Spain's Grenergy beats all 2018 targets as Chilean business booms
The solar plant El Olivo in Chile. Source: Grenergy Renovables SA
Spain’s Grenergy Renovables SL (BME:GRE) today posted a net profit of EUR 13.1 million (USD 14.8m) for 2018, more than doubling its initial forecast for the figure and almost tripling the bottom-line result recorded in 2017.
Earnings before interest, taxes, depreciation, and amortisation (EBITDA) also jumped 216% to EUR 22 million, underpinned by the company’s divestment strategy in Chile.
Total revenues rose 16% to EUR 55.5 million, including significant increases in the development and construction and services divisions.
Capital expenditure (CAPEX) stood at EUR 26.9 million, principally distributed between solar photovoltaic (PV) projects in Chile and the development and construction of wind farms in Argentina and Peru.
At the end of 2018, Grenergy had nine solar PV projects totalling 76 MW under construction in Chile for South Korean company Daelim, AD Capital, Sonnedix Power Holdings Ltd and Canada’s CarbonFree. The entire solar pipeline of projects in different stages of development totals 2,295 MW with schemes located in Spain, Chile, Colombia, Mexico and Peru.
In wind, the company had three projects under construction, the 24-MW Kosten farm in Argentina and Duna and Huambos totalling 36 MW in Peru. New wind projects in Chile and Peru, with a combined capacity of 132 MW, are in the early stage of development.
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