Spain's Opdenergy narrows net loss in Q1 2023 as revenues swell

• Spanish independent power producer (IPP) Opdenergy Holding SA (BME: OPDE) said on Monday it had actually published a net loss of EUR 1.89 million (USD 2.02 m) for the first quarter of 2023, narrowing it from an EUR-8.26-million loss in the year-ago duration.

The business highlighted a significant boost in revenues, up by 198% to EUR 15.8 million, driven by higher energy sales and also project sales, which were not recorded in the initial quarter of 2022.

Revenues from energy sales rose by 58% on the year to EUR 7.94 million.

Revenues before rate of interest, tax obligations, devaluation and amortisation (EBITDA) rose by 367% to EUR 7.28 million, which Opdenergy attributed to the consolidation of its IPP business and project sales to Madrid-based renewables financier Bruc Energy.

The deal with Bruc Energy was settled previously in May when Opdenergy transferred the last group of ready-to-build solar projects in Spain to the investment company.

Opdenergy also took pride in enhancing the dimension of its global renewables portfolio by 1.3 GW in the very first quarter to get to 15.1 GW of solar photovoltaic, wind as well as energy storage projects in Europe, Latin America and also the US.

At the end of the reporting period, Opdenergy had 760 MW of complete combined assets in operation, as well as 904 MW of gross assets. Every one of its operational plants are solar, except for one onshore wind farm in Chile.

The IPP said that it preserves its target of reaching 1.8 GW of operational capacity by the end of 2023.