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    Grenergy's profit soars 86% with a 12.7 M gain from the start-up of more projects


    November 21, 2022 - CE Noticias Financieras

     

      Grenergy has reported results. The renewable energy producer and specialist in the development, construction and management of photovoltaic, wind and storage projects, shot up 86% its net profit to 12.7 million euros and raised its operating profit (ebitda) by 49% to 27.1 million in the first nine months of 2022, as reported Monday by the company to the National Securities Market Commission (CNMV).

      The upturn in the main financial parameters is mainly explained by the entry into operation of its own wind farms and the sale of energy associated with them. The listed company currently has a portfolio of projects under development of 11.4 GW, which represents an increase of 5.1 GW in the last year.

      On the other hand, the company published its new installed capacity targets for 2025, setting 5GW in solar and wind between its three platforms. Also, for the first time, it publishes a target for storage, where it aims to reach 1 GWh between operation and construction to be achieved in that period. These targets include the company's geographic diversification, which aims to double the weight of its portfolio in Europe from the current 25% to 45% by 2025, as well as the entry of projects in the USA, which would already represent 10% of the total.

      The company continues to make progress in the construction of a total of 29 projects totaling 779 MW, which will be connected in the coming quarters. These include Belinchón in Spain (150 MW), Gran Teno (240 MW), Tamango (54 MW) and another twenty PMGD distribution projects in Chile (194 MW). It also continues to promote the storage business with 39 projects and 7.7 GWh under development.

      In this period, the company signed two agreements in Chile for the long-term sale of energy (PPA) from its Gran Teno and Tamango solar farms for a total production of 240 GWh. These contracts, which will come into force in 2024, may soon be joined by the PPAs currently being negotiated for the Tabernas (300 MW) and Ayora (172 MW) farms.

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