Spanish renewable energy company, Grenergy, earned €13.1 million in 2018 – 274 percent more than a year earlier - encouraged by the results of its Development and Construction division.
Courtesy of Grenergy
The company, which has a diversified business in Latin America with a project portfolio of 2.5 GW, and which once again focuses on Spain where it has a pipeline of 1GW, also saw its revenues grow 16 percent last year to €55.5 million and tripled its EBITDA, reaching €22 million.
The company was abole to to reinvest part of its income in promoting its policy of technological diversification including €13.1 million to the development and construction of wind power projects in Argentina and Peru, and another €13.5 million in photovoltaic parks in Chile -its main market in LATAM.
In this context, the company's development and construction division increased its profits by 19 percent last year. For its part, the services division doubled its revenues from the connection of new photovoltaic plants in Chile, which led to an increase in the number of Operation and Maintenance (O&M) and Asset Management (AM) contracts.
Meanwhile, the Energy division experienced a logical decrease in revenues due to the transfer of the plants built during the year, which will be considered in the coming years with the progressive incorporation of its own solar and wind generation projects, as anticipated in Business Plan 2018-2020.
According to David Ruiz de Andrés, “These results allow us to continue with our strategic plans that include continuing to strengthen our geographical and technological diversity, and consolidate ourselves as a generator with great projection in the production of wind and solar energy in the short term. All of this, without forgetting our particular asset rotation strategy, which has allowed us to grow organically and become a reference player in the renewable energy sector in Latin America."