Africa Clean Energy Solutions Reports $1.6 Million Loss for FY2023, Forecasts Revenue to Rise to $1.5 Million in 2024

Published On: October 16, 2023Company: Africa Clean Energy Solutions (ACES.mu)
What is the Group's outlook for the upcoming financial year?
The Directors are optimistic about the Group's future prospects, attributing it to the strategic shift into the ground-mounted solar (GMS) space, which brings opportunities for development fees and consistent income flows.

Summary

  • The Group reported a loss of $1.6m for the financial year ending 30 June 2023.
  • Revenue of $501k was earned from rooftop solar installations, which is expected to rise to $1.5m in 2024.
  • The Group is developing ground-mounted solar projects, with forecasted revenue of $1.5m in the following year.
  • Projects in Kenya, Uganda, and Zambia in US$ currency are protected against local currency fluctuations.
  • The construction of the east-African projects is yet to commence due to ongoing permitting phase.
  • In South Africa, the Group focuses on both short-term (rooftop solar installations) and long-term (ground-mounted solar projects) strategies.
  • For 2024-2025, the short-term strategy involves processing of 15 proposals for an estimated 8MW of rooftop installations due to an increase in power demand.
  • The long-term strategy includes developing 2 ground-mounted solar projects producing 192MW DC when completed, which is phase 1 of the plan.
  • Phase 2 plans to add 3 more ground-mounted solar projects totalling 300MW.
  • Capital was raised through issuance of new shares in ACES Renewables, and there is interest from parties in equity acquisition or debt provision.

Useful links

About Africa Clean Energy Solutions (ACES.mu)

Africa Clean Energy Solutions Limited (ACES) was incorporated in Mauritius on 8 December 2017 and holds a GBC1 license. ACES has been established with the aim of developing and operating clean energy power plants throughout Africa and to become a significant independent provider of clean energy. The goal of the company is to become a utility company in various African countries in the renewable energy field. Africa Clean Energy Solutions Limited is listed on the Stock Exchange of Mauritius.

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