Spain's Ecoener posts lower net profit in H1 2021

Spanish renewables developer Grupo Ecoener SAU (BME:ENER) closed the first half of 2021 with a net profit of EUR 2.7 million (USD 3.2m), down by 8.2% year-on-year, the company said in its first earnings report since the May 4 stock exchange listing.

Revenues for the period fell by 6% to EUR 18.2 million, while the operating profit plunged to EUR 4.3 million, compared with some EUR 7.8 million recorded a year back.

Ecoener said the difference between the two periods stems from a payment of a financial derivative in the amount of EUR 4.7 million signed by the group in 2020 to ensure income in Spain and avoid possible negative consequences of the COVID-19 pandemic on its power generation business in 2021.

It said the impact of the derivative is transitory, and that going forward, financial results will reflect the company’s investment effort as more power projects come online.

By the end of the first semester, Ecoener had 141 MW of installed capacity between hydropower plants, wind and solar farms, with plans to reach 166 MW at the end of 2021.

The company’s operating capacity is located in Spain, Honduras and Guatemala.

Ecoener’s plants generated a total of 190 GWh during reporting period, up 24.2% year-on-year.

Ecoener also has offices in Colombia, Panama and the Dominican Republic where its teams are preparing renewable energy projects totalling 455 MW, according to the financial report.

(EUR 1.0 = USD 1.171)

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