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    Grenergy's first-half earnings rose 29% thanks to the start-up of its own wind farms


    September 26, 2022 - CE Noticias Financieras

     

      The renewable energy company Grenergy achieved a net profit of E8.8 million in the first half of 2022, almost 29% more than in the same period of the previous year.

      The boost to its figures is mainly due to the entry into operation of its own wind farms and the sale of energy associated with them, reaching 578 MW in operation with the recent connection of distribution wind farms in Colombia and Chile. The company also has 802 MW under construction, which will be connected in the coming months.

      Gross operating profit (ebitda) for the period reached 20.1 million, an increase of 51% compared to the 13.3 million recorded last year. The listed company's revenues increased by 30% from 82.5 million to 107.3 million.

      EBITDA stood at -37.7 million (compared to 5.9 million in the first half of 2021). Net debt reached 270.2 million (121% higher than in the first half of 2021). That said, it experienced an improvement compared to the previous quarterly presentation due to the 90 million capital increase.

      "With our balance sheet and equity strengthened by the recent capital increase, we are fully focused on our growth plans, mainly with a focus on new markets such as Germany or the United States, as well as on new storage technologies," explained Grenergy's CEO, David Ruiz de Andrés.

      Grenergy's total solar and wind pipeline already reaches 13 GW in a total of eleven markets. Of these, 1.4 GW is already in operation and construction projects. The company also highlights the entry into the construction phase of the Matarani project in Peru (96 MW) and the Tamango project in Chile (54 MW).

      Business

      The development and construction business posted revenues of 79.6 million euros in the year, up 6%. Revenues came mainly from activations in the construction of own plants and the sale of solar farms to third parties, with the sale of two PMGDs in Chile (20 MW). The ebitda margin in the first half of the year was 29%.

      The energy division obtained sales of 26.2 million mainly from the solar and wind farms in operation. The division's ebitda margin for the period was 67% higher.

      The services division increased its revenues by 48.3% compared to the same period in 2021. This increase came mainly from the higher number of plants delivered to third parties in Chile to which operation and maintenance services will be provided. The ebitda margin increased by 24%.

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