Grenergy Renovables, a Spanish company that produces energy from renewable sources, today presented the results for the first quarter of 2021, a period in which the company registered a net result of 391,000 euros, 89% less than in the same period of the previous year. The firm has attributed this benefit, for the most part, to the results of the Energy division.
Until March, Grenergy invoiced 18.7 million euros and got his first income (3.1 million) for the sale of energy from its Quillagua wind farms in Chile and Duna Huambos in Peru, as reported today to the National Securities Market Commission (CNMV). Non-materialized sales to third parties total 8.8 million euros and correspond to the activations of the work carried out for the property, plant and equipment of own plants under construction.
Likewise, Grenergy presents more than 600MW of projects in operation and construction, thus strengthening its operational capacity in the period. In addition, the backlog projects – which will be commissioned in less than 12 months – reach 450MW and give visibility to the commitments reached with the investment community by 2022.
Regarding the projects destined for sale, the company has managed to connect and deliver two projects in Chile of 22MW, although the main sales are expected to take place in the coming quarters, reiterating the objective of reaching transfers to third parties of more than 100 MW in 2021.
Likewise, the net debt de Grenergy stood at 61 million euros in this first part of the year; a significant improvement over the previous year as a result of the capital increase of 105 million euros carried out in March to consolidate its growth plan, being to date the main expansion operation of a renewable company in the Spanish market .
With this expansion, the company covered the financing needs of own funds of the projects that it will connect in the short and medium term, thus obtaining the resources to accelerate the generation of the pipeline and its international expansion, as well as allowing it to reinforce its organizational structure with a view to meet the objectives of your business plan.
Regarding the investmentsIn this first part of the year, Grenergy also invested 33 million euros in the development and construction of projects such as the Escuderos solar plant (200 MW) in Spain, whose connection is scheduled for the end of the year. Investment that adds to the advance of other plants under construction in Latin America.
According David Ruiz de Andrés, CEO of Grenergy, “We continue to strengthen our operating capacity with connections from our own projects, achieving energy sales that will grow exponentially, while we advance at a good pace the simultaneous construction of another 21 wind farms. Likewise, in this first part of the year we have closed the funding needs thanks to the capital increase that we closed in the quarter, guaranteeing our financing needs and allowing us to focus all our efforts on maintaining the company’s growth rate “