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Grenergy registers record profits of 74 million as of September

MADRID, 16 Nov.

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Grenergy registers record profits of 74 million as of September


Grenergy obtained a historical net profit of 73.6 million euros in the first nine months of the year, which represents almost six times the profits of 12.8 million in the same period of the previous year, the company reported.

This group profit was driven by the increase in energy production and sales, together with the divestments of assets undertaken, mainly, within the framework of the Valkyria Project.

Grenergy's income from January to September reached 351.2 million euros, thus doubling its figure compared to the same period in 2022.

Likewise, since the beginning of this year, the renewable energy firm has increased its energy production by 26% to exceed 980 gigawatt hours (GWh). This greater production - favored by the entry into operation of new capacity - is combined with the increase in prices and a greater total number of solar hours.

For its part, the company's gross operating result (Ebitda) multiplied by more than three, reaching 102.2 million euros.

Grenergy's 'capex' in these first nine months of 2023 amounted to around 260 million euros, compared to 98 million euros in the same period of the previous year.

The CEO of Grenergy, David Ruiz de Andrés, highlighted that these results show "the acceleration and exponential nature of the project."

Furthermore, during the period the company has continued to successfully advance its Valkyria plan, closing the sale of three 450 megawatt (MW) solar assets in Spain for more than 444 million euros. In line with its asset rotation policy, it has also sold three PMGD solar parks in Chile for 41.3 million euros.

Likewise, Grenergy, which this coming November 21 will celebrate its first Capital Markets Day in which it will announce its growth plans, recently closed a green corporate financing agreement of 157 million dollars (about 145 million euros) with Banco Santander and insured by Cesce.