Regulatory News:
NHOA (Paris:NHOA)(NHOA:PA, formerly Engie EPS) has been informed
today by ENGIE North America that, on 25 October 2021, ENGIE North
America notified Hawaiian Electric Company, Inc. (HECO) of its
decision to abandon the Puako solar and storage project due to
elevated interconnection costs coupled with global supply chain and
production issues, as well as tariffs and trade disputes
specifically affecting the photovoltaic solar industry.
This project is a 60 MWAC solar plus 240 MWh battery storage
facility, which was awarded to ENGIE in May 2020 and in which NHOA
was to supply the battery storage system and act as a full storage
solution provider and system integrator, as subcontractor to
ENGIE.
NHOA is obviously disappointed with ENGIE’s decision, and takes
this opportunity to clarify that the production issues mentioned by
ENGIE are in no way related to NHOA’s technology nor scope of
supply.
As consistently reported to the market, the project was included
in the “Contracts Secured”1 category among NHOA’s key performance
metrics, and therefore ENGIE’s decision has no impact on NHOA’s
current Backlog2.
Accordingly, the Pipeline as at September 30, 2021, the Backlog
as at 27 October 2021 and the 12-month Oder Intake3 as at 27
October remain unchanged at, respectively, €833 million, €205
million and €208 million, as published in the October 27, 2021 Q3
Trading and Operational Update. Contracts Secured now stand at €56
million (compared to €104 million).
The 2021 guidance is not impacted and 2022 guidance is also
confirmed.
NHOA will consider, in coordination with its majority
shareholder TCC (TWSE: 1101), the legal implications to NHOA and
TCC of ENGIE’s decision, in light of the assurances given in the
past by ENGIE to NHOA’s board of directors and TCC at the time of
the acquisition by TCC of ENGIE’s majority stake in NHOA, as
already disclosed in the report of A2EF, the independent expert
appointed in connection with the mandatory tender offer on NHOA
that followed TCC’s acquisition.
NHOA
NHOA (formerly Engie EPS) develops technologies enabling the
global transition towards clean energy and sustainable mobility,
shaping the future of a next generation living in harmony with our
planet. Listed on Euronext Paris regulated market (NHOA.PA), NHOA
forms part of the CAC® Mid & Small and CAC® All-Tradable
financial indices. Its registered office is in Paris, with
research, development and production located in Italy.
For further information, go to www.nhoa.energy
Forward looking statement
This release may contain forward-looking statements. These
statements are not undertakings as to the future performance of
NHOA. Although NHOA considers that such statements are based on
reasonable expectations and assumptions at the date of publication
of this release, they are by their nature subject to risks and
uncertainties which could cause actual performance to differ from
those indicated or implied in such statements. These risks and
uncertainties include without limitation those explained or
identified in the public documents filed by NHOA with the French
Financial Markets Authority (AMF), including those listed in the
“Risk Factors” section of the NHOA Universal Registration Document
filed with the AMF on 7 April 2021 (under number D.21-0273).
Investors and NHOA shareholders should note that if some or all of
these risks are realized they may have a significant unfavorable
impact on NHOA.
These forward looking statements can be identified by the use of
forward looking terminology, including the verbs or terms
“anticipates”, “believes”, “estimates”, “expects”, “intends”,
“may”, “plans”, “build- up”, “under discussion” or “potential
customer”, “should” or “will”, “projects”, “backlog” or “pipeline”
or, in each case, their negative or other variations or comparable
terminology, or by discussions of strategy, plans, objectives,
goals, future events or intentions. These forward-looking
statements include all matters that are not historical facts and
that are to different degrees, uncertain, such as statements about
the impacts of the Covid-19 pandemic on NHOA’s business operations,
financial results and financial position and on the world economy.
They appear throughout this announcement and include, but are not
limited to, statements regarding NHOA’s intentions, beliefs or
current expectations concerning, among other things, NHOA’s results
of business development, operations, financial position, prospects,
financing strategies, expectations for product design and
development, regulatory applications and approvals, reimbursement
arrangements, costs of sales and market penetration. Important
factors that could affect performance and cause results to differ
materially from management’s expectations or could affect NHOA’s
ability to achieve its strategic goals, include the uncertainties
relating to the impact of Covid-19 on NHOA’s business, operations
and employees. In addition, even if the NHOA’s results of
operations, financial position and growth, and the development of
the markets and the industry in which NHOA operates, are consistent
with the forward-looking statements contained in this announcement,
those results or developments may not be indicative of results or
developments in subsequent periods. The forward-looking statements
herein speak only at the date of this announcement. NHOA does not
have the obligation and undertakes no obligation to update or
revise any of the forward-looking statements.
1 Contracts Secured means projects awarded, for which the
signature of the full sets of the agreements has not been yet
completed. Typically, when NHOA is awarded with a tender, typically
being project financing, there are several steps to be completed
(i.e., the EPC Agreement, the Notice to Proceed, permission to be
signed). “Contracts Secured” are no longer part of the “Pipeline”
but are not yet part of the “Backlog”. They will do so only once
terms of documentation and planning permission are defined.
2 Backlog means the estimated revenues and other income
attributable to (i) purchase orders received, contracts signed and
projects awarded, and (ii) Project Development contracts associated
with a Power Purchase Agreement, where the agreed value is a price
per kWh of electricity and an amount of MW to be installed. When
any contract or project has started its execution, the amount
recognized as Backlog is computed as (A) the transaction price of
the relevant purchase order, contract or project under (i) and (ii)
above less (B) the amount of revenues recognised, as of the
relevant reporting date, in accordance with IFRS 15 (representing
the amount of transaction price allocated to the performance
obligations carried out at the reporting date).
3 12-month order intake represents the cumulated value of new
purchase orders received, contracts signed and projects awarded in
the 12 months preceding the relevant reporting date.
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Press Office: Claudia Caracausi, Image Building, +39 02
89011300, nhoa@imagebuilding.it Corporate and Institutional
Communication: Cristina Cremonesi, +39 345 570 8686,
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