Spanish renewable energy developer Enerfin has demonstrated robust performance, recording a notable 16.1% year-on-year increase in attributable net profit to EUR 6.7 million (USD 7.2 million) in the first quarter of 2024, as disclosed by its parent company Elecnor SA on Monday.
During the same period, Enerfin's revenues experienced a commendable uptick, rising by 14.6% to EUR 54.9 million, while EBITDA reached EUR 32.4 million, marking a 1.8% increase.
While specific performance metrics were not divulged, Elecnor revealed that Enerfin is in the final stages of transitioning out of the Elecnor group's ambit to integrate into Norwegian power company Statkraft AS.
Elecnor reiterated its anticipation of concluding the EUR 1.8 billion sale of Enerfin before the culmination of the first semester of 2024.
As of the close of 2023, Enerfin boasted stakes in 1,734 MW of wind and solar projects across Spain, Brazil, Canada, and Colombia, illustrating its expansive international presence in renewable energy ventures.
Following the divestiture of Enerfin, Elecnor will maintain a renewable energy foothold through its Latin American transmission networks arm, Celeo. Notably, Celeo possessed 345 MW of photovoltaic and solar thermal capacity in Spain and Brazil by the close of the first quarter.
Despite a slight dip in attributable net profit for January-March to EUR 6.5 million compared to EUR 7.4 million in the corresponding period last year, Elecnor affirmed Celeo's continued commitment to advancing renewable energy initiatives in Latin America and Spain.
