Good afternoon, and welcome to Colbún's Q1 2023 results Conference Call. I will now hand over to Miguel Alarcón to begin the presentation.
Hello, everyone, and welcome to Colbún's Q1 2023 earnings review call. My name is Miguel Alarcón. I am the company's CFO. Joining me today are Isidora Zaldívar and Macarena Güell from the investor relations team. I hope that you have received our earnings report and an earnings review presentation that we have prepared to complement the analysis of our figures. Otherwise, you can download them at the investor section of our website. Agenda for today on slide 3 is as follows: We will begin talking about the highlights of this quarter to then analyze in detail this quarter's results. After that, we will provide an update on our growth opportunities. Following the presentation, there will be time to participate in a Q&A session. Now, please go to slide number 4 to review the highlights of this quarter.
1. On March 31st, the company reached 47% completion of Horizonte wind project. Specifically, during the 1st quarter of 2023, the assembly of the turbines began, reaching mechanical completion of the 1st two wind turbines. In addition, the construction of internal roads, platforms, and foundations of the wind turbines is still in progress, with an advance of 63%, as well as the substation, transmission lines, and medium voltage networks, with an advance of 52%. In total, 156 main components have been unloaded to date at the wind turbine site, including blades, towers, hubs, and generators. 2. During the quarter, the company requested to the National Electric Coordinator to perform the real-time signal tests of Diego de Almagro batteries for their certification.
During this Q1, the batteries are in the final phase of their commissioning and will have a capacity of 8 MW for four hours. 3, on March 28, the board of directors agreed to propose to the ordinary shareholders meeting to distribute a total definitive dividend of $148 million, consisting of a definitive dividend of $64 million and a provisional dividend of $84 million paid in December of 2022, which represents 50% of the total distributable net income for last year. Finally, an additional dividend of another $75 million. In terms of subsequent highlights, 2 things to comment.
On April 24th, the company received $116.4 million from Alfa Desarrollo SpA, corresponding to a final price adjustment associated with the Colbún Transmisión S.A. shares sale, as agreed by the parties in the purchase and sale agreement dated March 30, 2021, whose closing and payment was reported on August 10, 2021, leaving on that occasion a final adjustment price customary in this type of transactions. By arbitration decision dated April 13, a claim of Puerto Coronel S.A. against Colbún S.A. was rejected, which sought to readjust the Santa María Thermal Power Plant coal and loading tariffs based on their income tax rate increase.
By arbitration sentence dated April 18th of this year, Colbún S.A. lawsuit against Puerto Coronel S.A. was rejected, which had the purpose of demanding constituting compliance and operating company contractor obligation that manages the port assets and coal transportation to Santa María Thermal Power Plant. Please go to slide number 5 to review the main consolidated figures of the company. Consolidated EBITDA in the Q1 of this year reached $192 million, increasing 32% compared to the $146 million EBITDA of same quarter last year. This increase is mainly explained by the higher income, mainly explained by, first, higher revenues from sales to unregulated clients in both countries, Chile and Peru. Second, higher revenues from the sale of energy and capacity in the spot market in Chile.
Third, higher revenues from sales to regulated clients in both countries, Chile and Peru. This effect was partially offset by an increase in the costs of raw materials and consumables used. The company recorded a profit of $92 million, compared to a $56 million profit recorded last year, mainly due to the higher EBITDA recorded in the period and the lower non-operating loss, mainly associated with higher financial income, driven by the higher cash surpluses investment rates. As of March 31st, the company holds $1,062 million of cash and cash available, and net debt to EBITDA ratio is at 1.3 times. I will turn to Macarena, who will speak about the main drivers of this quarter results.
Thank you, Miguel. Hello to everyone. Now please continue to slide 7 for physical sales and generation balance analysis in Chile. Total generation of the period increased six percent compared to the Q1 2022, mainly explained by, first, a greater hydroelectric generation over 151 gigawatt-hours due to the greater snow season compared to the Q1 2022, driven by the better hydrological conditions during the year. Second, where gas generation over 114 gigawatt-hours, affiliated with a greater availability of Argentina's gas, coupled with a higher availability of our gas-fired power plants. These effects were casually offset by lower energy purchases for third parties. Physical sales during the quarter reached 3,344 kilowatt-hours, five percent higher than the Q1 of 2022.
