Independent power producer (IPP) Econergy grossed US$21.6M in revenues in 2007 from its Corani plant in Bolivia and said construction of its Areia Branca project in Brazil is on schedule to go online in the last quarter of this year.
In its latest trading statement, Econergy said Corani generated 782,641MWh (391,320 MWh net to the firm) in the financial year to 31 December.
The 147MW plant maintained a 98.1% availability factor for the year and its reservoir storage ended the year with greater volume than the historic average with good inflows.
Earnings before interest, taxes, depreciation and amortisation (Ebitda) for Corani for the 12 months was US$14.2M and gross earnings were US$6.6M before minority interest.
Construction work on the company’s next hydropower plant, Areia Branca, was on schedule to begin supplying Electrobras from the under of the year under a 20-year power purchase agreement (PPA). Civils works at the 19.8MW facility are just over half completed.
Econergy said that its subsidiary Hidrelectrica Areia Branca has signed a funding agreement with Brazil’s development bank BNDES that would cover US$31.8M, or approximately two-thirds of the project costs, and was finalised last week.
Areia Branca is expected on average to generate 97,412MWh annually (77,930MWh net per year to Econergy after the CleanTech Fund Investment).