Interim report
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MPC Energy Solutions N.V. FINANCIAL REPORT Q1 2025
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MPC ENERGY SOLUTIONS IS A FULL-CYCLE INDEPENDENT POWER PRODUCER (IPP) MPC Energy Solutions (“MPCES”, “Company”, together with its subsidiaries “Group”, “we”) develops, builds, owns and operates renewable energy assets, with the current focus on utility-scale solar photovoltaics (PV). We generate and deliver clean and affordable energy to public and private off-takers in developing and emerging markets, accelerating and driving the energy transition. To sell the energy we produce in our plants, we usually sign long-term power purchase agreements (PPA) which help us secure predictable cash flows for our projects while simultaneously allowing off-takers to purchase energy at reliable prices that are usually lower than the applicable tariffs from public or private power utilities. The Company is currently active in several countries across Latin America. Contents 4 M PC Energy Solutions in Brief 6 Year-to-Date 2025 Results - Summary 7 Report of the Management Board 13 Consolidated Financial Statements 2 MPC Energy Solutions N.V. Financial Report Q1 2025
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FINANCIAL DISCLAIMERS AND DEFINITIONS Amounts reported in thousands or millions throughout this report are computed based on the underlying numbers in US dollars (USD). As a result, the sum of the components reported in the underlying numbers in USD may not equal the total amount reported in thousands or millions due to rounding. Certain columns and rows within tables may therefore not add up due to the use of rounded numbers. Percentages presented are calculated from the underlying numbers in USD. To supplement our consolidated financial statements presented on International Financing Reporting Standards (IFRS) basis, we disclose cer tain non-IFRS financial measures (Alternative Per formance Measures, APM), including, without being limited to, propor tionate energy output numbers, propor tionate revenues, and proportionate earnings before interest, taxes, depreciation and amortization (EBITDA) and proportionate earnings before interest and taxes (EBIT), including percentages and ratios derived from those measures. EBITDA and EBIT are commonly used performance indicators in the Company’s industry. The difference between consolidated values and proportionate values is explained by the following pro-rata considerations: Project Share considered to calculate consolidated values Share considered to calculate proportionate values Los Santos I, Mexico 100% 100% Santa Rosa & Villa Sol, El Salvador 100% 100% San Patricio, Guatemala 100% 100% Los Girasoles, Colombia 100% 100% Planeta Rica, Colombia 0% 50% The APMs we use are not necessarily in accordance with generally accepted accounting principles stipulated by IFRS and should not be considered in isolation from or as a replacement for the most directly comparable IFRS financial measures. Furthermore, other companies may calculate these APMs differently than we do, which may limit the usefulness of those measures for comparative purposes. Management uses supplemental APMs to evaluate performance period over period, to analyse the underlying trends in our business, to assess our performance relative to our competitors and to establish operational goals and forecasts that are used in allocating resources. In addition, management uses APMs to further its understanding of the performance of our operating projects and help isolate actual performance from adjustments required by accounting standards. FORWARD-LOOKING STATEMENTS Certain information and statements shared in this document, including financial estimates and comments about our plans, expectations, beliefs, or business prospects, and other information and statements that are not historical in nature, may constitute forward-looking statements under the securities laws. We make these statements based on our views and assumptions regarding future events and business performance at the time we make them. We do not under take any obligation to update these information and statements in the future. For ward-looking statements are subject to several risks and uncertainties, and actual results may differ materially from the results expressed or implied considering a variety of factors, including factors contained in our financial statements, filings, and other releases. Financial Report Q1 2025 MPC Energy Solutions N.V. 3
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MPC Energy Solutions in Brief Financial Report Q1 2025 MPC Energy Solutions N.V. 5 4 MPC Energy Solutions N.V. F inancial Report Q1 2025 MPC ENERGY SOLUTIONS N.V.