Mainly due to, first, higher sales to the spot market, explained by the higher generation recorded in the quarter. Second, higher sales to regular clients, mainly due to the expiration of regular clients contracts, which at the same time generate a higher load factor for those contracts that are still in force. The spot market balance during the Q1 of 2023 records net sales of 320 gigawatt-hours, while the Q1 of 2022, net sales of 240 gigawatt-hours were recorded. This variation is mainly explained by the higher generation during the quarter. Please consider to slide 8 to analyze the EBITDA for the generation business in Chile for this quarter.
EBITDA in Chile reached $167 million in the Q1 of 2023, increasing 39% compared to the EBITDA of $121 million in the Q1 of 2022, mainly due to higher operating income, partially offset by higher raw materials and consumable usage costs. Please continue to slide 9 for physical sales and generation balance analysis in Peru. Total generation of the period increased six percent compared to the Q1 of 2022, reaching 969 gigawatt-hours, mainly explained due to the lower availability of the plant, driven by the scheduled maintenance performance during this quarter. Physical sales during this quarter reached 950 gigawatt-hours, decreasing 5% compared to the Q1 of 2022, mainly explained by lower energy sales to the spot markets, explained by the lower generation.
This effect was partially offset by higher sales to unregulated clients, explained by the entry into force of a new unregulated client contract for 105 MW. The spot market balance during the Q1 of 2023 recorded net sales of 77 GWh compared to the net sales of 385 GWh during the same quarter of the previous years due to the lower generation recorded in the period, mainly explained by, first, the lower Fenix CT generation mentioned before, and second, a higher client consumption. Now please continue to slide 10 to analyze the EBITDA in Peru for the Q1 of 2022. EBITDA in Peru reached $25 million in the Q1 of 2023, in line with the EBITDA of the $25 million registered in the Q1 of 2022.
This result is mainly explained by increase in operation income, partially offset by an increase in raw materials and consumable usage costs. Please continue to slide 11 for consolidated non-operating income and net income analysis. Non-operating income in the Q1 of 2023 recorded losses of $19 million compared to $31 million loss recorded in the Q1 of 2022, mainly attributed to higher financial income due to the higher cash surplus investment rates. The company recorded a profit of $92 million compared to the profit of $56 million in the Q1 of 2022, mainly to, first, highlight the higher EBITDA recorded in the period, second, the lower non-operational loss previously mentioned. Continuing with this conference, please go to slide number 13, where Miguel will give you an update on the status of our growth opportunities.
Thank you, Macarena. Regarding our growth opportunities in Chile, relevant updates for this quarter are as follows. Horizonte. As of the Q1 of 2023, 47% of the project was completed. Turbine assembly began, reaching mechanical completion of the 2 wind turbines in March. In addition, the construction of internal roads, platforms, and foundations for the wind turbines is still in progress with 63% progress, as well as the substations, transmission lines, and medium voltage network with 52% progress. In total, 156 main components have been unloaded to date at the wind turbine site, including blades, towers, hubs, and generators. Los Junquillos. During this quarter, the public participation process was initiated as part of the environmental approval process. Diego de Almagro BESS. As of the Q1, it's in the final phase of commissioning.
For more information regarding our pipeline of projects, please review our earnings report. This concludes Colbún's Q1 2023 results review. Thank you for listening, and now we're open to answer your questions.
Thank you. We will now move on to the question and answer session. If you would like to ask a question, please press star 2 on your phone and wait to be prompted. If you're dialed in by web, you can either type your question in the box provided or request to ask a voice question. We'll now wait a moment or 2 for the questions to come in. Just a reminder, if you would like to ask a question, please press star 2 on your phone and wait to be prompted. Or if you're dialed in by web, you can either type your question in the box provided or request to ask a voice question. We'll just give it a couple more minutes. Just a reminder, star 2 if you have a question. Thank you.
I'm not seeing any questions, so perhaps I can hand over to Miguel for closing remarks. Thank you.
Yes. Since there are no questions, thank you for interest in the company, for joining this Conference Call, and we'll meet again for the Q2 results review. Hope you all have a great weekend and bye-bye.
That concludes the call for today. Thank you and have a nice day.