MPC Energy Solutions (MPCES) has announced its H1 2023 results. MPCES generated 40.4 GWh of electricity from its power-generating projects in the first six months of 2023, corresponding to USD 3.5 million in revenues and USD 2.3 million EBITDA. The total revenue and EBITDA, including the Company’s trading activities in Colombia, were USD 4.1 million and USD 1.8 million, respectively.
MPC Energy Solutions is a global provider of sustainable energy and primarily focuses on low-carbon energy infrastructure, including solar and wind farms, and other hybrid and energy efficiency solutions in Latin America and the Caribbean.
On a consolidated basis, MPCES reported negative EBITDA and EBIT of USD 0.9 million and USD 2.7 million, respectively, and a net loss for the reporting period of USD 2.6 million. MPCES ended the second quarter 2023 with total assets of USD 130.4 million, of which USD 15.4 million were cash and cash equivalents. The consolidated equity ratio of the group as of 30 June 2023 was 58%.
'Since solar PV is the core technology in our operational portfolio today, the summer months during the third quarter – following the seasonal patterns of solar radiation in the countries we operate in - will be the ones that significantly drive the overall financial performance of MPCES in the current financial year. With the solid results reported for the first half of 2023 and another project scheduled to come online in Colombia later this year, we are on track to achieving our target of USD 10 million in revenues and USD 7 million in EBITDA from power-producing assets on a project level for the year', said Stefan H.A. Meichsner, CFO of MPC Energy Solutions.
MPCES also commenced new development activities across the region during the second quarter, with a development partnership agreement signed in Panama, and own greenfield developments started in El Salvador. 'Developing greenfield projects will always be where we can create substantial value for our shareholders. Expenses required to develop projects are comparatively low and removing development risk significantly increases project values. And our development backlog remains strong and is rapidly maturing', commented Meichsner.
Following the end of the second quarter, on 5 July 2023, Martin Vogt resigned as CEO of the Company and stepped down from his position. Stefan H.A. Meichsner, the Company's CFO, has taken over the responsibilities and the Supervisory Board of MPCES initiated a succession process for the CEO position.
Source: MPC Energy Solutions
