My name is Daniella, and I will be your conference operator. All lines have been placed on mute to prevent any background noise. This is Cox Energy América's third quarter 2022 earnings call. There will be a question and answer session after the speaker's opening remarks and instructions will be given at that time. Today, we have with us Mr. José Antonio Hurtado de Mendoza García, Chief Executive Officer, who will give an overview of the factors that influenced Cox's operating results. Mr. Javier García Arenas, Deputy Chief Executive Officer, Mrs. Raquel Alzaga, Chief Corporate Officer, and Mr. Enrique González Casillas , Global Head of Investor Relations. They will be discussing the company's performance and strategy as per the earnings release for the third quarter of 2022, issued on Friday, October 28.
If you did not receive the report, please contact Cox Energy's IR Department and they will email it to you, or you can download it from Cox Energy's website. Please note that this call is for investors and analysts only, and questions from the media will not be taken, nor should the call be reported on. Any forward-looking statements made during this call are based on information that is currently available. Please refer to the disclaimer in the earnings release for guidance on this matter. I will now turn the call over to Mr. José Antonio Hurtado. Please give us a minute as we are having technical difficulties with the mute button.
Thank you, Daniella. Can you hear me?
Loud and clear.
Thank you. Thank you, Daniella. Good morning, everyone. Thank you for joining us today. I'm very pleased to be speaking with you today and to answer any questions you might have. We have been able to adapt to the specific circumstances in each of the markets where we operate, creating synergies and working efficiently to deliver the best returns. In line with this, I am proud to report that we continue to deliver solid top-line results. This was the third consecutive quarter of significant growth, mainly driven by the energy trading and supply business in Mexico. We expect this positive trend to continue in the following market quarters. During the quarter, we obtained authorization to operate as an agent in the Colombian electricity market through our subsidiary, Cox Energy Comercializadora.
With this approval, Cox Energy América will now be able to trade energy and to be a key player in the distributed generation business in the Colombian electricity market. This strengthens our position in a region with favorable regulations, macroeconomic conditions. In Chile, the Sol de Vallenar project continues to make great progress. We are currently in the process of financing this project. To this point, I am glad to announce we have signed a financing structuring mandate, which once it's granted, the construction work for the first phase of the project will begin. We expect this process to be completed in early 2023. Regarding the PMGD projects in the region, we have also been working on the financing mandate for the first package of PMGD projects, a sum of 44 MWp in Chile.
During 2023, we expect most of these projects to be in operation. As part of our strategy in key Latin American markets, we have been actively working on tenders in new markets, such as Guatemala and Puerto Rico, where we expect to deliver positive news in the upcoming months. At the last shareholders meeting, the company was granted authorization to seek financing alternatives in some of the regions where we operate that have favorable conditions. We will focus primarily on debt issuance programs to achieve the business plan. We will share the progress of this initiative as opportunities arise. We have also been looking for other more traditional financing alternatives with financial institutions, which will allow us to generate the highest return on the company's resources.
I am sure this new financing strategy will provide the liquidity necessary to continue with our expansion strategy and meet the goals set out in our 2025 strategic plan. Next, I would like to give an overview of the most relevant corporate developments during the quarter. As you know, we have been working to list COXA shares on the BME Growth in Spain, and we are proud to announce that we are now in the final stages, as we are only waiting for the final authorizations and regulatory checkpoints. We expect the initial listing date for COXA on Spain's BME Growth to be within the next weeks. I would like to remind you that this is the first time in history that an issuer is listed on both BIVA and the BME Growth.
When the dual listing process is finalized, we will continue working to consolidate our operations in both Europe and Latin America. We have a great understanding of how the sector works, and we are bringing this knowledge to Latin America. The European platform that we are seeking to consolidate with Coxa has already engaged in the process of operating 619 MW peak, as it was published by the partner company a few months ago. Additionally, there is another group of projects in different development stages that adds up to more than 600 MW peak. We will make sure to keep you updated as this process continues to unfold. Cox Energy presence in Europe will increase our portfolio's diversification as we will have operations in North, Central, South America, and Europe, which will boost the visibility and profitability of our portfolio.
Finally, during the quarter, we attended BIVA Day in New York, where we participated in a panel presentation on alternative financing sources. We also attended the CEO Energy Conference hosted by Barclays, where we presented Cox Energy América's success story to different investor group who are interested in the renewable energy sector. We hope to continue participating in this type of conferences and events to increase the company's visibility and improve its marketability. As always, I would like to highlight our business model is inherently eco-friendly, so we have been focusing on strengthening the S and G components in ESG. In line with this, I'm pleased to report that Cox Energy América received a 50/50 women on boards award by Women Corporate Directors for being among the top 10 public companies in Mexico with the highest representation of independent women directors in each one.
This is the second year in a row we have received this award. With this, we're reaffirm our commitment to achieving gender balance in corporate boards. We will continue working on strengthening our corporate structure and bringing renewable energy solutions to all our stakeholders. I would now like to turn the call over to Javier García, who will share some details about our current portfolio and financial highlights.
Thank you, José Antonio. As we have mentioned before, we have actively increased our presence in countries with favorable regulations and macroeconomic conditions, minimizing our exposure to regulatory uncertainty. As a result, more than 70% of our projects are currently located in Chile, Colombia, and Central America. This quarter, we added 8 new projects to our current portfolio, reaching a total of 28 to the current portfolio. I would like to remind you that the projects classified under the current portfolio category have already cleared the internal screening process, made significant progress, and are on track with their timelines.
