Greenalia’s october 2021 results confirm its growth path

• The renewable energy producer obtained a 72% increase in its revenue compared to the same period of the previous year, and a 268% EBITDA increase
• The company advances its internationalization process entering the US market, where it already holds 870 MW in renewable energy projects

Fiscal year 21 has meant the consolidation of Greenalia’s business model and growth within the renewable energy sector. This is reflected in the press release made by the company to BME Growth by the end of 2021.
The main milestones for the company are the internationalization process, with the entry into the USA through ready-to-build projects; the start-up of three new wind farms in Spain, specifically in Galicia, and the advances in ESG with the approval, in the last quarter of the Green Book and the Code of Conduct.

The group’s growth is reflected in the communicated figures, with a 72% increase in revenues as of 2021 compared to the same period in 2020, going from €34.1 million to €58.6 million. The increase was also reflected in EBITDA, that grew from 7 million euros to 26, that is, 268% higher than in 2020.

For the company, these results allow it to advance a year-end accounts closure above 32 million euros, thus considerably improving what was established in its Strategic Plan. Currently, Greenalia has 124.5 MW in operation. Of these, 50.5 MW correspond to the four wind farms put into operation throughout 2021, Alto da Croa, Alto da Croa II and Monte Tourado in the province of A Coruña and Ourol in the Province of Lugo. The rest, 74 MW, are distributed in 24 MW from the Miñón Wind Farm (Vimianzo, A Coruña) and 50 MW from the Biomass Plant of Curtis-Teixeiro (A Coruña, Galicia).

The forecasts for 2022 point to the development of the second part of the Eolo project, called “Eolo I CBT”, which includes 3 new wind farms in Galicia with a total capacity of 110MW. All of them are in the final phase of processing, with DIA and administrative authorization obtained, so construction can begin over the next few months.

Advances in the USA

In the second half of 2021, there were important advances in the internationalization of the company, through the subsidiary Greenalia Solar Power US, INC that acquired in July two ready-to-build projects (695 MWp solar photovoltaic and 170 MW of storage). This opportunity meant advancing the jump to the USA, thus opening a new market for the achievement of objectives and incorporating a new technology to the pipeline. In addition to this acquisition, the group foresees the start of the processing of new projects in the American country, which allows it to be present with two currencies and thus be better prepared for possible ups and downs in the markets..