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MPC ENERGY SOLUTIONS IN BRIEF MPCES was founded on 4 June 2020 as a Dutch public limited liability company incorporated in the Netherlands and governed by Dutch law. The Company is registered with the Dutch company register under the organization number 78205123, and its registered office is at Apollolaan 151, 1077 AR Amsterdam. MPCES has additional offices in Bogotá (Colombia) and Panama City (Panama). The shares of the Company are listed on the Euronext Growth segment of the Oslo Stock Exchange under stock ticker MPCES (ISIN: NL0015268814). Solar PV Hybrid MPC Energy Solutions in Brief F inancial Report Q1 2025 MPC Energy Solutions N.V. 5 4 MPC Energy Solutions N.V. Financial Report Q1 2025
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Q1 2025 RESULTS - SUMMARY in million USD unless stated otherwise Q1 2025 Q1 2024 Installed capacity (MW, proportionate, cumulated) 66 66 Energy output (GWh, proportionate, as generated) 29.0 28.5 Project revenue (proportionate) 2.9 2.8 Project EBITDA* (proportionate) 2 .1 1.8 Project EBITDA margin (proportionate) 73% 64% Group EBITDA* (proportionate) 1.2 0.8 Group EBITDA margin (proportionate) 41% 29% Revenue (consolidated) 2.6 2.5 EBITDA* (consolidated) 1.0 0.7 Group EBITDA* margin (consolidated) 39% 25% Total assets (consolidated, group level) 128.3 124.4 Equity ratio (consolidated, group level) 38% 56% Free cash** 3.3 10.3 EPS (consolidated, basic and diluted) 0.00 0.02 Cash flow from operations (consolidated) (1.1) (0.4) Cash flow from investing activities (consolidated) (4.2) (0.9) Cash flow from financing activities (consolidated) 8.3 (0.7) FX translation differences (consolidated) 0 .1 (0 .1) Total cash flow for the period (consolidated) 3.1 (2.2) Free cash flow to equity (FCFE)*** 3.2 (2.0) Note: Rounding differences may occur. * EBITDA stands for earnings before interest, taxes, depreciation and amortization. ** We define free cash as funds available for immediate deployment for project investments, project development and group overhead. This figure excludes cash available in our project companies as well as cash deposited as collateral to secure project-related bank guarantees or energy trading activities. *** Please refer to the section on free cash and free cash flow for details. Q1 2025 Results - Summary 6 MPC Energy Solutions N.V. Financial Report Q1 2025
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REPORT OF THE MANAGEMENT BOARD Financial Report Q1 2025 MPC Energy Solutions N.V. 8 7 MPC Energy Solutions N.V. F inancial Report Q1 2025
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FINANCIAL AND OPERATIONAL RESULTS Project Performance As of 31 March 2025, four projects were delivering energy to power grids in Mexico, El Salvador, and Colombia. Meanwhile, our largest project to-date, the 66 MWp solar PV plant San Patricio in Guatemala, is nearing the end of construction and is expected to connect to the power grid in July 2025. Overall, our projects delivered better results in the first quar ter compared to the previous year. We benefitted from a greater technical availability of our plants (especially in Mexico), the now fully commissioned solar trackers in Colombia, and from persistent high energy prices in El Salvador. proportionate, in thousand USD Energy output (GWh) Revenue (project level) EBITDA (project level) EBITDA margin (project level) Q1 2025 29.0 2.9 2 .1 73% Q1 2024 28.5 2.8 1.8 64% Q1 2023 15.3 1.7 0.7 41% Relative change 2025 vs. 2024 +2% +3% +19% - Note: Rounding differences may occur. Q1 2025 Q1 2024 Change Energy output (GWh) Santa Rosa & Villa Sol, El Salvador 10.4 10.3 +1% Los Santos I, Mexico 7.8 7.3 +8% Los Girasoles, Colombia 5.5 6.0 -9% Planeta Rica, Colombia 5.4 4.9 +10% Neol CHP, Puerto Rico - - Total 29.0 28.5 +2% Revenue (proportionate, in thousand USD) Santa Rosa & Villa Sol 1,218 963 +26% Los Santos I 878 735 +20% Los Girasoles 477 375 +27% Planeta Rica 330 306 +8% Neol CHP - 432 -10 0% Total 2,903 2,811 +3% Elimination of Neol CHP - (432) Total revenue, like-for-like 2,903 2,379 +22% Report of the Management Board Financial Report Q1 2025 MPC Energy Solutions N.V. 87 MPC Energy Solutions N.V. Financial Report Q1 2025