At the end of the quarter, the 28 active projects from the current portfolio are under different classifications depending on their development stage, with 51 MW projects under construction or in operation, 814 MW in advanced development and backlog, and 755 MW peak in initial development phase, adding up to 1,620 MW in total. We have also identified other opportunities, more than 800 MW. For further detail about the location, size, and stage of each of the projects within the active portfolio, please refer to our most recent earnings release, which includes. Next, I would like to give an update on the projects in our most relevant regions of the next twelve months. In Chile, we added 2 new PMGD projects to our portfolio for 18 MW peak.
This brings up to 8 PMGD projects and a total of 69 MWp, which have already been licensed. In Colombia, seeing interest to help our operations in one of the fastest growing countries in the region, we added significant projects under development to our portfolio during the quarter. We have 10 projects in Colombia, totaling 395 MWp, which represents 34.4% of our total portfolio. In Central America, we added 2 projects under development to the portfolio, for a total of 17 MWp, adding up to 121 MWp in the region. In Mexico, the energy commercialization business continued to rise, representing most of our total revenue for the quarter. We feel confident about this business line and expect it to continue to grow in the following quarters.
Turning into our financial results, total revenues for the quarter grew from MXN 7.3 million in the third quarter 2021 to MXN 80.3 million in the present quarter. On a cumulative basis, revenues reached MXN 281.9 million. This was mainly driven by the energy commercialization business in Mexico and self- consumption business. Gross profit reached to MXN 8.6 million in the third quarter 2022, compared to MXN 7.2 million in the third quarter of 2021, driven by our efficient cost structure and a significant increase in the revenues during the quarter. There was an operating loss of MXN 50.3 million during the quarter and MXN 92 million on a cumulative basis, given extraordinary and strategic expenses necessary to guarantee the company's operation viability, mainly impacting various expenses.
Also, I would like to remind you that most of our projects are still under development, and they require a significant operating expense. Net profit for third quarter 2022 was a loss of MXN 26.2 million, mainly impacted by the negative result of MXN 25.6 million year-over-year in the foreign exchange gain. This was an accounting effect that does not impact our cash flow and is the result of the depreciation of the US dollar compared to the different functional currencies in each country where we operate. There was also a negative result in the non-controlling interest share derived from the impact of the development stages of some projects, mainly related to the macroeconomic and regulatory environment in the countries where we operate. Without considering these effects, the net loss at the end of the quarter would have been MXN 15.3 million.
We are constantly evaluating the projects that we currently have in the portfolio in compliance with the prevailing accounting standards. When it is necessary to apply an impairment, we do so in line with the industry standards, along with the recommendations of our auditor. We expect 2022 to continue delivering strong results as the commercialization business in Mexico continue to grow and our project portfolio matures. We are confident that 2023 will be a great year for the company, and we will be able to reap the fruits of our labor from the past two years. For more detailed information of our financial results, please refer to our earnings reports, which were released last Friday and is now available on our website, or you can access the reports in Excel or PDF format on BIVA's website. Thank you for listening.
Operator, please open the floor for the Q&A session.
Thank you, Javier. We will now conduct a Q&A session. If you would like to ask a question, please press the Raise Your Hand button located at the bottom of the screen. If you are connected via telephone, please dial star nine. We remind you that all lines have been placed on mute. When it is your turn to ask a question, you will be given permission to speak. You will then be able to unmute yourself and ask your question. We will now pause for questions. Our first question comes from Martín Lara from Miranda Global Research.
Good morning, and thank you for the call. I have two questions, actually. The first one is, when do you expect to conclude the Ibox Energy acquisition? The second one is, if you could give us an update on the utility Portezuelo and La Meseta projects in Chile. Thank you.
All right. Thank you for the questions. The first question, we're talking about, I think, all the business in Europe, called Cox Energy Europa, which is the owner of Ibox Energy and the commercialization company in Spain. This merger will be done once we will be listed in Spain. Perhaps the first corporate matter that is our main goal is to be listed. Expecting, as I have told you a few minutes ago, that in the next weeks we will be listed, and then we will get into the merger of the European company. The second question was talking about the utility, our utility Portezuelo and La Meseta. Portezuelo, it's a project that's under the development stage. The first steps of development.
We expect that this project will be actually ready to build at the end of 2023-2024. The Meseta is a project that will be in operation by the end of this year or beginning next year. We'll have very good news in the next 10 months talking about the Meseta.
Thank you very much. Our next question comes from Carlos Alcaraz. Please state your company name and then ask your question.
Hello, this is Carlos Alcaraz from Apalache Análisis . Thanks for call. I have a couple of questions. The first one is about the financing of the project El Sol de Vallenar. What is the amount of the financing, and what are the credit condition expected to be obtained? On the other hand, in terms of the P&L, when do you estimate that the net profit will be positive?
Thank you, Carlos. Regarding El Sol de Vallenar mandate, we have signed, I mean, we are negotiating all this process. We have to select the advisor, and the advisor is also a bank, so it probably would take part of the project financing. We have two phases of this project. The first phase is 121 MW phase, and the second one will complete the 308 MW. We are expecting our first financing of $70-$80 million for the finance. When the second phase is in place, we expect from $180-$200 million for the finance facility. Okay.
Regarding the second question, yes, we are now under budget revision of 2023, and probably once we implement the European transaction, and we have all the development projects under our umbrella, and also the training and the self-construction business of Spain, then all everything consolidate under the Cox Energy América umbrella. We only at the end of 2023, then we can see this figure. Okay, thank you very much for the call.
Thank you, Carlos. We will pause once more for any further questions. All right. We have not received any further questions at this point, so that concludes our question and answer session. I would now like to hand the call back over to José Antonio Hurtado for some closing remarks.
Thank you. Thank you all for joining us today. Please don't hesitate to reach out to us if you have further questions. We appreciate your interest in Cox Energy América, and look forward to speaking with you again soon.
That concludes today's call. You may now disconnect. Have a good day.