Grenergy's gross operating profit(Ebitda) reached E14.3 million between January and March, almost double that of the same period last year (+94%).
Meanwhile, sales of the company specializing in the development of photovoltaic, wind and storage projects doubled in the first quarter compared to the same period of 2022, to E96 million.
Grenergy explained that its first quarter results were marked by the sale of two solar farms in Chile with a capacity of 21.6 megawatts (MW) and by its commitment to long-term power purchase agreements (PPAs), which mitigated the fall in energy prices in its accounts.
The company currently has 2,000 million euros contracted in PPAs in Spain and Chile for a total of 1.4 gigawatts (GW). This, as highlighted by Grenergy, will "protect" the group "from the volatility of energy prices over the next 15 years". Additionally, the company has another 1.5 GW under negotiation.
"The entry into operation of new projects and the recurring rotation of assets clears Grenergy's financing horizon for this fiscal year and the next, thus avoiding the need to resort to other types of operations," the group has highlighted.
Grenergy's project portfolio grew in the first quarter from 12.5 GW wind and solar to 14 GW, of which 1.8 GW are already in operation or under construction. These include the entry into operation of the 150 MW Belinchón photovoltaic plant and the start of construction of the 172 MW Ayora and 50 MW José Cabrera wind farms.
In terms of its storage portfolio, Grenergy has increased from 7.7 gigawatt hours (GWh) to almost 10 GWh in the first quarter. The Latin American market, led by Chile, leads this battery segment with 4 GWh, followed by the United States (3 GWh) and Europe (2.8 GWh). The three complete their solar and wind portfolios with 4.8 GWh, 4.4 GWh and 4 GWh, respectively.
The company also highlighted that it has met the targets it had set for this first quarter in the ESG 2023 roadmap.
"Our proven capacity to contract electricity sales via PPAs, asset rotation that allows us to raise capital, as well as the significant commitment to batteries, will allow us to reduce risks and maintain the pace of growth," said Grenergy's CEO, David Ruiz de Andrés.