Spain’s Grenergy comes out of Q1 2023 swimmingly, income up 105%

Spanish renewables developer-operator Grenergy Renovables SL (BME:GRE) elevated internet earnings by 15% year-on-year to EUR 4.9 million (USD 5.3m) within the first quarter of 2023 on surging revenues pushed by challenge gross sales and energy buy agreements (PPAs).

Earnings earlier than curiosity, taxes, depreciation and amortisation (EBITDA) jumped by 94% to EUR 14.3 million, with power EBITDA accounting for EUR 8.5 million of the entire sum, up 27% on the yr.

Revenues went up by 105% to EUR 96 milllion, primarily on the again of the sale of 21.6 MW of photo voltaic distributed technology initiatives in Chile and PPA takings.

Grenergy mentioned that it now has 1.4 GW of renewables beneath PPAs in Spain and Chile, which helped it keep away from the affect of declining power costs.

The corporate signed 728 MW price of PPAs in Spain in January by way of March, with and LyondellBasell, and mentioned that it’s negotiating to position an extra 1.5 GW beneath off-take contracts.

Vitality revenues introduced in EUR 11.6 million, a rise of 38%.

Grenergy produced 273.9 TWh of electrical energy from its wind and photo voltaic farms globally, marking a rise of 44% on the yr. Energy manufacturing beneath PPAs rose by 75% to 198.6 TWh, whereas crops working on service provider foundation lowered output by 2% to 75.4 TWh.

Grenergy closed the interval with 762 MW of put in wind and solar energy capability in Spain and Latin America, after including 50 MW for the reason that finish of the fiscal yr 2022. It additionally highlighted new additions to its battery storage portfolio, which grew to nearly 10 GWh from 7.7 GWh, led by the Chilean market.

(EUR 1.0 = USD 1.075)

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