MPC Energy Solutions’ reports nearly USD 7 million revenue year-to-date, announces strategic adjustments and efforts to optimize cost structure

Amsterdam/Oslo– 26 October 2023 – MPC Energy Solutions (MPCES, Company) announced its Q3 2023 results today. MPCES generated 74.5 GWh of electricity from its power-generating projects in the first nine months of 2023 (compared to 22.3 GWh in 2022), corresponding to USD 6.3 million in revenues and USD 3.6 million in project EBITDA. The total revenue and project EBITDA, including the Company’s trading activities in Colombia, were USD 6.9 million and USD 3.1 million, respectively, compared to USD 2.5 million revenue and USD 1.6 million project EBITDA for the same period in 2022.

Simultaneously, the company is shifting its focus towards higher-yielding developing projects in Central America. “We have taken steps to significantly shore up our cash reserves and balance project cash flows with overall spending. Paired with a clear focus on selected development activities, we will be in a position to become a profitable, self-sustainable business that does not solely rely on external funding sources for growth”, commented Stefan H.A. Meichsner, CFO of MPC Energy Solutions.

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.

In the third quarter of this year, MPCES generated 34.1 GWh of energy output (2022: 7.6 GWh), corresponding to USD 2.8 million in revenues (2022: USD 1.0 million) and USD 1.3 million in project EBITDA (2022: USD 0.5 million). It was the Company’s best quarterly performance in its history.

On a consolidated year-to-date basis, MPCES reported negative EBITDA and EBIT of USD 1.1 million and USD 4.0 million, respectively, and a net loss year-to-date of USD 4.8 million. MPCES ended the third quarter 2023 with total assets of USD 129.3 million, of which USD 13.1 million were cash and cash equivalents. The consolidated equity ratio of the group as of 30 September 2023 was 57%.

The Company also updated the market on continued delays to complete the grid connection for its 50:50 joint venture Planeta Rica in Colombia, which in turn affects MPCES’ year-end outlook. The Company now projects to record USD 9 to 9.5 million in revenues and USD 5 to 5.5 million in project EBITDA from its assets in 2023, also factoring in the trading losses from its Colombian project Los Girasoles and the weaker than expected performance of combined-heat-and-power (CHP) Neol CHP in the third quarter.

“We have seen very good contributions from our PV project in El Salvador and our solar PV plant in Mexico. But 2023 is negatively affected by trading losses in Colombia – which our now contained –, the delayed connection of Planeta Rica and an underwhelming quarter from our CHP project”, added Meichsner.

MPCES is taking steps to reduce overall spending to align overhead and development costs with its expected cash flows from projects. Subsequently, the Company will put a greater focus on its developing activities in Central America, while targeting (partial) farmdowns of its projects in Colombia and the Caribbean. As a first step, the Company announced in early October that it exited one of its CHP projects in Puerto Rico.

“We will, over the next months, conclude the investment decision for our projects in Guatemala and Jamaica. Being greenfield projects developed by us, we can significantly enhance our returns by joining forces with co-investors pre-construction. This allows us to secure development fees while simultaneously reducing our capital requirements to expand our portfolio. Ultimately, this is how we create the greatest value for our shareholders”, said Meichsner.

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About MPC Energy Solutions
MPC 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

Media contacts

MPC Energy Solutions N.V.
Investor Relations & Public Relations
Email: [email protected]

Mats Samdahl Weltz
Salto Advisers AS
Phone: +47 950 46 330
Email: [email protected]

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