Spain's Grenergy boosts profit by 29% y/y in H1 2022

Spanish renewables company Grenergy Renovables SL (BME:GRE) posted a net profit of EUR 8.8 million (USD 8.5m) for the first semester of 2022, recording an increase of 29% year-on-year thanks mainly to electricity sales from its independent power production (IPP) portfolio.

Total revenues for January-June rose by 30% to EUR 107.4 million, with the sales of electricity accounting for EUR 26.2 million of that, up by 284% on the year. After connecting a 12-MW solar farm in Colombia in the second quarter, Grenergy’s IPP business now has 578 MW of wind and solar power in operation, the company said.

During the reporting period, Grenergy continued to build and sell power plants for third parties, concluding the sale of two small-scale distributed generation (PMGD) in Chile and starting construction of four new PMGD projects. The development and construction division brought in EUR 58.9 million, up 17.2%.

Overall earnings before interest, taxes, depreciation and amortisation (EBITDA) grew by 51% to EUR 20.1 million, mainly driven by electricity sales.

Earnings per share rose 18% to EUR 0.57.

The company is currently building 802 MW of projects, all solar, in Spain and Latin America. Beyond that, it has roughly 12,100 MW of wind and solar projects in the development pipeline.

(EUR 1.0 = USD 0.968)

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