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El Salvador: Our solar PV plant Santa Rosa & Villa Sol experienced a significant increase in revenues in the first quarter compared to the previous year, which was in part driven by higher energy prices, but mainly by an adjustment to the discount at which we sell our energy relative to a market reference tariff. The discount was 32% during the first 12 months of operations and decreased to 16% during Q1 2024, which was consequently only par tially reflected in the Q1 2024 figures. The project continuous to deliver high operating margins in line with our expectations, and payouts from the project to MPCES have already begun in 2024 and will continue during 2025. Mexico: The project is currently delivering energy and consequently operating results above our expectations. The plant has shown exceptional technical availability during the first quar ter, irradiation levels were suppor tive, and we were also able to sell energy from the so called “energy bank”, i.e. a reserve of produced but unsold energy from prior periods. Following cost reduction measures implemented in 2024, we are now seeing operating margins at the level we target (75% EBITDA margin in Q1 2025) and are working on securing these margins for future quarters. Colombia: While the output from our plants was in line with expectations and the need to purchase energy in the spot market was limited compared to prior years, Colombia remains a challenging market. The security situation in certain parts of the country remains volatile, increasing related expenses to improve security and protect our staff on site. And while our plants have so far not been negatively affected, operating margins remain below normal levels for solar PV projects. Our effor ts to divest our 50% stake in Planeta Rica are progressing well, and we intend to sign the final sales documents in the coming weeks. Meanwhile, the sales process for our plant Los Girasoles has been stalled due to security concerns and travel restrictions in cer tain areas, which make site visits and proper on-site due diligence difficult. Puerto Rico: We sold the CHP plant at the end of 2024. Our share in the sales price is USD 3.8 million, of which USD 2.8 million were received last year, and we expect to collect the remaining tranche latest in October 2025. Going forward, Puerto Rico will consequently no longer generate revenues and profits for the Group. Q1 2025 Q1 2024 Change EBITDA (proportionate, in thousand USD) Santa Rosa & Villa Sol 1,066 796 +34% Los Santos I 662 468 + 41% Los Girasoles 195 72 +170% Planeta Rica 207 210 -2% Neol CHP - 246 -10 0% Total 2 ,12 9 1,792 +19% Elimination of Neol CHP - (246) Total EBITDA, like-for-like 2 ,12 9 1,546 +38% EBITDA margin Santa Rosa & Villa Sol 87% 83% Los Santos I 75% 64% Los Girasoles 41% 19% Planeta Rica 63% 69% Neol CHP - 57% Total 73% 64% Note: Rounding differences may occur. Report of the Management Board 9 MPC Energy Solutions N.V. Financial Report Q1 2025 Financial Report Q1 2025 MPC Energy Solutions N.V. 10
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Construction Progress in Guatemala We are currently on target to deliver first energy from the plant in July 2025, which is in line with our original plans and communications. The foundations, roads, fences and drainage systems required for the plants are mostly completed. A significant portion of the solar trackers (99%) and modules (80%) has been installed. Work on drainage systems and cabling is currently our main focus. Meanwhile, the substation we will connect to, which is being erected by the future off-taker, has achieved mechanical completion and is in the phase of implementing communication equipment and protocols. Corporate Overhead Costs After significant cost reductions in 2024 (-30% compared to 2023) were already accomplished, we initiated additional cost reduction measures in Q1 2025. These will become visible from Q2 2025 onwards. The first quarter is commonly the quarter with the highest expenses throughout the year due to certain annual charges like insurance premiums, fees for the supervisory board and, given the headcount reduction implemented this year, severance payments. We nonetheless managed to reduce overhead spending year- over-year by 5% already. in thousand USD Q1 2025 Q1 2024 Change Employee expenses (487) (441) +10% Other overhead (439) (533) -18% Total (926) (974) -5% Note: Rounding differences may occur. Free Cash Position and Free Cash Flow We define free cash as funds available for immediate deployment for project investments, project development and group overhead. This figure excludes cash available in our project companies as well as cash deposited as collateral to secure project-related bank guarantees or energy trading activities. in thousand USD 31.03.2025 31. 