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Blockchain Power Trust (TSXV:BPET) has released its financial results for the year ended December 31, 2017. As quoted in the press release: Highlights Produced 75,865 MW hours (“MWh”) of energy for the year ended December 31, 2017, generating revenue of $12.3 million with $3.2 million from the sale of electricity and $9.1 million from the …
Blockchain Power Trust (TSXV:BPET) has released its financial results for the year ended December 31, 2017.
As quoted in the press release:
Highlights
- Produced 75,865 MW hours (“MWh”) of energy for the year ended December 31, 2017, generating revenue of $12.3 million with $3.2 million from the sale of electricity and $9.1 million from the sale of green certificates.
- In December 2017, the Trust closed the acquisition of OMV Petrom Wind Power SRL (“OMV”), a wind park located in Dobrogea County, Romania, for net consideration of $30.7 million.
- Total energy production of 173,699 MWh from the Trust’s energy projects for the year including pre-acquisition production from OMV.
- In 2017, the Trust earned an operating margin (revenues less operating expenses) of $8.5 million, an increase of 44% over 2016 where operating margin was $5.9 million (see reconciliation of operating margin under “Non-GAAP Measures” described at the end of this press release).
- In December 2017, the board approved changing the name of the Trust to “Blockchain Power Trust”, which was effected in January 2018.
- In January 2018, the Trust closed a $43.2 million private placement, redeemed all of its outstanding $31.4 million principal amount of 7.5% unsecured convertible debentures, and repaid principal, accumulated interest and fees on certain promissory notes, bridge loans, and other liabilities in the aggregate amount of $10.7 million with units of the Trust.
