May 19, 2024
Companies

Isagen Full-Year 2020 Net Income Matches 2019 Results

Medellin-based electric power producer Isagen announced March 25 that its full-year 2020 net income hit COP$496 billion (US$134 million), almost even with the COP$495 billion (US$133.5 million) profit in 2019.

Gross income rose less-than-1% year-on-year, to COP$3.2 trillion (US$863 million), while earnings before interest, taxes, depreciation and amortization (EBITDA) dipped 6% year-on-year, to COP$1.8 trillion (US$485 million) due to a decline in generation and lower net energy prices in Colombia.

Isagen operates six hydroelectric plants totaling 2.76 gigawatts capacity, as well as a 134-megawatt (MW) thermoelectric plant.

The company is also developing new power projects focusing upon renewable wind, solar and hydro sources.

“The highlight is the start of the ‘Guajira I’ project, our first 20-MW wind power plant, as we managed to sign the construction and operation and maintenance contracts for the wind farm, which will be the first state-of-the-art technology to start operating in La Guajira in early 2022,” according to the company.

“In addition, we continue with the ‘Guajira II’ wind project, with the delivery of the Environmental Impact Study to the environmental authority and the protocolization of agreements of the prior consultation with the 12 Wayúu communities in its area of influence.

“Likewise, we evaluate other options for growth in wind, solar and water projects, as we carry out due diligence and present offers for the acquisition of various projects. As a result of these actions in January 2021, the company closed the purchase of the ‘Llanos 4 and 5’ solar projects, developed by Trina Solar, which will be ready to operate at the beginning of 2022, thus incorporating 40-MW located in the municipality of Puerto Gaitán, Meta.

“We also continue to advance in studies, other purchase options and licensing and review and approval processes internal of the San Bartolomé, Tafetanes and Palagua projects,” the company added.

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