12.2024 Consolidated group cash position 15,561 12,415 Restricted deposits (658) (635) Cash held in consolidated project entities (11,564) (7,580) Free cash position of the group 3,339 4,200 Note: Rounding differences may occur. Given our activities to sell projects in the coming months and our lower overhead spending following successful cost reductions, we currently do not foresee any liquidity concerns for 2025 and beyond. in thousand USD Q1 2025 Q1 2024 Operating cash flow (1,054) (444) Capital expenditure (net of divestments) (4,070) (867) Net borrowing 8,320 (677) Free cash flow to equity (FCFE) of the group 3 ,19 6 (1,988) Note: Rounding differences may occur. The FCFE we calculate excludes certain cash flow items, especially in investment and financing cash flows, that do not relate to capital expenditure, acquisitions, divestments or the receipt and repayment of loan amounts. Small deviations from our overall cash flow for the period therefore occur. The operating cash flow in the first quarter is negative due to (a) interest paid on non-recourse loans (USD 1.4 million) and (b) VAT payments in connection with the construction of San Patricio (Guatemala) which can only be recovered during the operational phase (USD 0.8 million). Both types of cash payouts are classified as operating cash flow under IFRS. Report of the Management Board Report of the Management Board 9 MPC Energy Solutions N.V. Financial Report Q1 2025 Financial Report Q1 2025 MPC Energy Solutions N.V. 10
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OUTLOOK 2025 MPCES has initiated several key initiatives and defined milestones for the current financial year. The following are driving our Company’s activities in 2025: + Connecting San Patricio (Guatemala) to the power grid on time in July 2025 + Project divestments to increase free, distributable cash + Reducing spending on overhead and development compared to 2024 Provided these initiatives can be implemented as planned, MPCES will have a core operational portfolio of three projects: San Patricio (Guatemala), Santa Rosa & Villa Sol (El Salvador) and Los Santos I (Mexico) , which combine for a total installed capacity of 103 MW. We remain, however, open to consider divestments from these projects at the right time and especially price to maximize shareholder value and return cash to our shareholders in the short run. While the projects in Mexico and El Salvador will be fully operational through 2025, the project in Guatemala is only expected to contribute during the second half of the year following its successful grid connection. We project the following key metrics for 2025: Proportionate values, in million USD unless stated otherwise Projection 2025 Actual 2024 Energy output (GWh) 140 to 145 116 Revenue 12.0 to 13.0 12.8 Project EBITDA 9.0 to 9.5 7.9 Group EBITDA 6.0 to 7.0 4.3 Note: Rounding differences may occur. This projection does not consider any contributions from our Colombian projects at all, even though a sale might ultimately not be concluded for a few months. Consequently, results from these plants - until MPCES passes on ownership - present an upside which we have not factored into our projections. Once all three plants are fully operational for a whole year in 2026, total output and revenues are expected to increase to 220 GWh and USD 16.5 million, respectively, with proportionate EBITDA to reach between USD 12.5 million and USD 13.0 million, and Group EBITDA close to around USD 10.0 million. RISK FACTORS Risk Management The Group is exposed to a variety of risks which may or may not materialize and could potentially have an adverse effect on the Group’s business and prospects. It is considered practically impossible to generate risk-free profits systematically and sustainably, as risks are part of every company’s business activity. Therefore, identifying and mitigating risks is among the most important entrepreneurial duties. For a detailed overview of the Company’s risks and risk assessment, please refer to our Annual Report 2024. The Company regularly reviews its methodology of risk management to check whether it meets the current needs and requirements of the Management Board. As part of this review, MPCES evaluates its internal controls and systems for risk management and updates them where needed and encourages employees to actively contribute to the improvement of the Company’s risk management system and policies. Report of the Management Board 11 MPC Energy Solutions N.V. Financial Report Q1 2025 Financial Report Q1 2025 MPC Energy Solutions N.V. 12
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MANAGEMENT BOARD As of 31 March 2025, the Group’s Chief Financial Officer (CFO), Stefan H.A. Meichsner, and the Group’s Managing Director for Central America and the Caribbean, Fernando Zuñiga, were the only members of the Management Board. GOING CONCERN In preparing the consolidated and company-only financial statements, the Management Board is responsible for assessing the Company ’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless it is expected to liquidate the Company or to cease its operations. Assessing whether going concern is the correct presumption requires judgement by the Management Board on different matters concerning the Company’s ability to continue its operations in the future. This judgement is based on the financial position of the Company, the Company’s existing operational projects, projects