Chile's Colbun returns to profit in Q1 2022, plans new wind project

Chilean power company Colbun SA posted a net profit of USD 55.9 million (EUR 53.1m) in the first quarter of 2022, compared to a USD-41.2-million loss in the same period a year ago.

The first-quarter earnings came on the back of lower tax expenses, a reduced non-operational loss and higher operating income, Colbun said.

Consolidated operating income rose by 24% year-on-year to USD 416.8 million thanks to higher sales to unregulated customers in Chile, and higher energy and capacity sales in Chile and Peru as Colbun's power generation increased in both markets.

Consolidated EBITDA stood at USD 145.6 million, up 6% compared to the first quarter of last year.

Colbun’s power plants in Chile, including renewables, increased total production by 34% on the year to 3,250 GWh. In Peru, where the company operates gas-based capacity, power production soared by 97% year-on-year to 1,027 GWh.

Construction of new renewables in Chile is going as planned, Colbun said. Works on the 230-MW Diego de Almagro Sur and the 10-MW Machicura solar projects have been finalised, while the 778-MW Horizonte wind farm is 10% constructed.

The company also announced that it is working on a new wind power project, the 360-MW Junquillos, in Chile. It said that it plans to submit the environmental impact statement for Junquillos in mid-2022.

(USD 1.0 = EUR 0.949)

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