Spanish renewables company Opdenergy Holding SA (BME:OPDE) booked a net profit of EUR 11.1 million (USD 11.6m) for the nine-month period ended September 30, up from an EUR-8.8-million loss for the same time frame a year ago, it said in its earnings report on Tuesday.
Adjusted EBITDA surged by 173% year-on-year to EUR 35.8 million, underpinned by higher revenues, a larger operating portfolio and sales of shovel-ready projects Madrid-based renewables investment vehicle Bruc Energy.
Revenues came at EUR 52.3 million, up 73% on the year, thanks to a boost in sales of electricity from operating plants, higher electricity prices, the start-up of a solar farm in Chile at the end of last year and the consolidation of the portfolio of operating assets in Spain, Opdenergy said. To this, the company added earnings from the sale of 110 MW of solar projects to Bruc Energy as part of their deal involving the hand-over of some 1,000 MW of ready-to-build development to the renewables investor.
After the reporting period, Opdenergy transferred 168 MW of projects to Bruc and expects to hand over another batch of 429 MW in the short term, the company said.
At the end of September, the independent power producer had around 584 MW of operational capacity, all of it solar except for one onshore wind farm in Chile. The plants are located in Spain, Italy, Chile and Mexico.
At present, Opdenergy is building 902 MW of solar farms in Spain, two solar projects totalling 260 MW in the US and one 24-MW solar farm in Italy. Its projects in the pipeline amount to roughly 11,800 GW across solar, wind and energy storage technologies.
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