Spain's Opdenergy narrows net loss in Q1 2023 as revenues swell
Opdenergy Los Arcos solar. Image by Opdenergy (https://opdenergy.com)
Spanish independent power producer (IPP) Opdenergy Holding SA (BME:OPDE) said on Monday it had posted a net loss of EUR 1.89 million (USD 2.02m) for the first quarter of 2023, narrowing it from an EUR-8.26-million loss in the year-ago period.
The company highlighted a significant boost in revenues, up by 198% to EUR 15.8 million, driven by higher energy sales and project sales, which were not recorded in the first quarter of 2022.
Revenues from energy sales rose by 58% on the year to EUR 7.94 million.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) surged by 367% to EUR 7.28 million, which Opdenergy attributed to the consolidation of its IPP business and project sales to Madrid-based renewables investor Bruc Energy.
The transaction with Bruc Energy was finalised earlier in May when Opdenergy transferred the final group of ready-to-build solar projects in Spain to the investment firm.
Opdenergy also boasted of increasing the size of its global renewables portfolio by 1.3 GW in the first quarter to reach 15.1 GW of solar photovoltaic, wind and energy storage projects in Europe, Latin America and the US.
At the end of the reporting period, Opdenergy had 760 MW of total consolidated assets in operation, and 904 MW of gross assets. All of its operational plants are solar, except for one onshore wind farm in Chile.
The IPP said that it maintains its target of reaching 1.8 GW of operational capacity by the end of 2023.
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