Back 04/08/2023 news

Greenalia closed FY22 with a 95 million euros turnover and a 65 million euros EBITDA

  • The company has expanded its multi-technology strategy by adding storage and hydrogen to its renewable portfolio.
  • The company has increased its value in 2023 by achieving key strategic milestones
  • In its ESG practice, Greenalia has expanded its social support projects and made progress in its compliance programme with the approval of a package of internal rules on matters related to taxation, security, and risk management

Greenalia closed the year 2022 with 95 million euros revenues, +116% more than the previous year. Positive results for the company, which is immersed in a growth strategy with a 6 GW pipeline.

 The FY22 reflects a net profit of over 16 million euros, a 36% increase, and a 65 million euros EBITDA, 77% more than last year. Asset operation and optimization strategy generated a total energy production of 495,689 MWh, equivalent to the consumption of 141,000 homes, which means a 59% increase compared to 2021. A green production that has avoided the emission of 183,000 tonnes of CO2 into the atmosphere.

For the company’s CFO, Antonio Fernández-Montells, “these figures confirm Greenalia’s good position to face this new strategic period, where we foresee the start-up of a significant number of new developments -both wind and photovoltaic- to which will be added other more innovative ones focused on offshore wind, storage and green hydrogen. All of them will allow us to continue advancing in the energy transition to which Greenalia is strongly committed, providing competitive solutions to industry, and achieving greater energy self-sufficiency from renewable sources“.

The company has 1GW under construction and operation, which has enabled it to successfully complete the plan established in previous years. It is currently working on defining its new Business Plan for the period 2024-2028, with technological diversification and market expansion as its main challenges.

The support and search for instruments in favour of greater competitiveness for industry also marked the company’s operations last year. The signing of two PPAs (Power Purchase Agreements) to supply renewable energy to Alcoa’s aluminium factory in Lugo and to Resonac’s carbon plant in A Coruña is part of this process. Both agreements respond to Greenalia’s commitment and conviction that wind energy constitutes an opportunity to ensure competitive prices for Galician industry through this type of long-term contracts. In total, the energy committed in these agreements exceeds 1GW of installed capacity (923MW for the Alcoa PPA and 123MW for the Resonac PPA), data that placed Greenalia as a European leader in the signing of PPAs.

Green finance and ESG strategy

In terms of financing, Greenalia issued in 2022 a second p green promissory notes programme (replacing the previous one), for 100 million euros, consolidating its position as a pioneering SME in this type of sustainable issuance. A programme certified by Sustainalytics, a leading agency in sustainability analysis, which has considered that the company’s projects can contribute to the energy transition process in Spain.

In reference to the ESG (Environmental, Social and Governance) policy, Greenalia presented its Consolidated Annual Report, together with the 2022 Annual Accounts, thus uniting financial and non-financial information under the same document.

In line with its corporate culture, in 2022 Greenalia promoted different actions under the framework of its Green Book and its ESG Plan 2019-22. Last year, it added to its commitment to reduce total GHG emissions by 25% by 2030, the objectives set by The Climate Pledge platform. With this adhesion, Greenalia takes on the challenge of achieving zero net emissions in 2040, a decade before the target set by the Paris Agreement.

On the other hand, 2022 was the year of consolidation of the company’s compliance programme and progress in its risk management system and strategy. To this end, internal standards of good practice were approved in the areas of tax, data protection and security. Another step in this direction was the ratification of the Ethical Charter shared with supplier companies, drawn up considering the company’s code of conduct.

Another key axis of the ESG Plan has been local collaboration in those territories where Greenalia is present, with the support of different social actions carried out through the Greenalia Foundation for Energy Transition. In this line, the Greenalia-UDC Chair for Energy Transition has been created, a knowledge space in collaboration with the University of A Coruña to promote the development of studies and new designs for a fair and inclusive transition.

Organic reinforcement

 Finally, it is worth highlighting that the company continues to reinforce its organisational and senior management structure. The appointment of the new CEO for Greenalia Power in Spain, María Moreno, and the CEO for Greenalia’s US Business, Alberto Expósito reinforce the capacity and scope of the team in two areas of strong growth. These strategic positions within the company structure come together with key specialist talent added to support and boost Greenalia’s strategic growth path.

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