Grenergy cuts its profit as of June by 54%, to 4 million, but doubles its sales and increases Ebitda by 8%

MADRID, 27 Sep. (EUROPA PRESS) -

Grenergy obtained a net profit of four million euros in the first half of the year, which represents a drop of 54% compared to the same period of the previous year, according to the company.

This drop in profits compared to a year ago was mainly due to a higher financial expense derived from the entry of new plants into operation, as well as the corresponding accounting amortization.

However, the renewable group increased its income in the period from January to June by 110%, to 225.8 million euros, while its gross operating result (Ebitda) increased by 8% compared to the first half. of 2022, reaching 21.7 million euros.

These improvements in the company's figures are the result of higher energy sales as a result of the entry into operation of new projects, as well as the recurring rotation of assets, in this case two projects in Chile that total 21.6 megawatts ( MW).

Thus, after these half-year results, the group's CEO, David Ruiz de Andrés, highlighted that Grenergy has "sufficient financial strength, proven operational capacity and sufficient investment projects to face a decisive stage in the company's growth." ".

In this first half of 2023, the company also successfully closed the first milestone of the Valkyria operation with the sale of the entire 150 MW Belinchón park.

In this sense, the company indicated that it expects this sale to be reflected in the financial statements of the second half, which will report net debt income for Grenergy of 83 million euros.

In addition, Grenergy is making headway in achieving Valkyria’s next milestones, which also includes its Tabernas (250 MW), Ayora (172 MW), José Cabrera (50 MW) and Clara Campoamor (259 MW) photovoltaic plants, all located in Spain.

The 'green' energy firm's plans involve continuing to promote its strategic growth plan in the three regions in which it is present, Europe, the United States and Latin America, with the funds obtained within the framework of the sale, and which also will be allocated to its commitment to energy storage.

Grenergy, which will celebrate its first Capital Markets Day on November 21, also accumulates long-term contracts (PPAs) worth 2,000 million euros for assets located in Spain, Chile or Colombia, after the recently agreed to supply Enel Generación Perú. In addition, it has another 1.5 gigawatts (GW) under negotiation in its three markets.

The group has closed the period with a portfolio with 15.7 GW in photovoltaics and 10.7 gigawatt hours (GWh) in storage, thanks to the progress of projects in its different geographies, especially highlighting the contribution of countries such as Mexico, Italy, Germany or Poland.