Grenergy obtains a record EBITDA of 7 million Euros and achieved 3.5 million Euros net profit
Grenergy revenues increased 168% in 2017 driven by its geographic and technological diversification strategy
Grenergy, the Spanish company that produces energy from renewable sources and specializes in the development, construction and management of photovoltaic and wind projects, registered revenues of 48 million Euros at end of Fiscal Year 2017, an increasing of 168% compared with the previous year. In addition, EBITDA rose to 7 million Euros, a record number in company’s history.
The company, which is listed on the MAB since 2015, attributes these results to the strategy of geographic diversification towards the Latin American market, a region that leads the world renewable revolution, where it is located in Chile, Peru, Mexico, Argentina and Colombia.
In fact, new photovoltaic developments in Chile and the projects awarded in the auctions of Mexico (PV), Peru and Argentina (Wind), besides new solar developments in Spain -which is once again firmly positioned in the renewable energy sector- have allowed Grenergy to consolidate its position as an IPP with great projection in the wind and solar diversified generation.
Also, this strong commitment to the LATAM region was translated last year into important figures for the company, which achieved a record profit of 3.5 million, after 2016 was a year of transition focused entirely on the development and construction of the first projects in Latin America.
Revenues growth was driven by energy production, increased 254% to 3.3 million Euros, boosted up by projects built and in operation in Chile, where Grenergy put into operation nine photovoltaic parks. In addition, currently the company has already connected 15 parks in this country, a total of 69 MW.
Figures that drive future projections
Results in 2017 provide a basis for face in 2018 the closing of the financial structuring of the projects awarded in Argentina (24MW), Peru (36MW) and Mexico (30MW), which will allow to complete the geographical and technological diversification (both solar as wind) started by Grenergy five years ago when decided to make the leap to Latin America. Meanwhile, in Chile, the independent renewable energy producer (IPP) plans to continue with the construction of an additional 150 MW project portfolio.
According to the CEO of Grenergy, David Ruiz de Andrés, “2017 has been a very fruitful year for the company, which has allowed that our current portfolio of projects in various stages of development exceed 1,500 MW distributed between Latin America and Spain. All this means to exceed the number of projects and megawatts estimated in the 2016-17 Business Plan, but also the portfolio is much more attractive in terms of profitability. Even so, the objective for this year will continue to complement increasingly recurring revenues, generated by parks in own portfolio, with revenues from the sale of solar parks to third parties while maintaining their operation”.
Grenergy Renovables is a spanish company created in 2007, independent producer of energy from renewable sources, mainly wind and photovoltaic. Its business model covers all phases of the project, from development, through construction and financial structuring to the operation and maintenance of plants. Currently, it has a portfolio of projects under development of about 1,500MW, ‘Ready to Build’ or in various phases of maturation, both solar and wind. This portfolio of projects is diversified in 5 countries in Latin America (Chile, Mexico, Peru, Colombia and Argentina) and Spain. In addition, the company is listed on the Alternative Stock Market (MAB) since 2015. More information: www.grenergy.eu