The Q1 of 2017 highlights are as follows:
Produced 19,570 MWh of energy for the quarter ended March 31, 2017 compared to 5,187 MWh in the first quarter of 2016, an increase of 277% and generated revenue of $2,779,970, with $790,804 from the sale of electricity and $1,989,166 from the sale of green certificates (or the “GCs”).
Earned operating margin (revenues less operating expenses) of $2,001,405 for the quarter, an increase of 218% over the operating margin of $628,059 for the first quarter of 2016 (see reconciliation of operating margin under “Non-GAAP Measures”).
The Trust closed a $3.8 million secured debt facility on January 20, 2017 and repaid the Sprott debt facility early.
During the quarter, the Trust completed a cost rationalization exercise across its Romanian operations that management believes will result in a reduction of annual costs of approximately $300,000 and improved operating performance of the Trust’s hydroelectric assets.
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