Spain's Grenergy lifts profit by 86% y/y in 9-mo 2022

Spanish renewables company Grenergy Renovables SL (BME:GRE) said that for the first nine months of its fiscal year 2022, it earned a net profit of EUR 12.8 million (USD 13.1m), up by 86% year-on-year.

Total EBITDA for the January-September period rose by 49% to EUR 27.2 million. The increase in overall earnings came on the back of new connected capacity and sales of electricity that the new power plants generated, Grenergy said.

Revenues were up by 14% to EUR 171.7 million. Revenues from electricity sales surged by 237% to EUR 43.1 million.

Net debt increased by 76% to EUR 318.4, according to the earnings report.

After connecting two solar farms of 22 MW combined in Chile in the third quarter, Grenergy reached 600 MW of operational wind and solar power by the end of September. These plants, which company operates as an independent power producer (IPP), are located in Spain and several countries of Latin America.

Grenergy also announced new capacity targets for 2025, aiming to reach 5 GW of installed wind and solar capacity across its three divisions -- development and construction, energy and services. For the first time, the IPP has a target for energy storage and that is to reach 1 GWh in operation and under construction by 2025.

The company also wants to be more engaged in Europe, by having European assets account for 45% of the portfolio instead of today’s 25%. Another goal is to enter the US market, Grenergy said.

At present, Grenergy is building 779 MW of projects. All are solar and, with few exceptions in Chile, all projects are destined for the company’s build-to-own portfolio.

(EUR 1.0 = USD 1.023)

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