Isagen Full-Year 2023 Net Income Dips 16% Year-on-Year
Medellin-based, 100% renewable-power giant Isagen announced April 4 that its full-year 2023 net income fell 16% year-on-year, to COP$1.03 trillion (US$273 million), from COP$1.23 trillion (US$326 million) in 2022.
Despite the profits dip, operating income actually rose 14.7% year-on-year, to COP$5.52 trillion (US$1.46 billion).
However, earnings before interest, taxes, depreciation and amortization (EBITDA) declined 4.6%, to COP$3.24 trillion (US$859 million), from COP$3.39 trillion (US$899 million) in 2022.
Isagen currently has 22 electric-power-generation plants nationwide – with more-than 3 gigawatts (GW) of total output capacity — in six departments: Antioquia, Caldas, Santander, La Guajira, Meta and Tolima.
Of the 22 plants, 15 are hydroelectric: San Carlos, El Molino, Jaguas, San Matías, Calderas, PCH Caruquia, Miel I, PCH Guanaquitas, Amoyá, Sogamoso, PCH Luzma I, PCH Luzma II, Barroso, Popal and San Miguel.
In addition, the company has two wind-power generating plants (Guajira I and WESP 01) and five solar-photovoltaic power plants (Llanos 1, Llanos 2, Llanos 3, Llanos 4 and Llanos 5).
“We continue to grow in renewable energy and strengthen our matrix of hydroelectric generation, with unconventional projects, especially photovoltaics,” the company explained in the 2023 annual report.
“The plan is to continue increasing our capacity, prioritizing renewable projects and maintaining our leading role in the transition energetic, with our expertise and solidity.
“During 2023, we acquired the three solar farms adjacent to Llanos 4 and 5 and we reached 100 MW [megawatts] of photovoltaic generation in the goal.
“We advance in the works of the solar powered arrays in Bolívar department, made up of five new solar farms in the Atlantic (100 additional MW) that will be added to the 32-MW of wind power operating in the northern department of La Guajira, strengthening our generation capacity on the Caribbean coast.
“We also signed an alliance with Atlas Renewable Energy, with potential investments that could translate into another 1,000 MW of renewable power for Colombia.
“We continue analyzing the viability of a wind project in La Guajira (300 MW) and other hydraulic projects (148 MW), which already have environmental licenses.
“With 15 of our power plants being hydroelectric — representing a high percentage of our total generation — the El Niño [drought] phenomenon, present during the second half of 2023, generated lower water inflows with high impact on the level of reservoirs, but without affecting our commitment to operational excellence,” the company added.
