Grenergy earns 12.7 million until September, 86% more, and increases its Ebitda by 49%

MADRID, 21 Nov.

Grenergy earns 12.7 million until September, 86% more, and increases its Ebitda by 49%


Grenergy obtained a net profit of 12.7 million euros in the first nine months of the year, a figure 86% higher than that of the same period in 2021, the company specialized in the development, construction and management of photovoltaic projects reported on Monday. , wind and storage.

Grenergy's gross operating result (Ebitda) increased by 49% between January and September, to 27.1 million euros, while its revenues increased by 14%, to 171.6 million euros.

The renewable energy producing company has highlighted that its results up to September "show a clear positive trend in operating and financial figures" and are explained by the start-up of its own parks and the sale of energy associated with them.

Grenergy, which currently has a project portfolio of 11.4 gigawatts (GW) under development, closed September with a net debt of 318.4 million euros, 76% more than a year earlier.

Despite the investments made, the company has ensured that it keeps the leverage ratio "contained" thanks to the positive increase in energy sales.

On the other hand, Grenergy has announced its new installed capacity targets for 2025, setting them at 5GW in solar and wind between its three platforms. Also, for the first time, it has made public its goal in storage, where it intends to reach 1 gigawatt per hour (GWh) between operation and construction.

Among these objectives, the geographical diversification of the company stands out, which intends to double the weight of its portfolio in Europe, going from the current 25% to 45% in 2025, as well as the entry of projects in the United States, which would already represent 10 % of the total.

The company currently has a total of 29 projects under construction totaling 779 megawatts (MW), which will be connected in the coming quarters. These include Belinchón in Spain (150 MW), Gran Teno (240MW), Tamango (54MW) and twenty other distribution projects in Chile (194MW).

Likewise, it continues to promote the storage business with 39 projects and 7.7 GWh under development, highlighting the signing of two agreements in Chile for the sale of long-term energy (PPA) from its solar parks in Gran Teno and Tamango for a production total of 240 GWh.

These contracts, which will enter into force in 2024, may soon be joined by the PPAs currently being negotiated for the Tabernas (300 MW) and Ayora (172 MW) farms.

"The results show the organizational growth of recent years, and the new objectives set for 2025 show the path of what we want to become", underlined David Ruiz de Andrés, CEO of Grenergy.