The Italian developer and largest shareholder of inverter maker Elettronica Santerno, said on Friday it would delay its financial results for the first half. Its statement also revealed the loss of a contract to build a 120 MW solar plant in Spain and a $5 million loss linked to another project in the US.
The Italian stock exchange today announced trading in the shares of Italian solar developer Enertronica has been suspended, following an announcement by the company on Friday of a delay in the publication of financial results for the first half, due to the “two important changes with respect to the order pipeline previously communicated to the market”.
In its press release, Enertronica – the largest shareholder in Italian inverter maker Elettronica Santerno – revealed a €14 million ($16.5m) order it had received for the construction of a 120 MW solar project in Spain will not be realized. The 200 MW inverter order it received from an unnamed Spanish client in August, however, is still in the pipeline, the Italian company said.
“Production activities related to this contract have had a shift of about six months in respect of what was initially foreseen, and therefore the effects on the 2018 budget will be less evident than initially estimated,” added the company.
Enertronica also revealed it completed construction of a 27 MW solar plant in Nevada, in the United States, but that the project incurred a loss of around $5 million, due to the difficulty of obtaining local labor and issues represented by using European and international employees.
The Italian company said it has secured a new 120 MW inverter order worth €10 million from South Africa. “This contract had not been included in the financial outlook and therefore it will compensate, in terms of revenue, [for] the loss of the contract in Spain, while also confirming the excellent commercial results achieved by Elettronica Santerno in the course of 2017-2018,” the company added.
In full fiscal year 2017, Enertronica achieved revenue of €90 million for a net loss of €780,000.
Source PV Magazine