under construction and the project development backlog, business opportunities and financial projections. Since the Company is not yet generating positive cash flows, the uncertainty of maintaining sufficient liquidity to support the going concern assumption has been assessed. Based on internal financial projections and preparations made to secure additional funding from external sources (asset sales, equity and debt), as well as the fact that the Company has currently no long-term debt on corporate level, the Management Board currently sees no significant risk materializing from this uncertainty. EVENTS AFTER THE REPORTING DATE There is nothing to report. Report of the Management Board Report of the Management Board 11 MPC Energy Solutions N.V. Financial Report Q1 2025 Financial Report Q1 2025 MPC Energy Solutions N.V. 12
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CONSOLIDATED FINANCIAL STATEMENTS 13 MPC Energy Solutions N.V. F inancial Report Q1 2025 Financial Report Q1 2024 MPC Energy Solutions N.V. 14
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Consolidated Statement of Financial Position 15 C onsolidated Income Statement 16 C onsolidated Statement of Cash Flows 17 N otes to the Consolidated Financial Statements 18 13 MPC Energy Solutions N.V. Financial Report Q1 2025 Financial Report Q1 2024 MPC Energy Solutions N.V. 14
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Consolidated Statement of Financial Position in thousands USD Notes 31.03.2025 31. 12.2024 Intangible assets 15,275 16,455 Property, plant and equipment 7 7,969 76,270 Right-of-use assets 1,402 1,435 Investments in joint ventures - 6 Financial assets 4,000 4,000 Deferred tax assets 468 448 Non-current assets 9 9 ,114 98,614 Trade and other receivables 4,429 4,292 Current tax receivables 1,344 733 Prepayments and accrued income 62 127 Cash and cash equivalents 1 15,561 12,415 Current assets 21,396 24,977 Assets held for sale 2 7,793 7,410 Total assets 128,303 123,586 Shareholders’ equity 48,562 50,235 Total equity 48,562 50,235 Project finance loans 3 71,981 63,626 Lease liabilities 1,548 1,584 Deferred tax liabilities 1,19 5 1,16 9 Provisions 310 298 Non-current liabilities 75,034 66,677 Trade and other payables 1,778 3,522 Current tax payables - - Project finance loans 3 2,625 2,981 Lease liabilities 87 60 Provisions 176 111 Accruals and deferred income 41 - Current liabilities 4,707 6,674 Total equity and liabilities 128,303 123,586 Note: Rounding differences may occur. for the period ended 31 March, unaudited (before appropriation of results) Consolidated Interim Financial Statements Consolidated Statement of Financial Position 15 MPC Energy Solutions N.V. Financial Report Q1 2025 Financial Report Q1 2025 MPC Energy Solutions N.V. 16
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Consolidated Income Statement in thousands USD Q1 2025 FY2024 Revenue 4 2,573 11,623 Cost of sales (651) (4 ,18 0) Employee expenses (487) (1,641) Other operating expenses (439) (1,964) Depreciation, amortization, and impairment charges (891) (17,124) Operating income 105 (13,286) Other income and expenses (69) (744) Financial result incl. foreign currency effects (114) (3,669) Share of result of joint ventures - (38) Profi t /loss before income tax (78) (17,736) Income tax expenses 76 337 Net profi t /loss for the period (2) (17,400) Attributable to common equity holders of the Company (10) (17,470) Attributable to non-controlling interest 8 70 Weighted average shares outstanding 22,250,000 22,250,000 Basic EPS, in USD 0.00 (0.78) Diluted EPS, in USD 0.00 (0.78) Note: Rounding differences may occur. for the period ended 31 March, unaudited Consolidated Interim Financial Statements Consolidated Statement of Financial Position Consolidated Income Statement Consolidated Interim Financial Statements 15 MPC Energy Solutions N.V. Financial Report Q1 2025 Financial Report Q1 2025 MPC Energy Solutions N.V. 16
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Consolidated Statement of Cash Flows in thousand USD Notes Q1 2025 FY2024 Cash flow from operating activities (1,054) (3,959) Cash flow from investment activities (4 ,16 0) (2 6 ,14 0) Cash flow from financing activities 8,310 22,224 Net change in cash and cash equivalents 3,096 (7,875) Effects of currency translation 50 (193) Cash and cash equivalents at the beginning of the period 12,415 20,483 Cash and cash equivalents at the end of the period 15,561 12,415 Note: Rounding differences may occur. for the period ended 31 March, unaudited Consolidated Interim Financial Statements Consolidated Statement of Cash Flows 17 MPC Energy Solutions N.V. Financial Report Q1 2025 Financial Report Q1 2025 MPC Energy Solutions N.V. 18
