Spain's Grenergy boosts Q1 net profit by close to 1k% in 2022

Author: Ken Teegardin. Licence: Creative Commons, Attribution-ShareAlike 2.0 Generic.

May 24 (Renewables Now) - Spanish renewables company Grenergy Renovables SL (BME:GRE) on Tuesday reported a net profit of EUR 4.2 million (USD 4.5m) for the first quarter of 2021, up by almost 1,000% year-on-year.

The boom came from new build-to-own power projects going online and electricity sales. Greenergy says it now has 566 MW of own wind and solar power capacity in operation.

Through its build-to-sell segment, the company sold one 11-MW solar distributed generation (PMGD) project in Chile to a third party during the reporting period.

Other results improved as well -- EBITDA grew by 321% year-on-year to EUR 7.4 million, while revenues rose by 151% to EUR 46.9 million.

Net debt expanded by 376% to EUR 291.0 million.

Grenergy closes the first quarter with 661 MW of solar projects under construction in Spain, Chile and Colombia. Except for some solar PMGDs in Chile, all of the projects will be part of the company's build-to-own business line.

(EUR 1.0 = USD 1.072)

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Sladjana has significant experience as a Spain-focused business news reporter and is now diving deeper into the global renewable energy industry. She is the person to seek if you need information about Latin American renewables and the Spanish market.

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