MPC Energy Solutions reports on Q3 2022 results, highlights construction progress

Amsterdam/Oslo– 3 November 2022 – MPC Energy Solutions N.V. (“MPCES” or “Company”), published its Q3 2022 report this morning. The Company develops, builds, owns, and operates renewable energy projects, including solar PV and windfarms as well as hybrid and energy efficiency solutions, in Latin America and Caribbean.

“With four of our ongoing construction projects in one of the most attractive regions for renewable energy nearing completion, our company will soon enter a new phase,” said Martin Vogt, CEO of MPC Energy Solutions. “We are leaving the initial development and ramp-up stage behind and are on track to have a solid operational base delivering high returns, predictable cash flows and an expanded and more mature development backlog.”

Los Santos I (Mexico), an operational solar PV park MPCES acquired in February of this year, continued to perform in line with expectations. The plant generated 22.3 GWh during the first eight months following the acquisition and contributed USD 2.2 million in revenues and USD 1.6 million earnings before interest, taxes, depreciation, and amortization (EBITDA) during this time.  In addition, energy trading activities in Colombia to fulfill obligations under the power purchase agreement for Los Girasoles generated revenues of USD 0.3 million, with a minor contribution to EBITDA. Overall, MPCES recorded revenues of USD 2.5 million until the end of the third quarter, and EBITDA of USD 1.6 million. On a consolidated group level, MPCES reported an operating loss (EBITDA) of USD 1.9 million for the first three quarters of 2022.

“Even though the pandemic, supply chain disruptions, high inflation and corresponding increases in interest rates will continue to have an impact on the foreseeable future, our company has managed these challenges very well and continues to make excellent progress”, added Martin Vogt.

MPC Energy Solutions maintains its short-term guidance.

“For the current financial year, we confirm our previously shared year-end outlook of USD 3.5 million revenues and USD 2.2 million project-level EBITDA. We also seek to free up additional capital to invest in new opportunities through actively pursuing measures to finance currently unlevered projects and recycle capital through other means”, said Martin Vogt.

The financial results as well as an update on the Company’s projects will be given during a webcast for the investment community today at 9:00 a.m. CET (see details below).

Q3 webcast information: 
The Company will host a webcast on Thursday, 3 November 2022 at 9:00 a.m. CET. There will be a Q&A session after the presentation, and a recording and written transcript of the webcast will be published on the Company’s website afterwards. The live webcast can be accessed through the following link: https://edge.media-server.com/mmc/p/fjgjmg2y

For further information, please contact ir@mpc-energysolutions.com.

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About MPC Energy SolutionsMPC Energy Solutions ("MPCES") 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. The Company participates in the full project lifecycle of renewable solutions, from early-stage development through construction and operation. More details at www.mpc-energysolutions.com