Paris, December 22, 2021 – Méthanor (Euronext Growth, FR0011217710 ALMET), a company specializing in the financing and operation of renewable energy projects, announces the full provision of its investment in the company Chavort, which operates a hydroelectric power station in Isère in the region of the eponymous town.
Sponsored and operated by Akuo Energy, the contracting authority, the Chavort hydropower plant, with a capacity of 2 MW, was expected to generate an annual turnover of 1.15 million euros. Unfortunately, the site has experienced a number of technical issues since its launch in 2018, which have resulted in operating losses every year.
These difficulties have led the management of Méthanor to gradually provision its investment since 2019. Thus, the provisioned amount totaled € 688,000 as of June 30, 2021.
Three years after the plant was put into service, additional work is now necessary to secure the departmental bridge located next to the dam and various corrections to the design of the plant will have to be carried out for significant amounts.
Under these conditions, and faced with the sharp downward revision of the site’s production capacity and financial outlook, the management decided to fund all of its investment. Already provisioned at 35%, the participation will be the subject of an additional provision of € 1,242,000 for the financial year which will end on December 31, 2021.
This accounting transaction has no impact on Méthanor’s cash flow but will weigh on its annual accounts, which will show, for the first time since its creation in 2012, a net loss in 2021. Consequently, the company will undoubtedly not be in able to distribute a dividend next year.
About Méthanor
Listed on the Euronext Growth market in Paris (FR0011217710 ALMET), Méthanor aims to finance and operate renewable energy projects. The electricity or gas produced is resold to EDF or Engie within the framework of the Grenelle de l’Environnement objectives and benefit from feed-in tariffs guaranteed for 20 years. These guaranteed buyback contracts provide Méthanor with a secure return over 15 to 20 years.
For more information: www.methanor.fr
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T: 01 40 15 61 77
Ulysses Communication
Fabio Marquetty
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