Spain's Grenergy improves profit by 29% y/y in H1 2022

• Spanish renewables business Grenergy Renovables SL (BME: GRE) posted a net revenue of EUR 8.8 million (USD 8.5 m) for the initial term of 2022, recording a rise of 29% year-on-year thanks mostly to electricity sales from its independent power production (IPP) portfolio.

Complete revenues for January-June rose by 30% to EUR 107.4 million, with the sales of electrical energy audit for EUR 26.2 numerous that, up by 284% on the year. After linking a 12-MW solar farm in Colombia in the second quarter, Grenergy's IPP organization currently has 578 MW of wind and solar power in operation, the business said.

Throughout the reporting period, Grenergy continued to construct as well as sell power plants for 3rd parties, concluding the sale of 2 small distributed generation (PMGD) in Chile and beginning construction of four new PMGD projects. The advancement as well as construction department brought in EUR 58.9 million, up 17.2%.

General earnings before rate of interest, tax obligations, depreciation and also amortisation (EBITDA) expanded by 51% to EUR 20.1 million, primarily driven by electricity sales.

Revenues per share increased 18% to EUR 0.57.

The firm is presently developing 802 MW of projects, all solar, in Spain and Latin America. Beyond that, it has about 12,100 MW of wind and solar projects in the growth pipe.