Back 06/04/2022 Financial

Greenalia closes FY 2021 exceeding its strategic plan objectives

  • In 2021, four new Wind Farms totalling 50.4 MW have started operations. Thus allowing the company chaired by José María Castellano to consolidate its business model, progress in its growth strategy and report a 76.5 million euros turnover and a 38.7 million euros EBITDA
  • Greenalia, reported progress in its USA expansion today in its FY21 Annual Results where it already has around 1.3 GW Pipeline after adding an extra 530 MW of new solar photovoltaic developments in “early stage” to the 695 MW acquired in 2021 that are currently in investment phase for its construction
  • The company will boost the construction of 3 new Onshore Wind Farms in Spain (Galicia) in the coming months, totalling 110 MW, 120 million euros investment and over 1,000 jobs mobilized

Greenalia advances in its pipeline development, consolidates its Develop & Own business model (with FY21 results exceeding its Covid Resilience Plan and initial 2017 IPO Strategic Plan’s expectations) and streamlines its internationalization by furthering its presence and operations in the USA. These are the main conclusions drawn from Greenalia’s FY21 integrated annual report, as communicated this morning to the market (BME Growth).

In the official communication, the company’s CFO, Antonio Fernández-Montells, highlighted “the asset’s performance, in a highly volatile and complex context such as the one experienced in 2021, a fiscal year marked by the uncertainty derived from the health crisis caused by COVID-19, have shown our business model’s resilience and capacity to press forward when facing adversity.”

In this sense, he explained that Greenalia’s good results, with a 76.5 million euros turnover and a 38.7 million euros EBITDA, are marked by the commissioning of four Wind Farms (50.4 MW). With these figures, explained Fernández-Montells, “we have exceeded the objectives set forth in the Strategic Plan we presented in 2017 in our MAB IPO.”

In 2021 the company has consolidated and expanded its USA Pipeline adding almost 1.3 GW of solar photovoltaic. In this sense, the CFO explained that, to the acquisition of 695 MW Misae II project (Texas, USA) another 530 MW of “early stage” solar photovoltaic projects have recently been added.

At this point he recalled that, in 2021, Greenalia made the leap to the United States where it has already begun the initial phases of construction of a 695 MW photovoltaic plant. Along with the construction of this project, which is scheduled to begin supplying energy to the grid in 2024, another 170 MW battery storage project is being developed. Fernández-Montells explained that the company is processing another 530 MW, “projects that consolidate our commitment to the American market, where we are laying a solid foundation to develop our business model also in the USA“.

With these developments, the company advanced its internationalization forecasts with a double objective: to expand its technological diversification by adding storage to the four technologies in which it already worked (onshore wind, offshore wind, solar photovoltaic and biomass) and to widen the market range by working in two currencies, euro (€) and dollar (USD), which gives it greater financial strength.

Commitment to the Galician industrial fabric 

At the operational level, 2021 ended with the signing of the pre-agreement to supply renewable energy to the Alcoa Aluminum Plant in San Cibrao (Lugo, Spain), for a period of 10 years, energy that will be supplied from Wind Farms currently being processed in Galicia, primarily in Lugo, where the Alcoa Plant is located. A pre-agreement that is part of Greenalia’s strong commitment to the Galician Industry, particularly at this time of price tensions in the energy market. In Greenalia we consider that wind resource is an opportunity to ensure the competitiveness of the electro-intensive companies in the medium term, through a PPA like the one agreed, a line in which the company continues to work to close new deals. 

Green Finance

At the corporate level, these results show other milestones reached in 2021. Among them, the 100 million euros Green Promissory Notes Program stands out, a transaction that was added to the 15 million euros capital increase executed in November and that has allowed progress in new projects.

Offshore and Solar Photovoltaic advances in Spain

Greenalia’s commitment to Floating Offshore Wind stands out, and over the past year it has advanced in the processing of its first project, Gofio (50 MW), which is destined to be the first Floating Offshore Wind Farm in Spain.

Likewise, Greenalia has maintained the pace of processing in its Photovoltaic Projects, where it has 660 MW with grid access and connection in the Valencian and Andalusian Autonomous Regions. 

Sustainable Projects and Local Impact

The actions developed in 2021 by the company have had a positive impact on the local economy and the territories in which it operates. In this sense, the company’s Director of Sustainability (CSO) and Corporate Development, Beatriz Mato, has highlighted the contribution of the group’s developments at a social and economic level, where supplier payments reached 88 million euros in 2021 and over 400 jobs were mobilized, mostly in the Galician community.

In his speech, she also highlighted the Green Book of Corporate Policies, the Corporate Code of Conduct and Good Corporate Practices approval and the implementation of the Ethical and Responsible Channel. All this, she said, in a year in which Sustainability (ESG) has been introduced into the Board of Directors, which undoubtedly reflects the company’s commitment to incorporate sustainability in a transversal way throughout the group’s activity and also transfer it to suppliers and though the value chain.

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