy Solutions.
In the first quarter of 2022, MPCES generated revenues of USD 0.5 million, driven by Los Santos I, solar PV plant in Mexico which was acquired on 4 February. As MPCES is in a build-up phase, the Company recorded an operating loss (EBIT) of USD 0.8 million (Q1 2021, also negative: USD 0.4 million), and a net loss of USD 1.3 million (Q1 2021, also negative: USD 0.4 million).
"Our project portfolio includes projects amounting to 114 MW and we have a 550 MW high probability development backlog. As more and more of our projects achieve important development milestones, enter the construction stage and commence operation, this value will be reflected in our financial performance in the quarters and years to come," said Martin Vogt.
MPCES plans significant progress during the remaining quarters of 2022. At the end of the year, MPCES expects to have operational power plants with a proportionate combined installed capacity of over 66 MW, delivering 61 GWh (102 GWh in a full operational year) of clean and affordable energy per year. Proportionate total revenues are expected to reach USD 4.5 million to USD 5.0 million in 2022 and total proportionate EBITDA is expected to be USD 3.1 million to USD 3.5 million (before corporate expenses).
"MPCES and our largest shareholder MPC Capital have been active in the Latin American and Caribbean region since 2016, and it is an extremely attractive environment to operate in. Governments and corporations are very ambitious when it comes to renewable energy, and we estimate a market opportunity of more than 45 GW in new wind and solar capacity alone in the region by 2030," said Martin Vogt. |
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