Spanish infrastructure builder Elecnor SA (BME:ENO) said that its renewables unit Enerfin was unable to surpass the financial results it saw in the first half of 2022 as higher energy prices at the time were out of reach in the January-June period in 2023.
Enerfin posted an attributable net profit of EUR 7.7 million (USD 8.5m) for the first half of 2023, down by 30.6% on the year, Elecnor said in the financial report for the period.
The wind and solar business saw its earnings before interest, taxes, depreciation and amortisation (EBITDA) fall by 19.8% to EUR 57.6 million, while revenues dropped by 16.1% to EUR 88.4 million. This despite higher electricity production in the first semester of 2023 compared to the year-ago period — 1,037 GWh vs 1,010 GWh.
Enerfin generates renewable electricity from operational assets in Spain, Brazil and Canada. As of June 2023, the business owns stakes in 1,734 MW of wind and solar power assets in operation and under construction in Spain, Brazil, Canada and Colombia. It has also extended its reach to the US and Australia.
Among its notable projects under construction are the 129-MW Porton del Sol solar project in Colombia, the 68-MWp Solar Serrita project in Brazil, the 136-MW Winnifred wind project in Canada, and the 139.2-MW Ribera Navarra and the 46-MW Cernegula wind projects in Spain.
(EUR 1.0 = USD 1.103)