Renewable energy developer, Manawa Energy, has increased its earnings guidance for the year ending March 31 2024.
The company now expects its earnings before interest, tax, depreciation, amortisation, and fair value adjustments (EBITDAF) to be in the range of $142 million to $147m, up from the previous range of $120m to $140m.
Manawa attributed the revision to factors such as improved operating efficiencies, favourable energy trading conditions in the third and fourth quarters, and strong irrigation demand.
The new guidance is contingent on no material events occurring for the remainder of the financial year.
Manawa also provided an update on its renewable development options, revealing that it has secured resource consent for the Argyle Solar Farm and land options for a potential wind farm and solar opportunity.
Capital expenditure guidance, however, remains unchanged at $65m to $80m.
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