Greenalia’s operational profit has increased fivefold

The amount of money credited to new projects has increased to €16.4 million.

Greenalia, a renewable energy firm, witnessed a five-fold rise in operational profit in the first half of 2021 compared to the same time the previous year.

Operating profit was €16.4 million, with revenue exceeding €36 million, an increase of 86 percent.

Greenalia presently operates six plants with a combined capacity of 125MW.

“With the go-live of new initiatives this semester, we have certainly solidified our business model,” said chief financial officer Antonio Fernández-Montells.

“We were able to boost sales thanks to their kick-off and efficiency optimization initiatives.”

He went on to say that these statistics surpass the organization’s ’20-21 Covid Resilience Plan’ targets, which “makes us hopeful and capable of achieving, come year end, outcomes above what was previously predicted.”

“We set the goal of a €20 million EBITDA in our original strategy.”

Greenalia purchased a renewable energy firm in the United States with two ready-to-build projects during the period covered by this report.

The first is the MISAE II FV Project, a 670MW solar photovoltaic project in Texas that is one of the country’s largest, to which Greenalia will add a 170MW battery storage project.

Given that both were purchased in ready-to-build condition, building of the photovoltaic installation is expected to begin in 2022 and be completed by the end of 2023, speeding up the adoption of Greenalia in the United States.

This purchase provides Greenalia with significant leverage to ensure the development and execution of its business plan, as well as the diversification of its pipeline to five technologies (onshore wind, offshore wind, photovoltaic, storage and biomass).

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This is in addition to the fact that it may function in two currencies (euro and dollar), providing additional protection against market fluctuations.

Fernández-Montells also indicated that the second phase of Eolo, dubbed “Eolo I CBT,” is nearing completion.

The three wind farms in this program (Campelo, Bustelo, and Monte Toural), all of which are situated in Galicia, already have an Environmental Impact Statement (EIS) and are nearing financial closing, which is expected this quarter.