Greenalia doubles net profit in H1 2022

December 5 (Renewables Now) - Spanish renewables developer Greenalia has doubled its net profit in the first half of 2022, recording EUR 10 million (USD 10.4m), the company announced last week.

Revenues were up by 89% year-on-year to EUR 53.1 million, while earnings before interest, taxes, depreciation and amortisation (EBITDA) came at EUR 24.5 million, up by 49%, Greenalia said.

According to the company, the first semester of 2022 was the best period in its history. The positive results were owed to the company's consolidation and excellent performance of its operational assets -- five wind and one biomass-fired plant -- totalling 125 MW combined.

During the six-month period, the Spanish developer expanded its presence in the US, where it recently acquired three utility-scale solar projects totalling 502 MWp and one 303-MW wind project in Texas.

The company also highlighted the signing of two wind power purchase agreements (PPAs) as important milestones. Specifically, a PPA for 183 MW with US aluminium producer Alcoa Corp (NYSE:AA) and another supporting 123 MW of wind power with Japanese chemicals company Showa Denko K.K. (TYO:4004).

(EUR 1.0 = USD 1.045)