Ecoener, to build 50 MW in Panamá, maintains the goal of 1.000 MW in 2025

Ecoener release

A Coruña, 20 June 2024.- In September, Ecoener will start building 50 MW of new photovoltaic capacity in Panama, as announced by the chairman, Luis de Valdivia, in the Annual General Meeting held today in A Coruña, at which the 2023 accounts were ratified. The renewable energy company adds another country to its presence in Ibero-America, where it already operated in the Dominican Republic, Honduras, Guatemala and Colombia.

Last year’s revenues reached €64 million and the net profit was €12 million; EBITDA, €34 million. Luis de Valdivia said that the 2023 financial year “was marked by 3 main factors: a major investment effort, the commissioning of important new assets and the signing of long-term supply contracts”.

The company invested €124 million in 2023, 4.2% more than in 2022, and put 40 MW of new capacity into production to close the year with 740 MW in production assets, both in operation and under construction. Thanks to the investment effort, the total generation of the Ecoener Group reached 500 GWh last year, 31% more than in the previous financial year.

Luis de Valdivia highlighted that the company “is rapidly growing in size, diversifying geographically, and continuing to improve in terms of profitability and sustainability”. In fact, “40% of the income already comes from America and the company is currently building 400 MW of new capacity, of which, at least, 200 MW will be in operation before the end of 2024”, he said.

The two photovoltaic power stations Cumayasa 1 and 2, of 96 MW, in the Dominican Republic and Sunnorte, of 41 MW, in Colombia were key drivers of growth in 2023. Between 2020 and 2023, the company has multiplied its size by 2.7, from 271 MW to 740 MW in operation and under construction in America and the Canary Islands.

GROWTH AND ESG

In 2023, Ecoener experienced a great leap in its international dimension thanks to the entry into production of new and important assets with a capacity of 140 MW and the commitment to new markets: the 2 photovoltaic plants Cumayasa 1 and 2, with 96 MW, in the Dominican Republic, and another one with 41 MW in Colombia.

The group currently has 400 MW under construction. Between 2020 and 2023, the company has multiplied its size by 2.7 times, from 271 MW in operation and construction to 740 MW, located in America and the Canary Islands.

Ecoener’s Chairman reiterated that “our goal is still clear and unwavering: to reach in 2025 1,000 MW of assets in operation and under construction, with guaranteed revenue from PPAs for 80% of them”.

In the last financial year, Ecoener significantly strengthened its presence in Europe, with plans to grow in Greece, Italy, Romania and Poland at the same time. It has already started developing 350 MW in Greece, for which the first licence has been granted.

Among the ESG actions carried out in 2023, the award, for the second consecutive year, of the “Dark Green” rating from Standard & Poor’s for Ecoener’s high commitment to decarbonisation stands out. The rating agency’s report also highlights “the proven and sustained commitment of the company to environmental preservation, while stressing that all of the company’s revenues come from 100% renewable sources".

The document also rates Ecoener’s sustainably strategy highly, emphasising its solid presence in the Board of Directors and the Steering Committee.

In the first quarter of 2024, the certifying company TÜV SÜD has audited the 2023 Sustainability Report, prepared pursuant to the requirement of the Global Reporting Initiative (GRI), for the third consecutive year.