During Baseload Capital’s fourth year of operation, the focus has been on commissioning additional power plants and starting the development of our green field projects that include drilling. Despite the impact of Covid-19, we have moved forward in all markets and strengthened our pipeline. We have refined our project development process and learned more about the lead time to develop the projects.
The decreased result of SEK -155.3 million compared with SEK -71.3 million in 2020 is mainly due to the mentioned project impairment losses which amounted to SEK -94.3 million compared with SEK -6.9 million the previous year. Management costs increased by SEK 4.8 million as we did not have the same staffing throughout 2020 as compared to 2021. Interest expenses increased by SEK 3.9 million as compared to the previous year due to increased borrowing from the parent company Baseload Capital Holding AB.
Selected events during 2021:
- In Iceland, the second power plant, Reykholt, was commissioned. It has an output of 300 kW and is the first power plant to also be connected to the district geothermaling network. Fludir (the first power plant) has been upgraded from 600 kW to 1200 kW and work to tune in the new cooling system has begun.
- In Japan, our project company has begun work on building two smaller power plants in Kyushu in southern Japan as part of a larger project with the partner Furusato, and these are expected to be commissioned in Q1 2022.
- In Taiwan, the first well of the Westlake project was completed. The well did not have the flow we expected, but we took advantage of additional information about the geology in the area and a new well is planned based on these insights.
- During the year, we raised USD 25m of new equity and welcomed Chevron Technology Ventures as a new owner. In addition to capital, they also add knowledge in project development, geology and drilling.
- In the US, our development company continued to build a project pipeline, hired the first employees and are now working to commission a smaller pilot installation in 2022 intended to generate electricity using produced water from oil wells. During the year, work on upgrading the Wendel project also began.
- In the marketing area, we have launched two new concepts, the webinar series "The Earth has power, lets switch it on" and the podcast "The Switch" - both with the goal of accelerating the development of geothermal projects, educating the market and creating new partnerships.
- In the technology area, we have begun the development of a digital project platform in which we can collect data from projects at all stages of the development process. The ambition is to use this to facilitate and speed up project development.
The information was submitted for publication at 19:30 CET on 28 March 2021.
For more information, please contact:
Alexander Helling CEO of Baseload Capital
Baseload Capital Sweden AB Annual Report 2021