Letter from our president
To our stakeholders,
At Greenalia, we develop our activity with the firm conviction that energy, environment, and climate are inextricably linked. We’re proud to be a key player in the decarbonization process, thanks to our unwavering commitment to renewable energy and its positive impact on the planet.
We have been able to anticipate the needs of the energy transition and provide tools and solutions. This ability to adapt to different market conditions is based on our continuous search for innovative, competitive, and efficient offerings.
Our business model results from our collective efforts, combining talent, creativity, commitment, and business ethics. All of this is under the umbrella of a corporate culture that escapes the comfort zone and strives for a better world.
This non-conformism, together with our resilience, has allowed us to expand our strategic plan in a short period, focusing on international expansion and technological diversification.
The digital immersion that has accompanied Greenalia since its inception and throughout its growth puts us in a unique position to meet the challenges we face in one of the world’s most uncertain times and the midst of a climate emergency resulting from global warming. As we close a particularly relevant year for the company, we do so with the conviction that we are poised to be a key player in the energy transition. We look forward to the New Year by expanding our commitment to a positive and regenerative impact on the land.
As a company with a strong relationship with the communities in which we operate, we support and collaborate with various organizations on projects of interest and participate with them in adequate strategies to improve the inclusion, diversity, and equality of vulnerable groups.
These facts are evidenced by the various initiatives developed in the environments where we operate in favor of inclusion and support for the most disadvantaged, a line of work that has been strengthened in 2022 in line with the SDGs. We have also expanded our commitment to reducing emissions and improving our energy efficiency, progress that we have embodied with our adherence to the Climate Pledge initiative.
Our strategy to contribute to the development of a more equitable society keeps intact the company's inalienable commitment to the 17 Sustainable Development Goals (SDGs), set out in the United Nations 2030 Agenda, to which we join to address the great challenges of humanity.
Our adherence to the Global Compact is a pillar on which we base our management of sustainable and harmonious growth from the triple ESG (environmental, social, and governance) perspective. We are an organization that coexists in a complex ecosystem, using regenerative, creative, and innovative effects.
At Greenalia, we are firmly committed to this objective, and we are sure that our contribution and leadership in this change toward a climate-neutral economy will consolidate us as a reference in changing the energy model. With green and positive energy, we will continue to grow, create wealth, and contribute to a more sustainable planet.
This is an unwavering goal and a sign of our commitment to future generations.
José María Castellano Ríos
PRESIDENT OF GREENALIA
Letter from our CEO
Dear Friends of Greenalia,
At the end of the fiscal year 2022, we take stock of a year in which energy was undoubtedly the protagonist. Rising prices and supply crises marked the first months of the year, which were still affected by the effects of the pandemic. The principal armed conflict on Europe’s doorstep marked a turning point in the way we view and analyze our energy market, highlighting the need to change our model and to do so in less time than expected.
This situation has shaped the evolution and actions of companies like ours. Regulatory changes in Spain, Repower EU, and the European Union’s "Fit for 55" have highlighted the need to implement more renewable energy sources to combat climate change and reduce the consumption of fossil fuels and our dependence on third countries, with particular attention to those that could threaten our economic stability and social welfare.
In this uncertain and challenging context, Greenalia is proving to be up to the challenge, growing, strengthening, and diversifying our business model with new projects.
In our pursuit to be a dedicated player in the fight against climate change, we expanded our presence beyond Europe, making a qualitative and quantitative leap into the American market, where we ended the year with a pipeline of almost 3 GW in three technologies (solar, wind and storage), bringing our global business portfolio to more than 6 GW.
This expansion was also accompanied by an increase in our turnover, which reached 95.1 million euros. A figure that encourages us to continue working with the firm conviction that a real and effective commitment to renewable energies can be the lifeline that our planet needs, as well as our industrial fabric. An industry with which, in 2022, we signed long-term agreements (PPAs) - with Alcoa and Resonac - for the supply of more than 1 GW of green energy at stable prices. These alliances have made Greenalia a European leader in the sale of long-term energy, a further demonstration of our commitment to providing tools to improve the competitiveness of our industry and thus generate wealth in the territory.
