Grenergy's net profit down by 54% in H1 2023

September 28 (Renewables Now) - Spanish renewables developer-operator Grenergy Renovables SL (BME:GRE) closed the first semester of 2023 with a net profit of EUR 4 million (USD 4.2m), down by 54% year-on-year, despite revenues shooting up 110%.

The second quarter ended in a net loss of EUR 0.9 million, compared a EUR-4.9-million profit a quarter earlier, as expenses and financial costs increased across the board, according to Grenergy’s earnings report released on Wednesday.

The company still celebrated revenues of EUR 225.8 million for the first half of the year, attributing the result to asset rotation and higher energy sales thanks to new power plants starting operation. Earnings before interest, taxes, depreciation and amortisation (EBITDA) for the period rose by 8% on the year to EUR 21.7 million, with EBIT coming down by 1% to EUR 13.8 million.

Energy revenues and energy EBITDA rose by 17% and 11% year-on-year, respectively.

At the end of the January-June period, Grenergy had 765 MW of wind and solar farms in operation in Spain and Latin America. These power plants combined generated 605.5 TWh during the reporting period, marking an increase of 28% on the year.

Grenergy is also active in the energy storage segment, with two mature projects totalling 120 MWh coming up in Chile. Its total storage pipeline stands at 10,705 MWh.

(EUR 1.0 = USD 1.054)