JAM | May 14, 2024

MPCCEL Q1 profits up despite unusual weather patterns

/ Our Today

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MPC Caribbean Clean Energy

Sustainable energy producer MPC Clean Energy Limited (MPCCEL) produced a respectable profit despite unusual weather conditions flattening revenue earnings at its plants in the Caribbean and Latin America.

The projects combined for a total energy output of 65.2 GWh in Q1 2024 and this translated into the company-level EBITDA of US$2.5 million, the company outlined.

“Overall, these figures underline that the nature of our business depends vastly on the weather conditions as the technical optimisation of the existing portfolio performed last year was still weighed down by special circumstances caused by resource availability,” Chairman Jose Fernando Zúñiga Gallindo shared in his report to shareholders.

Energy output from MPPCCEL’s overall operations was 1.5 less than in the corresponding period in 2023.

In Jamaica, Paradise Park’s production was 0.44 per cent above that the target because of high irradiation and availability.  As a result, revenues were 2.25 per cent above the budget due to higher generation results and increased energy price.

In Costa Rica, electricity generation fell due lower than expected wind speeds.

At San Isidro Solar Park in El Salvador, electricity generation fell below budget as a result of low irradiation during the months of January and March.

The opposite occurred at Monte Plata I in the Dominican Republic, which generated above one per cent for the quarter.

Going forward, MPCCEL will make its first disbursement the financial close of Phase II of Monte Plata Solar Park in the Dominican Republic after securing funding for the project.


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