MPC Energy solutions, a Norwegian solar developer focusing on Latin America, this morning released its Q3 2023 results. 2 of the operational parks in their portfolio have performed as expected, and revenue and EBITDA (operations ex. trading activities) land at USD 6.3 million and USD 3.6 million respectively.

However, due to delayed connection and construction on some of their projects, this year's guidance has been adjusted downwards. They now expect revenue and EBITDA of USD 9 million, respectively, USD 5.5 million previously (USD 10 million and USD 7 million, respectively). The company also announces that it has focused its development activities and lowered its costs so that they over the next 12 months it will balance cash flow from its operations with expenses and development costs.

Together with management we went through this quarters result, but also the outlook for 2023, potential uplift for the results next year, and the message that the company the next 12 month expect to balance cash flows from projects with our ongoing spending on overhead and development, and thereby being self-sustaining.

MPC Energy Solutions develops, builds, owns, and operates renewable energy assets, including utility-scale solar photovoltaics (PV) and onshore wind farms, as well as combined-heat-and-power (CHP) installations, energy efficiency solutions, and hybrid projects, combining renewable sources and storage technologies. The projects are primarily situated in the Latin American and the Caribbean region. The current development backlog includes projects with an installed capacity above 420 MW (proportionate).

Disclaimer: HC Andersen Capital receives payment from MPC Energy Solutions for a Corporate Visibility/Digital IR subscription agreement. /Michael Friis 12.29 AM 26. October 2023.