Spanish renewable energy producer Opdenergy reported, at the end of September 2022, a net profit of €11m, compared to losses of €9m recorded during the third quarter of 2021.
In addition, revenues for the third quarter of 2022 totalled €52.3m, an improvement of 73% over the same period of the previous year.
The company also recorded an adjusted EBITDA growth of 173% compared to the third quarter of 2021, corresponding to a total of €35.8m.
Opdenergy said the recent results reflect its “consolidation as a large-scale renewable IPP”, highlighting the increase in the volume of revenues from the sale of energy and from the transfer of solar projects to Bruc Energy.
The agreement signed with Bruc Energy in August 2021 includes the sale of 1.1GW of projects in different parts of Spain.
Opdenergy transferred 110MW in the period, and during October it formalised the sale of additional projects with a total capacity of 168MW, making a total of 278MW transferred to date.
The company also expects to transfer an additional 429MW in the short term, fulfilling its commitment to transfer all the assets during 2022 and 2023.
Opdenergy has obtained EIAs for 100% of its construction and pre-construction projects in Spain, specifically in the provinces of Zamora, Ciudad Real, Zaragoza, Cuenca, Teruel and Badajoz.
All these projects total 1146MW, of which 902MW correspond to projects in the construction phase and 244MW to projects in the pre-construction phase.
The company has also completed the construction of two projects in Spain: the Los Arcos and Manzanares PV solar plants, totalling 96MW.
Opdenergy’s renewable assets pipeline totals 13.6GW after increasing the pipeline by 2.5GW in the first nine months of the year.
Luis Cid, CEO at Opdenergy, said: “This last quarter has been a time of consolidation of our business plan, with an outstanding operational progress that allows us to continue with the expected development.
“The company has focused on continuing to grow organically with the funds obtained from our stock market debut in July, as planned.”