Grenergy's profit rises 86% driven by generation activity

Grenergy increased its net profit by 86% in the first nine months of the year to 12.7 million euros thanks to the entry into operation of its own renewable energy parks and the sale of energy associated with them. Between January and September, the gross operating profit (ebitda) increased by 49% to 27.1 million, according to the accounts submitted by the renewable energy producer to the National Securities Market Commission (CNMV).

Grenergy's income reached 171.6 million euros, 14% more than in the same period of the previous year. The listed company currently has a portfolio of projects under development of 11.4 GW, an increase of 5.1 GW in the last year. The company is progressing in the construction of a total of 29 projects totaling 779 MW, which will be connected in the coming quarters.

It also continues to drive the storage business with 39 projects and 7.7 GWh under development. At the financial level, the company, which already has more than 1,000 million euros in capital, raised 90 million euros in the accelerated capital increase last June, and successfully renewed its green notes program with the aim of diversifying its sources of financing and optimizing capital costs.

In addition, it has set a target of 5 GW of installed capacity in solar and wind power between its three platforms by 2025. With regard to storage, it aims to reach 1 GWh between operation and construction during this period.

Geographic diversification will also be one of the challenges for the company, which aims to double the weight of its portfolio in Europe, from the current 25% to 45% in 2025, as well as the entry of projects in the USA, which would already represent 10% of the total.