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    Grenergy boosts its net profit by 27%

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    Spanish developer Grenergy saw a 27% increase in its net profit to €6 million in the first quarter of the year. During the same period, EBITDA surged by 63% to €23 million, while revenues climbed 15% to €110 million.


    The company attributes these impressive figures to its successful asset-rotation strategy, prompting an upward revision of its annual target to between 350MW and 450MW per year to ensure financing for its growth plans. Notably, Grenergy closed deals totalling 77MW wind and 97MW solar in Peru during the first three months of the year, generating around €140 million in value and showcasing its ability to create substantial value.


    Highlighting its strength in securing Power Purchase Agreements (PPAs), Grenergy emphasized that long-term contracts cover over 90% of its project energy. This mitigates exposure to energy price volatility, with Spain accounting for less than 5% of total revenues in terms of this aspect.


    The company’s portfolio closed the quarter with 15.6GW in PV and 11.0GWh in storage, with significant progress made in various global projects, notably in the US. Grenergy’s ambitious Oasis de Atacama project in northern Chile, with an investment of up to $1.4 billion, aims to be the world’s largest storage project, supplying clean energy to over 145,600 homes and reducing CO2 emissions by 146,000 tonnes annually.


    Regarding sustainability, Grenergy successfully met all targets outlined in its 2024-2026 Strategic Plan, including the reforestation of nearly 300 hectares at its largest solar plant, Gran Teno, using innovative planting methods and natural water resources. CEO David Ruiz de Andrés expressed satisfaction with these achievements and the company’s continued focus on sustainable growth.


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