Renewable energy company Greenalia’s operating profit saw a five-fold increase in the first half of 2021, compared with the same period of the previous year.
Operating profit was €16.4m, while revenue was more than €36m, a 86% increase.
Greenalia currently has six facilities in operation totalling 125MW.
Chief financial officer Antonio Fernández-Montells said: “This semester, with the go-live of new projects, we have undoubtedly consolidated our business model.
“Their kick-off and efficiency improvement measures we adopted have allowed us to increase revenues.”
He added that these figures exceed the objectives that had been set in the organisation’s ’20-21 Covid Resilience Plan’, which “makes us optimistic and able to achieve, come year end, results above what was initially forecasted”.
“In our initial plan we had established the objective of a €20m EBITDA”.
During the report period, Greenalia acquired a renewable energy company in the US with two ready-to-build projects.
The first of which is the MISAE II FV Project totalling 670MW solar photovoltaic in Texas, considered one of the largest in the country, to which Greenalia will also add another 170MW battery storage project.
Given that both were acquired under ready-to-build conditions, the forecast is that the construction of the photovoltaic installation can begin in 2022 and reach commissioning by the end of 2023, which will accelerate the implementation of Greenalia in the US.
For Greenalia, this transaction constitutes great leverage with which to ensure the development and fulfilment of its strategic plan and expand the pipeline diversification to 5 technologies (onshore wind, offshore wind, photovoltaic, storage and biomass).
This is in addition to allowing it to operate in two currencies (euro and dollar), which offers greater guarantees of shielding against market oscillations.
Fernández-Montells also revealed that the second part of Eolo “Eolo I CBT” is in the final permitting phase.
The three wind farms planned in this programme (Campelo, Bustelo and Monte Toural), located in the Galician community, already have an Environmental Impact Statement (EIS) and are close to financial closure, which expected to be formalised this quarter.