Grenergy Net Profit Growth Slows in 9M 2021, Revenue Up 82%

November 24 (Renewables Now) — Spanish renewable energy company Grenergy Renovables SL (BME:GRE) increased its revenue by 82% year-on-year to €150.4 million ($168.6 million) in nine months to September 2021, while net profit stagnated on higher depreciation charges due to more power plants being added to the own portfolio.

Nine-month net profit was around €6.9 million, down 23% year-on-year, barely changing from the €6.8 million recorded at the end of the period January June.

Grenergy did not release its quarterly results with the earnings report today.

The company’s earnings before interest, taxes, depreciation and amortization (EBITDA) increased 1% year-on-year to 18.2 million euros.

During the reporting period, Grenergy’s development and construction division increased its revenues by 67% year-on-year to EUR 135.8 million, mainly due to the sale of 55 MW of distributed solar generation projects (DG ) in Chile to third parties.

The energy division, through which Grenergy sells electricity from its own wind and solar farms as an independent power producer (IPP), achieved a turnover of 12.8 million euros. The results of this division were included in the books in January of this year.

The services division, in charge of operation and maintenance services for power plants delivered to third parties, saw its turnover increase by 36% to 1.8 million euros.

At the end of September, Grenergy had 420 MW of operational capacity in the IPP portfolio, split between wind farms in Peru and Argentina, and solar power plants in Spain, Chile and Mexico.

The big news from the latest earnings report is that Grenergy is growing in the energy storage space. The company presented a pipeline of 27 projects totaling 1.04 GW/4.27 GWh, with plans to build them in Spain, Chile and the UK. Only the disposal project in Spain is considered to be in advanced development, while the others are classified as early stage.

Currently, Grenergy is constructing 180 MW of DG solar power plants in Chile and Colombia for its IPP business, and 87 MW of solar power for delivery to third parties.

Another group of about 2.6 GW of wind and solar projects are in advanced stages of development.

(1.0 EUR = 1.121 USD)