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Grenergy doubles its income and earns 15% more after selling two parks in Chile

Date: March 4, 2024 Time: 02:18:35

The renewable Grenergy has managed to exceed its results compared to those registered in the past year and obtained a net profit of 4.9 million euros in the first quarter of the year, 15% higher than that of 2022, as reported this Wednesday the company that produces renewable energy and collects Europa Press.

Likewise, the entity triggers its gross operating result (Ebitda) and reaches almost double that in the same period last year, for the months between January and March, it figures at 14.3 million euros, which refers to 94% more than in 2022

For its part, Grenergy explained that its first quarter results were marked by the sale of two solar parks in Chile in which they installed a capacity of 21.6 MWh and by its commitment to long-term energy purchase and sale contracts ( PPAs) that cushioned the fall in energy prices in their accounts.

New projects act as “life preservers”

The company currently has contracted 2,000 million euros in PPAs in Spain and Chile for a total of 1.4 gigawatts (GW). This, as Grenergy has highlighted, “will protect” the group “from the volatility of energy prices in the next 15 years.” Additionally, the company has another 1.5 GW under negotiation.

“The entry into operation of new projects and the recurring rotation of assets clears Grenergy’s financing horizon for this year and for the next, thus preventing the need to resort to other types of operations,” the group highlighted.

Significant commitment to batteries

Grenergy’s project portfolio grew in the first quarter from 12.5 GW of wind and solar to 14 GW, of which 1.8 GW are already in operation or under construction. These include the entry into operation of the 150 MW Belinchón photovoltaic plant and the start of construction of the 172 MW Ayora and 50 MW José Cabrera parks.

Regarding its storage portfolio, Grenergy has gone from 7.7 gigawatts per hour (GWh) to almost 10 GWh in this first quarter. The Latin American market, led by Chile, leads this battery segment with 4 GWh, followed by the United States (3 GWh) and Europe (2.8 GWh). The three complete their solar and wind portfolio with 4.8 GW, 4.4 GW and 4 GW, respectively.

The company has also highlighted that it has met the objectives that were set for this first quarter in the ESG 2023 roadmap. Like the significant commitment to batteries, it will allow us to reduce risks and maintain the rate of growth”, stressed the director Grenergy delegate, David Ruiz de Andrés.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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