Spain's Grenergy comes out of Q1 2023 swimmingly, revenue up 105%

May 26 (Renewables Now) - Spanish renewables developer-operator Grenergy Renovables SL (BME:GRE) increased net income by 15% year-on-year to EUR 4.9 million (USD 5.3m) in the first quarter of 2023 on surging revenues driven by project sales and power purchase agreements (PPAs).

Earnings before interest, taxes, depreciation and amortisation (EBITDA) jumped by 94% to EUR 14.3 million, with energy EBITDA accounting for EUR 8.5 million of the total sum, up 27% on the year.

Revenues went up by 105% to EUR 96 milllion, mainly on the back of the sale of 21.6 MW of solar distributed generation projects in Chile and PPA takings.

Grenergy said that it now has 1.4 GW of renewables under PPAs in Spain and Chile, which helped it avoid the impact of declining energy prices.

The company signed 728 MW worth of PPAs in Spain in January through March, with Amazon.com and LyondellBasell, and said that it is negotiating to place a further 1.5 GW under off-take contracts.

Energy revenues brought in EUR 11.6 million, an increase of 38%.

Grenergy produced 273.9 TWh of electricity from its wind and solar farms globally, marking an increase of 44% on the year. Power production under PPAs rose by 75% to 198.6 TWh, while plants operating on merchant basis reduced output by 2% to 75.4 TWh.

Grenergy closed the period with 762 MW of installed wind and solar power capacity in Spain and Latin America, after adding 50 MW since the end of the fiscal year 2022. It also highlighted new additions to its battery storage portfolio, which grew to almost 10 GWh from 7.7 GWh, led by the Chilean market.

(EUR 1.0 = USD 1.075)