Grenergy Increases Solar and Wind Projects in 2020 Despite the Pandemic

Grenergy, the Spanish company that produces energy from renewable sources, earned €15.1 million - 38% more - in a 2020 in which, despite the restrictions imposed by the pandemic, it managed to build 17 solar and wind projects for a total of 300 MW in four countries.
Grenergy Increases Solar and Wind Projects in 2020 Despite the Pandemic
Courtesy of Grenergy

Driven by its Development and Construction division, which led it to deliver 13 solar farms in Chile, Grenergy also increased its turnover by 34% to €113 million and obtained an EBITDA of €24 million, 28% more than a year earlier.

The year 2020 was marked by the increase in investments in large wind farms destined for operation, achieving 198 MW of own portfolio in four countries. To this portfolio will be added in the coming months the almost 300 MW under construction, reaching a total of 500 MW.

Among these parks under construction are the recently financed Palmas de Cocalán project (130 MW) in Chile, the Escuderos solar project in Cuenca, which will have a capacity of 200 MW and an annual production of 385 GWh, as well as Bayunca, the first solar park built by the company in Colombia

Opens markets in Italy and the United Kingdom, and develops another large project in Spain

As part of its geographic diversification strategy, Grenergy continues to focus on the possibilities offered by the European renewable energy market with its entry into Italy and the United Kingdom, where it already has its first projects under development for a total of 260 MW and 388 MW respectively.

Precisely in Spain, the company already has in its portfolio the Clara Campoamor megaproject, located in Madrid and Castilla-La Mancha, which will have an installed capacity of 575 MW and will also be one of the largest photovoltaic parks in Europe. All in all, Grenergy's pipeline now totals 6,000 MW in different stages of development, which represents an increase of 1.5 GW in the last 12 months.

The company has also improved its ESG objectives and its sustainable investment profile in recent months, and the ESG rating agency Sustainalytics has positioned Grenergy in the Low Risk section (13.6) with a strong rating in all the areas analyzed, placing it among the five best companies in the Utilities sector out of 575 analyzed worldwide.

According to David Ruiz de Andrés, CEO of Grenergy, "despite the very special circumstances experienced last year, these data show us to be a solid company that meets and even exceeds the objectives of its business plan, which include reaching 1.5 GW as an independent power producer by 2022 and 2.5 GW by 2023."

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