Back 29/12/2020 News

Greenalia will update its strategic plan aiming over 2 GW construction in the next 5 years

  • The renewable energy producer has obtained permitting admission for 100% of its projects with grid-access by the competent authority within the timeframe set by the Energy Transition Ministry in RDL 23/2020
  • The Company improves its forecast with the addition of these new projects and will update its strategic plan accordingly

Greenalia, the renewable energy producer, has obtained permitting admission (admisión a trámite) for 100% of its projects with grid-access, up to 1.830 MWs split in: 1.170 MW onshore wind and 660 MW solar. In this way, the Company hits the first milestone set by MITECOs Royal Decree-Law of 23 June 2020 by order of which companies who had been granted grid-access for projects after 12/31/2017 and before 06/25/2020 had to show proof of permitting admission by the competent administrative body of these projects.

This significant achievement constitutes an important milestone for the Company’s Strategic Plan that forecasted construction of 1 GW until 2023. This consolidation of Greenalia’s project pipeline and the significant progress in project permitting process will allow the company to revise its Strategic Plan. This new strategy will set more ambitious targets and will set as new global target the construction of a total of 2 GW in its mix of technologies.

In this framework, apart from the total 1.830 MWs, it is to be highlighted that another 640 MW of onshore wind have obtained permitting admission. These MWs had started the permitting process before the legal moratorium to obtain the corresponding grid-access. In addition to this, the Company has 289 MW of onshore wind, 250 MW of offshore wind and 100 MW of Biomass awaiting grid-access once the legal moratorium is lifted.

Greenalia has now one of the most diversified pipelines in the renewable energy sector and its differentiated from its competitors in that it has under development projects in four different technologies (biomass, solar, onshore wind and floating offshore wind). To date, it is the only company with presence in floating offshore wind in Spain, technology in which the Company is targeting to become as one of the main international players, boosting in this way, through its projects the great capabilities of the Spanish industry in this sector. It is the only company, that, to date, has clearly defined floating offshore in Spain as one of its main targets for development.

Greenalia has targeted the areas with better resource for each technology its developing. In this way, it has focused its onshore wind development in the North West of the Iberian Peninsula with over 3600 hours of wind; solar development in the South of the Iberian Peninsula, with more than 2.000 hours of solar radiation, its biomass plant in Galicia, the main area for forestry resource in Spain and one of the most important in Europe; and offshore wind in the Canary Islands with over 5.250 hours of wind.

Lastly, in this pipeline technologies different from Solar (the main technology developed by other competitors) have a very significant weight.  This is a very important fact to highlight given the superior EBITDA and Profitability levels of these other technologies compared to Solar: (a) Onshore Wind is twice as profitable as Solar; and (b) Biomass and Offshore Wind are up to five times as profitable. Therefore, Greenalia’s operating and under-development assets are the equivalent, in profitability terms, to 400 Solar-MW. Finally, all summed-up, together with the obtained permitting admission and the grid-access pipeline – 3.400 MW – it would be equal to a total Solar pipeline of 7.000 MW.

Today Greenalia has 50 MW from its Biomass Plant in operation and two onshore wind farms that sum-up 46,5 MW to which it will add another 28 MW from another 3 onshore wind farms in construction in A Coruña. For next year the company expects to initiate construction of another 135 MWs.

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