Spain's Opdenergy posts EUR-11.1 m for 9-mo 2022

• Spanish renewables company Opdenergy Holding SA (BME: OPDE) booked a net profit of EUR 11.1 million (USD 11.6 m) for the nine-month period finished September 30, up from an EUR-8.8-million loss for the very same timespan a year back, it said in its incomes record on Tuesday.

Changed EBITDA rose by 173% year-on-year to EUR 35.8 million, underpinned by higher revenues, a larger operating portfolio as well as sales of shovel-ready projects Madrid-based renewables financial investment car Bruc Energy.

Revenues came at EUR 52.3 million, up 73% on the year, thanks to an increase in sales of power from running plants, higher electrical power costs, the start-up of a solar farm in Chile at the end of last year as well as the consolidation of the portfolio of operating assets in Spain, Opdenergy said. To this, the company added incomes from the sale of 110 MW of solar projects to Bruc Energy as part of their deal entailing the hand-over of some 1,000 MW of ready-to-build development to the renewables financier.

After the coverage period, Opdenergy transferred 168 MW of projects to Bruc and expects to turn over one more batch of 429 MW in the short term, the firm claimed.

At the end of September, the independent power manufacturer had around 584 MW of functional capacity, all of it solar besides one onshore wind farm in Chile. The plants are located in Spain, Italy, Chile and also Mexico.

Currently, Opdenergy is building 902 MW of solar farms in Spain, two solar projects amounting to 260 MW in the United States and also one 24-MW solar farm in Italy. Its projects in the pipeline amount to roughly 11,800 GW across solar, wind and energy storage innovations.