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Spanish renewables developer-operator Grenergy Renovables SL (BME:GRE) reported a net profit of EUR 73.6 million (USD 79.8m) for January-September 2023, marking an increase of 475% year-on-year thanks to higher electricity production and sales and asset rotation.
Overcoming a lackluster first half with earnings of EUR 4 million, Grenergy on Thursday showcased strong third-quarter results, revealing a 95% revenue increase to EUR 125.4 million, EBITDA of EUR 80.6 million, and a net profit totalling EUR 69.6 million.
After nine months, Grenergy’s revenues reached EUR 351.2 million, up 105% on the year. Of the total, EUR 52.0 million were energy revenues, which rose by 41%.
The company produced 980.1 GWh of renewable electricity during the January-September period, recording a 26% year-on-year increase due new operational capacity and a higher number of solar hours. Average captured electricity prices rose by 12% to EUR 53.0 per MWh, Grenergy said.
The EBITDA for nine months totalled EUR 102.2 million, surging by 276%, while energy EBITDA climbed by 38% to EUR 41.2 million.
Regarding asset rotation, Grenergy’s largest transaction was the sale of the 150-MWp Belinchon solar farm in Spain for a total consideration of EUR 173.7 million. The company also sold three solar distributed generation projects in Chile for roughly EUR 41.3 million.
Grenergy builds and operates wind and solar farms in Europe and Latin America, and has an active project pipeline in the US. Its total operational capacity stood at 765 MW at the end of September, increasing by 165 MW in 12 months.
The company says its growth plans in the three regions are “closely linked to energy storage”, and will reveal more details at its first Capital Markets Day on November 21.
(EUR 1.0 = USD 1.085)
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