Grenergy Renovables S.A

Latest Results (12.06.2024):

Q1 2024 Net Profit and EBITDA Growth

In the first quarter of 2024, Grenergy Renovables S.A. reported a significant increase in its financial performance, with net profit rising by 27% to reach six million euros. Additionally, the company's EBITDA (gross operating profit) saw a substantial increase of 63%, amounting to €23 million. This growth is attributed to Grenergy Renovables S.A.'s effective asset-rotation strategy.

Revenue Increase in Q1 2024

During the first quarter of 2024, Grenergy Renovables S.A. experienced a 15% increase in revenues, which totaled €110 million. This increase was primarily driven by the successful sale of wind and solar assets in Peru, which collectively brought in around €140 million, showcasing the company's strong capacity for value creation.

Strategic Project Advancements

Grenergy Renovables S.A. is making significant progress on the Oasis de Atacama project in northern Chile, which is set to become the world's largest storage project. With an investment of up to $1.4 billion, the project includes 4.1GWh of storage and nearly 1GW of solar capacity, aimed at supplying clean energy to over 145,600 homes and reducing CO2 emissions by 146,000 tonnes annually.

Long-term Contracts and Revenue Stability

Grenergy Renovables S.A. has secured long-term sale and purchase agreements (PPAs) for more than 90% of the energy generated from its projects. This strategy significantly mitigates the company's exposure to the volatility of energy prices, particularly in Spain where this exposure constitutes less than 5% of total revenues.

Commitment to Sustainability and Strategic Outlook

Grenergy Renovables S.A. continues to demonstrate its commitment to sustainability, achieving all the targets set in its 2024-2026 Strategic Plan. The company has also undertaken environmental initiatives such as reforesting nearly 300 hectares at its largest solar plant, Gran Teno, using innovative planting methods and natural water resources.