In the first half of 2020, Greenalia managed to achieve an EBITDA of 2.79 million euros, 65% higher than last year, and a turnover of 19.6 million euros. These figures show that the company manages to stay its course despite the COVID pandemic, even though the context will force it to revise some temporary forecasts for key project completions, while maintaining its overall plan that has even been increased with the addition of a number of new proposals over recent months.
This was highlighted this morning by the company’s CEO, Manuel García, and CFO, Antonio Fernández-Montells, when they shared the financial and operating results for the first half of 2020 (1H20), where they outlined the resilience the sector and the company have shown in the face of this crisis and the need to invest in renewable energy that should serve as a key lever for economic recovery. Within this context, Manuel García underlined Greenalia’s commitment – “we have a dual focus in our day-to-day work: the production of energy through renewable sources to heal and improve our planet, and the positive and regenerative impact that our efforts have on our surrounding environment and communities, where, in addition to boosting the local economy and creating employment, we also contribute towards social projects that improve people’s lives”.
That’s why Greenalia, through its Foundation for the Energetic Transition, has launched a number of initiatives this year to support families during the back-to-school process in these particularly challenging times, and has helped more than 500 pupils in the communities where the company has active projects.
As explained by the Greenalia’s CEO, the COVID crisis will make us reshape our strategic plan, a reorganization that shall be implemented when we have a clearer understanding of the situation and have better assessed the scope and impact of this pandemic that “unfortunately is far from over”.
As for Antonio Fernández-Montells, he highlighted that “the financial impact of these adjustments to our initial plan is very low, as, in terms of the company valuation, they amount to less than 1% of its current capitalization. More importantly, the financial impact is significantly less than the positive impact of the Ro increase of the Biomass Plant”.
Major investment in the face of the COVID crisis
It was also pointed out that, during this period strongly marked by the state of alarm and the drop in consumption, Greenalia has managed to maintain the same level of investment and has continued creating jobs. Within this context, the construction of the Ourol Wind Farm in Lugo was completed, Alto da Croa I, Alto da Croa II and Monte Tourado Wind Farms in Costa da Morte started construction, and the acquisition process for 30 balers to be used in the Curtis-Teixeiro Biomass Plant was completed. All of this amounted to a 40 million euros investment and the creation of more than 200 jobs.
This will allow the company to continue to work towards the future commissioning of the Ourol Wind Farm in Lugo (22.5 MW, completed and in the testing phase) and the finalization of the Alto da Croa I, Alto da Croa II and Monte Tourado Wind Farms in A Coruña (27.70 MW, in the construction phase). These projects are predicted to generate over €7M revenue and over €5.5M EBITDA for the year.
Alongside these projects, the company is also in the final application stage for the second part of the Eolo project, named “Eolo I CBT”, which involves 4 Wind Farms in Galicia with a total power of 135 MW.
Drive towards offshore wind power
During the presentation, Greenalia’s Directors stressed the importance that the floating offshore wind farms projects on Spanish coast will have for Spain in general, and for the company in particular, with it set to be a key technology for the future of the wind sector. Along these lines, they highlighted the importance of the projects presented by the company in the Canary Islands, which have a total power of 250 MW and are currently in the beginning stage of application.
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