During the first quarter of 2020, the company continued to develop projects in Japan, Taiwan and Iceland. Covid-19 has so far had limited effect on the company; the impact on ongoing projects has led to some delays in some of the projects, but the work has largely been able to proceed as planned. However, travel restrictions mean temporarily less focus on business development.
- The result for the period was SEK -8.3 million (SEK 9.9 million for the same period in 2019).
- During the first quarter, work continued on commissioning the first project in Japan, Waita. After the end of the quarter, at the end of April, the power plant went into operation. In the second quarter, the next project, Midori, is expected to be completed.
- In Taiwan, work is ongoing on a number of projects, where the first power plant is expected to be commissioned during the first half of 2021.
- In Iceland, a couple of new power plants are expected to be commissioned during the year.
- The terms of the green bond issued by the company during the first quarter of 2019 have been renegotiated and changed to better suit the company's business model. All covenants that the company must comply with were met during the quarter.
- During the quarter, the parent company Baseload Capital Holding AB raised a convertible loan of SEK 94.2 million from the principal owners in order to strengthen liquidity.
- After the end of the quarter, the company has utilized SEK 55.3 million from the bond proceeds for investments in Japan, and SEK 40.5 million for investments in Taiwan.
For more information, please contact:
Alexander Helling, CEO of Baseload Capital
Johan Edin, CFO of Baseload Capital
Q1 2020 Report - Baseload Capital Sweden AB (publ)