Ecoener Achieves $12 Million Profit in 2023 Amid Record Revenue and New Renewable Capacity

“Ecoener is growing at a good pace, with solid and stable revenue,” states Luis de Valdivia, President of Ecoener.

In 2023, Ecoener achieved revenues of 64 million euros and a net profit of 12 million euros. This represents a 147% increase from the first half of the year, during which it earned 3.5 million euros, despite a fall in the prices of energy produced in Spain.

Without the legislative change in the Spanish market (retroactively from January 1, 2023), the results for the last fiscal year would have been at 87.4 million euros in revenue and 29.5 million euros in profit (2.5 times the adjusted result), even far surpassing the 72.9 million euros in revenue and 20.2 million euros in net profit, respectively, from 2022. This situation has also affected other companies in the sector. Ecoener’s plants subject to regulated income in Spain have a guaranteed profitability for an average of 10 more years.

Ecoener Improves its Generation Business
The revenue figure – 64 million euros – grew by 19% in the second half of the year, moving from 29 million euros in the first half to 35 million euros, mainly due to the commissioning of facilities in Colombia and the Dominican Republic.

In 2023, Ecoener achieved an EBITDA of 34.1 million euros, of which 21 million corresponded to the second half of the year and 13 million to the first half. The EBITDA – 12 million euros higher than that obtained in 2021 and 10 million below the one reached in 2022 – would have risen to 57.5 million without the impact of regulatory measures. A significant figure is that the Dominican Republic contributed 4 million euros to the EBITDA in the fourth quarter, which gives an idea of the potential of these assets in a full fiscal year.

The EBITDA margin of Ecoener’s generation business remained above 80% in 2023, allowing the company to comfortably absorb the costs of its strong expansion process.

Ecoener’s investments in assets reached 124 million euros. The operational cash flow was 11.8 million euros, and the year-end cash balance was 75.5 million euros, demonstrating the company’s capacity to grow while maintaining its treasury.

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