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Notes to the Consolidated Financial Statements GENERAL Company profile As an integrated full-cycle independent power producer (IPP), the principal activities of the Company and its subsidiaries are to develop, build, own, and operate renewable energy projects. Such projects currently exclusively include solar photovoltaics (PV) plants. The registered and actual address of MPC Energy Solutions N.V. is Apollolaan 151, 107 7 AR Amsterdam, the Netherlands. The Company is registered at the Dutch chamber of commerce under number 78205123. The Company was incorporated on 4 June 2020. MPCES has additional offices in Bogotá (Colombia) and Panama City (Panama). Following a private placement of shares on 22 Januar y 2021, the shares of the Company were listed in the Euronext Growth segment of the Oslo Stock Exchange. Going concern In preparing the consolidated and company-only financial statements, the Management Board is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless it is expected to liquidate the Company or to cease its operations. Assessing whether going concern is the correct presumption requires judgement by the Management Board on different matters concerning the Company’s ability to continue its operations in the future. This judgement is based on the financial position of the Company, the Company’s existing operational projects, projects under construction and the project development backlog, business opportunities and financial projections. Since the Company is not yet generating positive cash flows, the uncertainty of maintaining sufficient liquidity to suppor t the going concern assumption has been assessed. Based on internal financial projections and preparations made to secure additional funding from external sources (asset sales, equity and debt), as well as the fact that the Company has currently no long-term debt on corporate level, the Management Board currently sees no significant risk materializing from this uncertainty. Reporting Period and IFRS The Company’s financial year corresponds to the calendar year. The consolidated financial statements have been prepared in accordance with IFRS as adopted by the European Union and comply with the financial reporting requirements included in Part 9 of Book 2 of the Dutch Civil Code. The consolidated financial statements have been prepared on a historical cost basis unless stated otherwise. The consolidated financial statements are presented in USD. All financial information presented in USD has been rounded to the nearest thousand USD unless indicated otherwise. The Group's intention is to adopt the relevant new and amended standards and interpretations when they become effective, subject to European Union approval before the consolidated financial statements are issued. Consolidated Interim Financial Statements Consolidated Statement of Cash Flows Notes to the Consolidated Financial Statements Consolidated I nterim F inancial S tatements 17 MPC Energy Solutions N.V. Financial Report Q1 2025 Financial Report Q1 2025 MPC Energy Solutions N.V. 18
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NOTES TO THE CONSOLIDATED FINANCIAL POSITION, CONSOLIDATED INCOME STATEMENT AND CONSLIDATED STATEMENT OF CASH FLOWS 1. Cash and Cash Equivalents in thousand USD 31.03.2025 31.12.2024 Bank deposits and cash in hand 14,902 11,780 Restricted deposits and margin accounts 658 635 Total cash and cash equivalents 15,561 12,4 15 Non-consolidated cash and cash equivalents, proportionate: Proportionate cash and cash equivalents, Planeta Rica, Colombia 571 379 The Group in some cases provides cash collateral for guarantees to secure power grid connections, tenders, and obligations under supply agreements and power purchase agreements. Such collateral is disclosed as restricted deposits. The Group also conducts energy trading activities in Colombia, which may include the use of futures contracts. A deposit of cash as a collateral is required to cover the risk of such transactions. Such collateral held in “margin accounts” is also disclosed as restricted deposits. Given our activities to (par tially) sell some of our projects in the coming months and our lower overhead spending following successful cost reductions, we currently do not foresee any liquidity concerns for 2025 and beyond. 2. Assets held for Sale in thousand USD 31.03.2025 31.12.2024 Parque Solar Planeta Rica SAS, Colombia 7,793 7,410 Total assets held for sale 7,793 7,4 10 We are in the final stages of selling our shares of Parque Solar Planeta Rica SAS (Colombia), a solar PV joint venture in which we hold a 50% stake. The increase in the book value is caused by exchange rate movements, given that the assets are denominated in Colombian Pesos (COP). Please refer to the Group’s accounting principles in the Annual Report 2024 for additional information on our accounting treatment with regards to assets held for sale. Consolidated Interim Financial Statements Notes to the Consolidated Financial Statements 19 MPC Energy Solutions N.V. Financial Report Q1 2025 Financial Report Q1 2025 MPC Energy Solutions N.V. 20
