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September 21 (Renewables Now) - Spain’s Grenergy Renovables SL (BME:GRE), a renewables developer and independent power producer (IPP), clocked a net profit of EUR 6.8 million (USD 8m) for the first half of 2021, up by 49% year-on-year.
The favourable results were driven by the hand-over of 55 MW of solar farms in Chile and income from the sale of electricity, the company said on Tuesday.
Revenue from power sales entered the books in the first quarter, and by the end of the semester, Grenergy earned EUR 6.8 million from the energy sale segment.
Total revenues, which also includes development and construction for third parties and services, arrived at EUR 82.5 million, rising by 42% year-on-year.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) grew by 40% to EUR 13.3 million.
The highlight of the reporting period was the commissioning of the 200-MW Escuderos solar PV farm in Spain, Grenergy’s largest plant to date. Escuderos will start selling its electricity in the fourth quarter of 2021, Grenergy said.
With the Escuderos project online, the company now has 398 MW of own installed wind and solar capacity in operation.
Grenergy’s total pipeline consists of around 6.3 GW of projects, including those that are currently under construction, as well as those in the early stage development.
(EUR 1.0 = USD 1.174)