From a corporate perspective, we successfully completed the Take-to-Private Operation (OPA). A step that has allowed us to embark on the company’s reorganization to meet the key challenges we have set ourselves. Among these, I would like to highlight the expansion and strengthening of our presence in the American market and the acceleration of assembling our new assets in Europe.
With the firm conviction that we must continue to advance and innovate in the decarbonization process, we have begun the development of a sixth technology: green hydrogen. This will add to the five we are already working technologies with (onshore and offshore wind, photovoltaics, biomass, and storage).
In line with our commitment to the United Nations Global Compact and the Sustainable Development Goals, we have provided a detailed report on our progress in all of these areas, which adheres to the reporting principles of the Global Reporting Initiative (GRI) to ensure the integrity of our data.
Best regards,
Manuel García Pardo
CEO OF GREENALIA
Contents
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About Greenalia
Monte Tourado Wind Farm (10.4MW)
Milestones and key metrics for 2022
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Greenalia’s Headquarters
Business lines
-
Onshore Wind Onshore Wind Onshore Wind Onshore Wind Onshore Wind Onshore Wind Onshore Wind Onshore Wind Onshore Wind Onshore Wind Onshore Wind Onshore Wind Onshore Wind Onshore Wind Onshore Wind
Alto da Croa Wind Farm (7.3MW) - Vimianzo, A Coruña, Spain
-
Offshore Wind Offshore Wind Offshore Wind Offshore Wind Offshore Wind Offshore Wind Offshore Wind Offshore Wind Offshore Wind Offshore Wind Offshore Wind Offshore Wind Offshore Wind Offshore Wind Offshore Wind
Gofio Offshore Wind Farm Project Outline (50MW) - San Bartolomé de Tirajana, Las Palmas, Spain
-
Photovoltaic Photovoltaic Photovoltaic Photovoltaic Photovoltaic Photovoltaic Photovoltaic Photovoltaic Photovoltaic Photovoltaic
Misae II Photovoltaic Plant Outline (695MW) - Texas, Childress, USA
-
Biomass Biomass Biomass Biomass Biomass Biomass Biomass Biomass Biomass Biomass Biomass Biomass Biomass Biomass Biomass
Curtis Teixeiro Biomass Plant (50MW) - Curtis Teixeiro, A Coruña, Spain
-
Storage Storage Storage Storage Storage Storage Storage Storage Storage Storage Storage Storage Storage Storage Storage Storage Storage
Misae II Storage Project Outline (385 MW) - Texas, Valverde County, USA
-
Green Hydrogen Green Hydrogen Green Hydrogen Green Hydrogen Green Hydrogen Green Hydrogen Green Hydrogen Green Hydrogen Green Hydrogen Green Hydrogen Green Hydrogen
Green Hydrogen Project Outline - Curtis Teixeiro, A Coruña, Spain
Business model
We work together for the same dream, the transition towards a world capable of operating exclusively with clean energy and for the same commitment to environmental and social sensitivity in all our projects.
During the last few years, we have consolidated our Develop&Own business model by starting up the largest forest biomass electrical generation plant in southern Europe and five wind farms in the area of Spain with the most wind power resources. This has led to the strengthening of the group’s vertical integration.
