AT THE END OF AUGUST, THE COMPANY HAS ALREADY ACHIEVED 75% OF THE OBJECTIVES FOR 2023 IN CONSTRUCTION ACTIVITY
- The company is thus advancing in meeting its turnover targets for 2022, which is expected to be €40 million.
- The construction of 24 MW of one of these contracts will be one of the first renewable electricity generation plants in Spain to hybridize solar and wind technologies.
- The new contracts mean that Enerside will increase the portfolio of its construction activity for third parties to €76 M in revenue.
Barcelona, 2 September 2022. Enerside Energy, a Spanish company vertically integrated into the solar photovoltaic industry, has increased its portfolio of construction projects with 75 new MW after closing agreements with leading companies in the solar energy sector around the world.
With these new contracts, Enerside expands from 156 MW to 231 MW the total solar energy power to be built for third parties, currently contracted. Of the 75 new MW contracted, 24 MW correspond to a project in Spain and 51 MW are projects in Chile.
The construction of these new projects for third parties will allow Enerside to increase the turnover of its EPC activity by €31 M and go from the €45 M it had already contracted to €76 M, a part of which is expected to have a relevant weight in the 2022 income statement. The rest of the turnover will fall in 2023 and allows to ensure by 75% the objectives of 2023 for this line of business, set at more than 50 million euros.
The turnkey contracted project in Spain (24 MW) is a solar plant located in Castilla-La Mancha. Enerside will be responsible for the design, execution, and commissioning of all auxiliary and balance plant systems, as well as their integration into a wind farm. Precisely this plant is one of the first renewable generation in Spain that hybridizes photovoltaic solar energy and wind energy. The term of execution of the works is 7 months and will generate 80 direct jobs that will be covered with local personnel to contribute to the economic growth of the area.
For its part, the projects that Enerside is going to build in Chile (51 MW) are 5 plants of 10 MW each. In this case, of the total MW awarded, the contract for 30 MW has already been signed and on the remaining 21 MW it is expected to be signed in the coming weeks. Therefore, the construction of the projects already signed could begin this September and generate income this year 2022. The construction of these three parks will generate up to 180 direct and 60 indirect jobs.
Construction for third parties, a key activity in the 2022 revenue contribution
The EPC activity is the activity that will contribute the most to the turnover figure for 2022. Additionally, the company expects to obtain income from the sale of assets, as it did last year with the sale of the 280 MW Ribeiro Gonçalves project in Brazil, and energy generation revenues from the connection of its first own projects as an independent power producer (IPP) in December.
Currently, of the total of 231 MW included in the contracted portfolio, Enerside has already built and delivered a total of 34 MW while it has 122 MW of power under construction and another 75 MW already signed or awarded and whose construction will begin in the coming weeks.
With this, the positive evolution of Enerside’s business plan is being evidenced, with which it expects to invoice 40 million euros this year, and multiply by about 4 times its turnover in 2021.
Enerside is a vertically integrated company in the photovoltaic solar energy sector, which stands out for its strong industrial profile and geographical diversification in the markets with the greatest potential for solar energy (Spain, Italy, Brazil and Chile).
Enerside is currently immersed in promoting the development of 4.5 GW in differentiated, highly qualified projects with an advanced degree of maturity that give it an excellent position to capture demand growth and a large capacity to generate value, through the sale of projects in the RTB (Ready To Build) phase and with the direct exploitation of part of the pipeline as an independent energy producer (IPP).