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November 24 (Renewables Now) - Spanish renewables company Grenergy Renovables SL (BME:GRE) grew revenues by 82% year-on-year to EUR 150.4 million (USD 168.6m) in nine months through September 2021, while net profit stalled on higher depreciation expenses due to more power plants added to own portfolio.
The nine-month net profit came at around EUR 6.9 million, down 23% on the year, barely moving from EUR 6.8 million recorded at the end of the January-June period.
Grenergy did not release its quarterly results with the earnings report today.
The company's earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 1% year-on-year to EUR 18.2 million.
During the reporting period, Grenergy’s development and construction division increased revenues by 67% year-on-year to EUR 135.8 million, mainly on the sale of 55 MW of solar distributed generation (DG) projects in Chile to third parties.
The energy division, through which Grenergy sells electricity from own wind and solar farms as an independent power producer (IPP), earned revenues of EUR 12.8 million. Results from this division were included in the books in January this year.
The services division, in charge of providing operation and maintenance services for plants delivered to third parties, increased revenues by 36% to EUR 1.8 million.
By the end of September, Grenergy had 420 MW of operational capacity in the IPP portfolio, distributed between wind farms in Peru and Argentina, and solar plants in Spain, Chile and Mexico.
The big news in the latest earnings report is that Grenergy is expanding into the energy storage business. The company has presented a pipeline of 27 projects totalling 1.04 GW/4.27 GWh, with plans to build them in Spain, Chile and the UK. Only the storage project in Spain counts as being in advanced development, while the others are classified as early-stage.
At present, Grenergy is building 180 MW of solar DG plants in Chile and Colombia for its IPP business, and 87 MW of solar for delivery to third parties.
Another group of around 2.6 GW of wind and solar projects is in advanced stages of development.
(EUR 1.0 = USD 1.121)