Spain's Opdenergy swings to profit in H1 2022

Spanish renewables company Opdenergy Holding SA (BME:OPDE) on Friday reported a net profit of EUR 17.4 million (USD 17.1m) for the first half of 2022, compared to a EUR-4.7-million loss in the books in the same period a year ago.

Its first results after the July initial public offering (IPO) show adjusted EBITDA swelling by 780% year-on-year to EUR 26.3 million. Opdenergy attributed the growth to increased sales of electricity and partial execution of the 2021 agreement to sell roughly 1 GW of solar projects to Madrid-based renewables investment vehicle Bruc Energy. So far, the company transferred 110 MW worth of projects to Bruc, it said.

Revenues for the January-June period totalled EUR 35.3 million, up by 135% on the year, driven mainly by the sale of electricity after Opdenergy consolidated its portfolio and increased the number of assets in operation over the last 12 months.

The division dedicated to energy sales and services earned EUR 23.2 million of the total revenues, which was an increase of 54%.

The wind and solar power producer closed the first semester with 1.6 GW of projects in operation and under construction in Spain, Italy, Mexico, Chile and the US. It said that it will soon have 400 MW more under construction. This will bring Opdenergy close to the target to have 3.3 GW in operation and under construction in 2025 as stated in the IPO prospectus.

“After our debut just two months ago on the Continuous Market, we are proud to present our first financial results as a listed company with solid figures that support our business model,” commented CEO Luis Cid. “Despite living with a changing and unstable macroeconomic environment in recent months, Opdenergy shows the solidity of its strategy in this context in which renewable energies are more necessary than ever”.

(EUR 1.0 = USD 0.98)

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