Greenalia boosts net profit in H1 2019

October 17 (Renewables Now) – Spanish forestry and energy group Greenalia SA (BME:GRN) recorded EUR 284,761 (USD 316,600) in half-year net profits, up by 135.8% year-on-year, as all of its business lines improved their results over the same period last year.

The company highlighted on Thursday the 53.65% growth in earnings before interest, taxes, depreciation and amortisation (EBITDA) to EUR 1.69 million, beating the target set for the period. Net revenues went up by 22.3% year-on-year to EUR 21.39 million.

Greenalia continued to make investments in new renewable energy projects and will soon see the fruits of its labour. Its 24-MW Minon onshore wind farm, part of the 74.22-MW Eolo I MOC wind project in the Spanish region of Galicia, is slated to go online in December 2019.

Greenalia expects to reach financial close for the second phase of the Eolo project, dubbed Eolo I CBT, with four wind farms totalling 128 MW, in the first half of 2020.

The company’s Curtis-Teixeiro biomass plant of 50 MW is in the final phase of construction, with the testing and energising stages already initiated. The plant is due to go live by March 2020. Having secured a remuneration rate of EUR 99.94/MWh in Spain’s 2016 auction, Greenalia expects the plant to generate recurring revenues of more than EUR 911 million over 25 years. The biomass harvesters, which the company purchased this year, have already supplied 30,000 tonnes of material for the Curtis plant.

Greenalia plans to develop 430 MW of solar photovoltaic (PV) projects, Sunrise I and II, by 2023, and push further with the Eolo to bring to life Eolo III and IV.

( EUR 1.0 = USD 1.11)

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