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3. Project Finance Loans in thousand USD 31.03.2025 31.12.2024 Current portion of project finance loans 2,625 2,981 Non-current portion of project finance loans 71,981 63,626 Total project finance loans 74,606 66,607 Project breakdown: Bonilla Zelaya Ingenieros Constructores SA de CV, El Salvador 16,999 17,378 Los Santos I SAPI de CV, Mexico 23,450 24,130 San Patricio Renovables SA, Guatemala 34,158 25,099 Total project finance loans 74,606 66,607 Non-consolidated project debt, proportionate: Proportionate financial debt, Planeta Rica, Colombia 6,768 6,376 The Group mostly includes non-recourse financing structure in its projects, with loans being provided by commercial banks or development banks with tenors usually tied to the term of the respective project’s power purchase agreement(s). For its project Santa Rosa & Villa Sol, El Salvador, a loan is being provided by Banco Agricola, a member of the Bancolombia Group. The loan is USD-denominated, has a tenor of 15 years and an interest rate of 3-month SOFR plus 4,75%. The solar PV plant Los Santos I SAPI de CV, Mexico, has secured loans from the Nor th American Development Bank (NADB) and the Development Finance Corporation (DFC), which each provide around 50% of the total outstanding debt. The loans originally had a tenor of 17 years and 20 years, respectively, and will mature in March 2034 and March 2037. Repayments are made semi-annually. The interest rates on both loans are fixed at 4.87% (NADB) and 4.9% (DFC) until 2025, after which the rates will increase by 25 bps for each of the two loans and remain fixed until 2030. The loans’ interest rates will then increase by another 25 bps each until the end of the respective loan tenors. We secured a project finance loan for our solar PV project in Guatemala, which began construction earlier this year. The 66.1 MWp plant is expected to connect to the power grid and commence operations in mid-2025. The loan of up to USD 34.0 million is provided by local bank Banco de América Central (BAC) and has a 16-year tenor, matching the length of the power purchase agreement (PPA) and reflecting a debt ratio for the project of around 80%. The loan carries a fixed interest rate during construction and variable rate (3-month SOFR plus 2.5%) during the operational phase. MPCES has no short-term or long-term bank debt on corporate level. 4. Revenue in thousand USD Energy output (GWh) Revenue (project level) EBITDA (project level) EBITDA margin (project level) Santa Rosa & Villa Sol (El Salvador) 10,376 1,218 1,066 87% Los Santos I (Mexico) 7,844 878 662 75% Los Girasoles (Colombia) 5,467 477 195 41% Planeta Rica (Colombia) 5,353 330 207 63% Total proportionate values 29,040 2,903 2,129 73% Consolidation adjustments (5,353) (330) (207) Total consolidated values 23,687 2,573 1,922 75% Consolidated Interim Financial Statements Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements Consolidated Interim Financial Statements 19 MPC Energy Solutions N.V. Financial Report Q1 2025 Financial Report Q1 2025 MPC Energy Solutions N.V. 20
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COMMITMENTS The Group has the following off-balance sheet commitments as of 31 March 2025: The share purchase agreement with the sellers of the project Santa Rosa & Villa Sol (El Salvador) contains provisions regarding contingent purchase price payments depending on the commercial success of the project. Such contingent purchase price payments may accumulate to a maximum total amount of USD 6.9 million until 2043 (approximately USD 0.3 million per annum). The amount disclosed here refers to the part of the potential liabilities that we currently deem as improbable to be paid in the future, depending on the performance of the project. Our Dutch entity MPC Energy Solutions NV has provided two parent company guarantees to partially secure interconnection guarantees in Colombia. The total amount of these parent company guarantees is around USD 0.6 million. The loan agreement signed for our solar PV project San Patricio in Guatemala, which is currently under construction, obliges MPCES to complete construction in case of cost overruns, representing an off-balance sheet commitment for our Company. The construction is currently progressing in time and budget, and we do not foresee this obligation to trigger additional investment requirements. EVENTS AFTER THE REPORTING DATE There is nothing to report. Consolidated I nterim F inancial S tatements Notes to the Consolidated Financial Statements 21 MPC Energy Solutions N.V. Financial Report Q1 2025
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