Back 21/04/2022 news

Greenalia triples its EBITDA in a year marked by covid

The company’s annual results show that its EBITDA grew by 235%, increasing from 3.3 million in 2019 to 11 million last year.

  • The company’s annual results show that its EBITDA grew by 235%, increasing from 3.3 million in 2019 to 11 million last year.

  • During the presentation, the company leads announced the key strategic lines for their 2022 plan, the year when Greenalia intends to transition to the continuous market.

  • In Sustainability and CSR the company reinforced its commitment to local communities where it operates, launched social inclusion, environmental and volunteering projects.

  • The local impact on suppliers in the community is estimated to be more than 40 million euros, creating more than 600 jobs in the area.

The renewable energy company Greenalia presented today their annual results for 2020, a year in which they managed to maintain all their activities and even expand their objectives, despite the COVID-19 pandemic, tripling their EBITDA from €3.3 million at the end of 2019 to 11 million in 2020, representing a growth of 235%.
During the presentation, the president and CEO of the company, Manuel García, highlighted “the resilience demonstrated by the entire sector, and our company in particular, during an especially complicated year”, where, despite the effects of the pandemic, “not only were we able to maintain working momentum on all our projects, but we also expanded our objectives, increased investment and, consequently, had a more positive effect on our environment”. He also went on to underline the importance of having achieved several important goals like obtaining access to the grid for a total of 2 GW for its projects, and the incorporation of José María Castellano as shareholder, acquiring 5.18% of Greenalia in June last year, an addition that “I’m sure will be an essential pillar in the development of new challenges at Greenalia and who will work with us to strengthen Galicia’s position as an international leader, occupying the space left by other companies in our Autonomous Community”.

From a financial perspective, the company is confirming its commitment to the “Develop&Own” business model that ensures recurring income each year exclusively through the sale of energy, with which it is estimated that 2021 will be closed with an EBITDA of more than 20 million euros. Within this area, the company’s CFO, Antonio Fernández-Montells, outlined the investments made during 2020 and the status of the projects, emphasizing the launch of the biomass plant in Curtis-Teixeiro, which marked a turning point last year, becoming the second largest plant in Europe, with an investment of 135 million euros and the creation of 135 direct and indirect rural jobs.
In the second half of 2020 the company finished construction of the Ourol wind farm in Lugo, which went into operation two months ago, and began construction of the Croas and Monte Tourado farms, currently in their completion phases, which will complete the Eolo I MOC Plan. This will be followed by “the development of the second part of our EOLO CBT program, which includes three parks with a total power of 110 MW and an expected investment of 120 million euros. We’re expecting to formalize the financial closure of this project in the second half of 2021, with which we’re expecting to generate 16 million euros in annual turnover and an EBITDA of 12 million”, explained Fernández-Montells.
Greenalia currently has 96.5 MW in operation (50 MW at the Curtis-Teixeiro biomass plant and 46.5 MW of wind energy at the Miñón and Ourol windfarms), to which the 28 MW from the Alto da Croa, Alto da Croa II and Monte Tourado wind farms will be added at the end of this year. The forecasts for this year include the construction of 10 wind farms, providing a total power of 290 MW, which are estimated to go into operation before the end of 2023.
Commitment to biodiversity and the environment
In terms of sustainability, the Director for Corporate Development and Sustainability, Beatriz Mato, outlined the companies advances in an area that was strengthened in 2020, including the creation of the company’s own sustainability department and the Greenalia Foundation for Energy Transition, which has already laid the foundations for both applications and its initial projects. She then highlighted all the efforts made to promote the company’s various social inclusion projects, which benefited more than five hundred people in 2020, in addition to the voluntary work of company employees and the initiatives carried out to restore biodiversity in deprived areas or areas with endangered protected species, such as the centaurea ultreiae or the Macaronesian fern.
Mato stressed that one of the key focuses of the work at Greenalia is to ensure they make a positive impact on the local environment, both by creating jobs and new infrastructure and by improving the natural environment. This is a core foundation for the company based in A Coruña, which this year invested 40 million euros to hire local suppliers from the community, leading to the creation of more than 600 jobs in the area. “For Greenalia, a commitment to community and the local environment is part of our DNA. That’s why use dialogue to obtain consensus for all of our projects, so we can present the very best proposals for every one of our projects”. The sustainability director went on to explain that, precisely in line with this premise, another of the commitments made and steps taken by Greenalia this year was to strengthen their external communication channels, as they see this as an essential part of their transparency policy.
From an environmental perspective, the company has maintained its carbon neutrality for a second year running and also achieved a reduction of more than 60% in the CO2 emissions produced by its activities in 2020, which was made possible by a general effort to optimize and improve all processes by taking sustainability into account from the very beginning stages of every project.

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