MPC Energy Solutions Q1 2023 results: Significant increase in revenues and EBITDA for its projects year-on-year

27 Apr 2023 07:00 CEST

Amsterdam/Oslo - 27 April 2023 - MPC Energy Solutions (MPCES, Company) today
announces its Q1 2023 results. The quarter was marked by several milestones
including connecting three more projects to the power grid and signing long-term
off-take agreements for new projects. Revenues and operating profits increased
significantly compared to Q1 2022.

"The results of the first quarter underline the scale-up we can expect from our
business going forward and these effects will become even more visible as the
year progresses. We continue to build more power plants, expand our development
backlog and grow our revenues and operating income. MPCES is in a stronger
position now than at any time since the IPO in early 2021," says Stefan H.A.
Meichsner, Chief Financial Officer of MPCES.

The Company develops, builds, owns and operates renewable energy projects,
including solar PV and wind farms as well as hybrid and energy efficiency
solutions, in Latin America and the Caribbean.

Highlights of the quarter

· Announcing the start of operations for two plants in El Salvador (Santa Rosa
and Villa Sol) and Puerto Rico (Neol CHP LLC), in addition to completing the
construction of a 12.3 MW solar plant in Colombia (Parque Solar Los Girasoles)
and connecting it to the power grid.
· Signing a long-term power purchase agreement in Guatemala with one of the
country's largest private companies
· Expansion further into Puerto Rico by investing in a new combined-heat-and
-power project.
· The company generated USD 1.7 million in revenues during the first quarter
of this year (USD 0.5 million in Q1 2022).
· Project-level earnings before interest, taxes, depreciation and amortization
(EBITDA) were USD 0.7 million (Q1 2022: USD 0.3 million), and project-level
earnings before interest and taxes (EBIT) were USD 0.4 million (Q1 2022: USD 0.3
million).
· Without including contributions from energy trading activities in Colombia,
the results for revenue, project-level EBITDA and project-level EBIT were USD
1.4 million, USD 0.9 million and USD 0.5 million, respectively, in line with the
Company's expectation and significantly exceeding the Q1 2022 results.

The Company expects proportionate revenues of about USD 10 million this year,
with proportionate operating profits on project level expected to grow to around
USD 7 million.

On consolidated level, MPCES reported negative EBITDA and EBIT of USD 0.7
million and USD 1.5 million, respectively, and a net loss for the reporting
period of USD 1.1 million. MPCES ended the first quarter 2023 with total assets
of USD 130.0 million, of which USD 17.7 million were cash and cash equivalents.
The consolidated equity ratio of the group as of 31 March 2023 was 58%.

The Company will host a webcast for the investment community today at 09:00 a.m.
CET. There will be a Q&A session after the presentation, and a recording and
written transcript of the webcast will be published on the Company's website
afterwards.

From 09:00 am CET, the presentation to be reviewed during the webcast will be
available on our website:

https://www.mpc-energysolutions.com/investors/reports-presentations

Q1 webcast information:

Date:                27 April 2023

Time:                09:00 am CET

Duration:         30 minutes incl. Q&A

The live webcast can be accessed through the following link:

https://edge.media-server.com/mmc/p/kd4gjja8

- ENDS -

About MPC Energy Solutions
MPC Energy Solutions ("MPCES") is a global provider of sustainable energy and
primarily focuses on low-carbon energy infrastructure, including solar and wind
farms, and other hybrid and energy efficiency solutions. The Company
participates in the full project lifecycle of renewable solutions, from early
-stage development through construction and operation. More details at www.mpc
-energysolutions.com

Media contacts
MPC Energy Solutions N.V.

Investor Relations & Public Relations
Email: ir@mpc-energysolutions.com

Norway

Mats Samdahl Weltz
Salto Advisers AS
Phone: +47 950 46 330
Email: msw@saltoadvisers.no

United Kingdom
Judith Ugwumadu
Montieth & Company
Phone: +44 7774 985705
Email: jugwumadu@montiethco.com

Americas

Perry Goldman
Montieth & Company
Phone: +1 (646) 8643568
Email: pgoldman@montiethco.com

More information:
Access the news on Oslo Bors NewsWeb site

588711_MPCES_Q1_2023_Report.pdf