Greenalia has increased its EBITDA by 59% in the first half of 2019 -compared to PY. The renewable energy generating company has reached an EBITDA of 1.75 million euros and an EBITDA/sales ratio of 7.9%, improving the forecasts of the company’s own budget by 0.6% and 1.6% the ratio of the previous year.
Net profit grows 156% reaching 0.31 million euros compared to 0.12 in the same period of 2018. The degree of compliance with the business plan is in line with the estimation, reaching 105% in the case of EBITDA, 111% in the net profit and 96% in income. These figures allow the company to keep its objectives unchanged.
During the result presentation webcast, Antonio Fernández-Montells, CFO of Greenalia, pointed out that “the results obtained consolidate the viability of the company’s projects, which is reaching the objectives proposed in its 2019-2023 Strategic Plan”.
In relation to the Group’s key milestones, Greenalia has almost completed the construction of the Curtis-Texeiro biomass plant in A Coruña and has already begun the testing phase, awaiting its commissioning by the first quarter of 2020. In 2021, the plant it will generate sales of €32.75 million, and an EBITDA of €15.35 million euros.
Another of the key milestones of this year has been the financial closure of the Eolo I MOC wind project -Miñón, Ourol and Croas- which includes a wind farm in the province of Lugo and four in that of A Coruña, with a total power of 74,22MW. 63% of this power is already in an advanced phase of construction, awaiting its commissioning at the end of 2019. The remaining 37% will come into operation in the first half of 2020. These projects have an investment of 87 million euros and will they generate 10 million turnover per year and 7.5 million EBITDA.
The second part of the Eolo project, called Eolo I CBT -Campelo, Bustelo, Toural-, includes 4 wind farms with a total power of 128 MW, all of them in the region of Galicia. These projects are in an advanced phase of processing and the financial closure is expected to be formalized in the first half of 2020.
After the acquisition of a new wind project, the total sum of Eolo I’s actions amounts to 202 MW, 11% more than what is established in the Strategic Plan -182 MW-.
During the first half of 2019, the company has received the recognition of the IJ Global Awards for the best financial operation for its Curtis Teixeiro biomass plant, as well as the nomination, by BME, to the European Small & Mid Cap Awards in the Star 2019 category.
Outlook 2019-2023: a sustainable Project
The strategic plan designed by Greenalia will allow the group to develop an important role in the renewable energy sector in Spain. In addition to the projects already underway – biomass and wind -, the group will develop two photovoltaic projects, Sunrise and Sunrise II and two new wind phases, Eolo III, Eolo IV. The company contemplates 1 GW of installed power at the end of 2023 and an EBIDTA of more than 100 million euros.
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