Spanish developer Grenergy increased its net profit by 27% in the first quarter of the year to €6m.
Meanwhile, EBITDA reached €23m, an increase of 63%, while revenues rose 15% to €110m.
The figures have been boosted by the company’s successful asset-rotation strategy, for which it raised its annual target to between 350MW and 450MW per year in order to guarantee the financing of its growth plans.
In this regard, Grenergy has successfully closed in the first three months of the year the sale of 77MW wind and 97MW solar in Peru for a combined value of around €140m, operations that highlight its strong value creation capacity, said the developer.
Grenergy has long-term sale and purchase contracts covering more than 90% of the energy from its projects, it added, highlighting its strength in signing PPAs.
This business model considerably limits its exposure to the volatility of energy prices, said the company. Specifically, in Spain it is less than 5% of total revenues.
The portfolio ended the quarter with 15.6GW in PV and 11.0GWh in storage thanks to the good progress of the projects in its various geographies, particularly the contribution from countries such as the US.
With an investment of up to $1.4bn, Grenergy is developing the world’s largest storage project in northern Chile. Under the name Oasis de Atacama, it has 4.1GWh and close to 1GW solar with which it will supply clean energy to more than 145,600 homes and avoid the emission of 146,000 tonnes of CO2 per year.
75% of this energy, equivalent to 1.1 TWh, has already been contracted through various PPAs, such as the recently announced deal with an international utility, which is the largest to date for the company.
It has also signed a strategic agreement with BYD, a leading high-tech multinational, for the supply of large-scale battery storage systems with a total capacity of 1.1 GWh.
The project, which is divided into five phases, is progressing well on schedule. Most of the scheme is expected to be connected by 2025, helping to improve grid stability and contributing to the decarbonisation of the economy.
“These results confirm our ability to sell projects at high multiples, which allows us to continue financing the growth of our platform, with projects as unique and profitable as Oasis de Atacama, the largest battery project in the world,” said Grenergy chief executive David Ruiz de Andrés (pictured).
Grenergy continues to take steps that underline its strong commitment to sustainability, meeting all the targets set in its 2024-2026 Strategic Plan for the period, said the developer.
It has also reforested nearly 300 hectares with different varieties of local trees at its largest solar plant, Gran Teno, through a novel planting method and using natural water resources.