Grenergy recorded a net profit of $10.6 million (€9 million) in the first nine months of the year, a figure 74% higher than that of the same period in 2019, according to the company, which has attributed this growth mainly to the results of its Development and Construction division.
Thus, the renewable energy production company has underlined that its results have been marked by the construction and subsequent delivery of solar plants in Chile previously agreed for sale to third parties. At the same time, the Spanish company has stressed that its accounts for the first nine months showed a “solid positive trend” in operating and financial figures despite the pandemic.
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Grenergy invested $79.7 million (€67.4 million) in 2019
Grenergy’s gross operating profit (EBITDA) reached $21.3 million (€18 million) up to September, with an increase of 94% over the same period of the previous year, due mainly to the turnover from the execution of the plants under development and construction in Chile, and to the formulation of new sales.
The company, which is listed on the Continuous Market, obtained income of $97.6 million (€82.6 million) between January and September, 26% more than in the same period in 2019, and made investments worth $79.7 million (€67.4 million).
Grenergy managed to reach a total pipeline of 5,100 megawatts (MW) in the markets it operates until September, which has led the company to increase its target as an independent power producer (IPP) to 2.5 gigawatts (GW) by 2023, reiterating its goal of 1.5 GW by 2022.
As part of this update of its strategic plan, Grenergy has indicated that it continues to be committed to the possibilities offered by the European renewable energy market with its entry into Italy, where it already has its first projects for a total of 100 MW.
“The good results, together with the upward update of our strategic objectives, as well as the entry into new markets, show Grenergy’s capacity to maintain its growth history and be a leader in a sector that is called to drive the economic recovery,” said the company’s CEO, David Ruiz de Andrés.
Last month, the company signed a loan agreement for a solar project in Mexico
Grenergy has signed a bridge loan with the Inter-American Corporation for Infrastructure Financing (CIFI) for a total of $17.5 million (€14.86 million) for the construction of the 35 MW San Miguel de Ayende solar project, located in Guanajuato (Mexico), with a resource of more than 2,300 hours of production per year.
This financing has been subscribed with a maturity of 15 months with two possible extensions of six additional months, as reported by the company to the National Securities Market Commission (CNMV).
Although the plant is categorized for sale to third parties (build to sell), in the event that a sale of the plant does not materialize at the end of the life of the bridge loan or it reconsiders maintaining said plant as an operating asset (build to own), there is a mandate with CIFI for refinancing for 15 years without recourse to market conditions.
The San Miguel de Ayende solar park is under construction by Grenergy itself, its connection and generation start being estimated for the end of the first quarter of 2021.
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First published in elEconomista, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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