• EBITDA grew 35%, revenues 48% and net profit 33% in the first half of the year.
• It has also achieved record power generation, with an 82% increase.
• The company has increased its size threefold since its IPO in 2021. It has 787 MW of assets in operation and under construction, 229 MW more than a year ago: a growth of 41%.
• Luis de Valdivia: “We will meet the target of 1000MW in operation and under construction before the end of 2025. This will completely change the size of our company, both in installed capacity and in international diversification”.
La Coruña, 26 September. - Ecoener’s EBITDA reached €18.5 million, 35% more than in the first half of 2023. Revenues grew by 48% to more than €41.1 million, the company’s highest half-year figure ever. The company obtained a consolidated net profit of €4.7 million in the first half of 2024, a 33% increase over the same period in 2023.
Thus, Ecoener improved all the major figures corresponding to turnover, net profit, EBITDA and investment.
The company headed by Luis de Valdivia also reached in the first half an all-time record in power generation by exceeding 376.5Gwh, an 82% year-on-year growth with the contribution of 341MW in operation at year-end in 2023.
The start-up of production of 141MW in the Dominican Republic and Colombia has meant that operations in Latin America have already contributed 38% of the energy generated in the period.
€72.5 million investment
The company’s investment in the first half of 2024 reached the record figure of €72.5 million, a 25% increase. The company grows without asset turnover, with operating cash flows and IPO funds.
Ecoener has, at the moment, 434MW under construction in the Dominican Republic, Guatemala, Colombia and Panama. The assets in these four countries will be included to the income generation in the following months. It is the highest MW figure under construction in the history of the company.
41% growth in one year
Ecoener is in a process of strong growth that has been consolidating over the years. Right now, it was 787MW in operation and under construction, 229MW more than the 558MW it had one year ago, a 41% increase. One of the features of the company is that all the projects it has constructed are being operated by the company itself.
“Our asset size today is almost 3 times what it was at IPO in May 2021. This situation guarantees that we will meet the target of 1000MW in operation and under construction before the end of 2025, as we announced. This will completely change the size of our company, both in installed capacity and in international diversification”, said Luis de Valdivia, Ecoener’s Chairman.
Assets with PPA grow by 25%
The installed power growth in Latin America and the PPA signatures for the new facilities helped to balance revenues in the first half of the year. Ecoener’s asset portfolio with PPA grew by 25% in the half-year and reached 590MW with the inclusion of the latest PPAs signed in Guatemala and Colombia for the facilities of El Carrizo, Tamarindos and Ardobelas.
First credit rating
Over the weekend, it has also obtained the first credit rating by Ethifinance. The European rating group has just started analysing Ecoener and, in its first report, assigns a BB rating with a stable trend and a BBB business profile.
It is based on the high level of profitability, with a highly controlled volatility and a significant growth prospect and it highlights diversification and governance as the company’s main strengths.
ESG action highlights
For the second year in a row, Ecoener has received Stardard & Poor’s Dark Green rating, the highest one, for its commitment to decarbonisation, as reflected by the company’s management of operating expenses (OpEX) and capital expenditure (CapEx).
The company Tüv Süd has verified Ecoener’s 2023 Sustainability Report, within the scope of the Global Reporting Initiatives (GRI), the most important international benchmark in this field. In this quarter, Tüv Süd has also calculated the carbon footprint in 2023, within scopes 1 and 2 for the first time.
Furthermore, the company has made progress in enhancing the value of its facilities, issued ‘Guarantees of Origin’ (GDO by its Spanish acronym) certificated in all plants operating in Spain. In Latin America, six facilities in the Dominican Republic and Colombia are also undergoing registration in carbon standards with the Gold Standard and ColCX seals. The assets in Guatemala and Honduras have the international renewable energy certificate I-REC.
The energy produced by Ecoener in the half-year (376Gwh) has led to the reduction of 188,000 tonnes of CO2 emissions into the atmosphere and has avoided the consumption of 32,000 tonnes of fossil fuels.
Apart from the financial indicators, Ecoener reaffirms its commitment to sustainability and responsible development by proving that business growth and value generation can go hand in hand with environmental protection, social welfare and good governance.