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Grenergy earns 4.9 million until March, 15% more, and doubles sales and Ebitda

MADRID, 24 May.

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Grenergy earns 4.9 million until March, 15% more, and doubles sales and Ebitda


Grenergy obtained a net profit of 4.9 million euros in the first quarter of the year, a figure 15% higher than that of the same period in 2022, as reported by the renewable energy production company on Wednesday.

Grenergy's gross operating result (Ebitda) reached 14.3 million euros between January and March, almost double that of the same period last year (94%).

For its part, the sales of the company specialized in the development of photovoltaic, wind and storage projects doubled in the first quarter compared to the same period in 2022, reaching 96 million euros.

Grenergy explained that its first quarter results were marked by the sale of two solar parks in Chile with a capacity of 21.6 megawatts (MW) and by its commitment to long-term power purchase agreements (PPAs), which they mitigated the drop in energy prices in their accounts.

The company currently has contracted 2,000 million euros in PPAs in Spain and Chile for a total of 1.4 gigawatts (GW). This, as Grenergy has highlighted, "will protect" the group "from the volatility of energy prices in 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 year and for the next, thus avoiding the need to resort to other types of operations," the group highlighted.

Grenergy's project portfolio grew in the first quarter from 12.5 GW of 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 parks.

Regarding its storage portfolio, Grenergy has gone from 7.7 gigawatts per hour (GWh) to almost 10 GWh in this 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 portfolio with 4.8 GW, 4.4 GW and 4 GW, respectively.

The company has also highlighted that it has met the objectives that it had set for this first quarter in the ESG 2023 roadmap.

"Our proven ability to contract electricity sales via PPA, 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 rate of growth", underlined the CEO of Grenergy , David Ruiz de Andres.