August 12 (Renewables Now) - The renewable energy business of Argentine power producer Genneia SA has more than doubled both its net sales and EBITDA in the first half of 2019.
Earnings before interest, tax, depreciation and amortisation (EBITDA) at the renewables segment surged by 105% on the year to USD 57 million (EUR 51m) thanks to the contribution of 237 MW of wind and solar generating capacity added in November-December 2018.
Genneia noted that renewables accounted for 57% of first-half group EBITDA, which increased to USD 101 million from USD 74.1 million a year earlier. The company expects the trend for renewables’ increasing participation to continue in the coming quarters.
Renewables net sales also jumped by 105.2% on the year to USD 63 million as power generation rose 61.6% to 695 GWh.
Genneia is an electricity producer with 1,113 MW of total installed capacity as of July 2019, including 498 MW of renewables and 615 MW of thermal. The company has also won power purchase agreements (PPA) for an additional 368 MW of wind power and 19 MW of biomass.
At present, Genneia is building seven wind parks and a single biomass power plant with a committed installed capacity of 469 MW. This includes the company’s flagship 151-MW Madryn II wind project.
(USD 1.0 = EUR 0.895)