RENOVA delays Karatsu biomass facility again

RENOVA has postponed the operational start date of its Karatsu biomass facility from this month to September this year.
This is due to additional time required for adjustments to the boiler and turbine facilities, to ensure long-term stable operation at the plant.
Karatsu Biomass Energy G.K., the owners, are expected to receive liquidated damages from the EPC for a period of time, due to the change in the start of commercial operation based on the EPC contract.
The impact of this schedule change on the financial results for the current fiscal year (ending March 31, 2025) is expected to affect “Gain on remeasurement to fair value of pre-existing interest in business combination” that was anticipated to be recorded this fiscal year, as it will be deferred to the next fiscal year.
Consequently, it is expected to impact the “profit attributable to owners of the parent company”.
There will be no impact on Revenue, EBITDA or Operating Profit, said RENOVA.