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Celsia Full-Year 2020 Adjusted Net Income Rises 68%

Published in Companies Written by  February 24 2021 font size decrease font size increase font size 0
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Medellin-based multinational electric power giant Celsia on February 23 reported a 68% jump in net income for full-year 2020 -- after adjusting for the exclusion of its former 610-megawatt, natural-gas-fired “Zona Franca Barranquilla” power plant sold in September 2019.

For the full year 2020, consolidated net income hit COP$338 billion (US$94 million), while adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose 17.9%, to COP$1.23 trillion (US$342 million). Adjusted 2020 revenues hit COP$3.54 trillion (US$985 million), up 17.6%.

As a result of selling the former Barranquilla plant, Celsia Colombia is now a 100% renewable-power producer -- mainly via hydroelectric plants, along with solar and wind-power farms.

Despite negative impacts on power demand and some financial hits resulting from the Covid-19 pandemic, Celsia still managed to push forward on several energy projects during 2020.

Among those were the San Andrés de Cuerquia small hydroelectric plant, the El Espinal (Tolima) and Carmelo (Valle del Cauca) solar farms, the La Paila solar farm in Córdoba, and the construction of a power-distribution facility tied to the El Tesorito thermoelectric project, also in Córdoba, according to the company.

Celsia’s strategic move away from fossil-based power generation to 100% renewable power accelerated in 2019 with the sale of the Barranquilla plant, tied to the acquisition of the energy service operation in Tolima and establishment of its “Caoba Inversiones” division, which now holds some of Celsia’s energy transmission assets.

During fourth quarter (4Q) 2020, consolidated generation dipped 11% year-on-year, to 1,185 gigawatt-hours (GWh). Of that total, 95.9% was hydroelectric, 2.9% wind and 1.2% solar, according to the company.

Celsia owns electric power generation, distribution and energy-service operations mainly in Colombia as well as in Panama, Costa Rica and Honduras, with total generation capacity of 1.8 gigawatts through 28 hydroelectric, thermal, solar and wind power plants, according to the company.

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