Greenalia consolidates the resilience of its business model and increases its EBITDA by 38%

• With an Ebitda of 3.48 million euros, the results are 4% higher than the forecasts set out in its business plan
• Greenalia presents the main conclusions of its sustainability report, certifying its carbon neutrality

Greenalia closed 2019 with a 38% increase in EBITDA compared to the previous year. The company achieved an EBITDA of €3.48 million, improving its business plan by 4%. Also positive was the revenue performance, which was 13% higher than in 2018.

In his speech during the results presentation, the company’s CEO, Manuel García, highlighted as a differentiating factor the resilience of Greenalia’s business model, based on the green economy, vertical integration and recurring revenues. This has made it possible to undertake “sustainable and profitable long-term projects, always with an unequivocal commitment to the environment and sustainability”, he pointed out.

The implementation of Greenalia’s First Sustainability Plan 2019-2023 has been a milestone for the company. Its first results have already been evaluated in the company’s first report, which reflects that Greenalia has achieved carbon neutrality, “a milestone that we are very satisfied with and that requires us to go further in our commitment to the planet and our immediate environment”.

As announced at the beginning of the year, this year will see the launch of the Greenalia Foundation for Energy Transition. “At a time as complex as the one we are living in, with the effects of the COVID-19 crisis, it is even more important, if possible, to increase this environmental and social commitment,” said Manuel García.

At this point, he expressly acknowledged the efforts of his entire team and the company’s suppliers. Thanks to them and to the company’s commitment to digitalization, it is possible to maintain the activity in these weeks of great complexity.

In the balance of the company’s projects, Greenalia’s CEO underlined the importance of the start-up of the Miñón wind farm (the company’s first, in operation since December) and the Curtis-Teixeiro biomass plant. Both projects have had a direct economic impact of more than 50 million euros on more than 200 Galician companies contracted for the construction of these projects, which generated 1,600 jobs.

High degree of compliance with the plan

The 2019 results reflect that the degree of compliance with the business plan has been in line with estimates, as explained Antonio Fernández-Montells, CFO of Greenalia, who broke down the various projects that have enabled these figures to be obtained and advanced the main objectives for 2020.

In this regard, he highlighted the start-up of the Curtis-Teixeiro biomass plant, an ambitious project in which 135 million have been invested and which will generate annual sales of 37 million in 2021 and an annual EBITDA of 17 million (20 in the whole group considering the vertical integration of supply). With regard to wind power, the start of operations at the Miñón wind farm will generate annual sales of more than 3 million and an EBITDA of more than 2.2 million per year.

2020 objectives
Greenalia plans to consolidate its portfolio, which already has 2 GW with grid access granted. “We have a portfolio of high-resource projects, diversified in three technologies and with different stages of maturity, allowing a progressive implementation and investment throughout the business plan,” said Fernández-Montells. He also detailed that, during 2020, within the Eolo I project, the wind farms of Ourol (Lugo) and Alto da Croa I, Alto da Croa II and Monte Tourado (A Coruña) will be put into operation.