Spanish renewable energy firm Grenergy Renovables (GRE.MC) on Monday reported a fivefold increase in first-quarter net profit, reaching €32 million, driven by asset sales in Chile and increased energy division revenues.
Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 165% to €62 million, while revenues more than doubled to €237 million, the company said in a statement.
Grenergy attributed the surge in earnings to a recent asset rotation in Chile and growing sales within its energy business. “This has been an exceptional quarter where the solid performance of our energy division and strategic asset rotation have allowed us to significantly boost our profitability,” the company said.
In the first quarter, the company signed new long-term power purchase agreements (PPAs), including a 15-year contract with Chilean state copper producer Codelco for the supply of 0.5 terawatt-hours (TWh) of electricity. It also secured a separate daytime PPA for 390 gigawatt-hours (GWh) with a global energy company operating in Chile.
Grenergy continued to advance its flagship energy storage initiative, the Oasis de Atacama project. It finalised €324 million in financing for the Gabriela phase (Phase 4) and announced that Quillagua 1, part of the same project, is now operational with battery storage systems reporting high efficiency levels.
In a further milestone, Grenergy signed a battery supply agreement with BYD Energy Storage for 3.5 GWh of capacity for the Elena phase (Phase 6) of the Oasis de Atacama. The company described the deal as “the largest contract of its kind in our history.”
Grenergy, which focuses on solar and storage projects in Europe and Latin America, said it expects continued growth as it expands its clean energy portfolio across key markets.