In Greenalia , as an independent power producer, we generate energy by participating in the following stages of the process:
-
a —
promotion and developmentDevelopment
+Financing
+Construction
- 01
Search for viable projects
- 02
Achievement of all milestones up to Ready to build stage
- 03
Structuring of green, efficient, and non-recourse financing
- 04
Supervision services during project construction
- 01
-
b —
EnergyProduction
Sale of energy in its IPP modality through:
- 01
Sale to the market
- 02
Participation in renewable energy auctions
- 03
Signing of PPA
(Power Purchase Agreement)
- 01
-
c —
ServicesOperation and maintenance
+Asset Management
- 01
O&M supervision service
- 02
Asset management activities
- 01
Pipeline 2022
0GW
In 5 technologiesSpain
![](../assets/images/iconos/c1_s5_2.png)
0MW
Photovoltaic
0MW
Biomass
0MW
Onshore Wind
0MW
Offshore Wind
United States
![](../assets/images/iconos/c1_s5_3.png)
0MW
Photovoltaic
0MW
Onshore Wind
0MW
Storage
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Greenalia’s Headquarters
Financial excellence
The application of good financial practices is an extension of our commitment to sustainability. In this way, strict compliance with fiscal responsibilities is one of our fundamental principles, and is inherent to our values and our philosophy of creating value and being an actor of positive social transformation in the areas where we have a presence.
EBITDA
In M€
Turnover
In M€
2022 has been a successful year for Greenalia, multiplying our EBITDA by 1.8
Recurring income, predictable and stable in the long term.
High profitability, focused on EBITDA generation.
Efficient financial structures, and without recourse.
Double materiality analysis
The double materiality analysis is one of the most important tools with the greatest added value. It allows us to identify the most relevant issues for our interest groups and thus advance in the creation of value in governance, social and environmental matters, to ensure that the current and future needs of our interest groups are satisfied.
This year, the methodology for conducting the double materiality analysis has evolved from previous years, in line with the new methodology defined in GRI 3: GRI's 2021 Material Topics, which focuses on identifying and assessing the impacts that organizations have on their environment.
In addition, once Greenalia's material issues have been identified according to the materiality of impact, their financial impact on the company will also be taken into account, in order to have a double materiality approach, in accordance with the provisions of the ESRS (EU Sustainability Reporting Standards) developed by EFRAG.
Double materiality matrix
MATERIALITY
IMPACT
2
3
8
12
4
9
11
15
13
6
17
7
10
1
5
12
14
16
MATERIALITY
FINANCIAL
MATERIALITY
IMPACT
2
3
8
12
4
9
11
15
6
13
7
17
10
1
5
12
14
16
MATERIALITY
FINANCIAL
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Surroundings of Monte Tourado Wind Farm (10.4MW)
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Governance
Greenalia’s Headquarters
Ethics and Integrity
Greenalia was born as a self-demanding organization with its work and governance standards. This natural inclination to be a company committed to best practices, and constantly seeking to exceed the strictest international standards in corporate governance, leads the organization to a process of acceleration and scaling in the implementation of these principles, systems and processes. A company such as Greenalia, committed to the sustainability of its business model and with the ESG framework in its DNA, is in a continuous process of improvement and self-assessment to consolidate its governance model linked to a solid and seamless business ethics.
The centerpiece of the program is the Code of Conduct and Best Corporate Practices, aligned with the principles of the Global Compact, to which we are a signatory, and available on our corporate website.
Our ethical principles and action guidelines are included in the Code of Conduct. This is accepted by each person who becomes part of the organization, and establishes the basic principles and commitments that are expected and must be required of the companies that make up Greenalia, as well as of all its people, management and governing bodies. It thus constitutes a framework of common integrity for all of them in the development of their professional activities and in their relations with interest groups.
To ensure compliance with current legislation and the Code of Conduct, we continue to work on reinforcing our internal policies and procedures, including the guidelines for professional behavior that our Board of Directors considers necessary to generate added value for our stakeholders, our people and for the subsidiaries of the company through which we carry out our activities. Within this framework, the approval of the Anti-Corruption Standard stands out, as a result of our zero tolerance policy against all corrupt acts and our commitment to integrity and best ethical and governance practices. The standard is conceived as a tool to help those subject to its contents to identify possible corrupt conduct and establishes a set of measures to prevent this type of practice (when making donations or sponsorships; when giving or receiving gifts, invitations or trips; when keeping books and accounting records; in the event of possible conflicts of interest; in relations with the public sector; when establishing relationships with third parties; or when incorporating personnel into positions that expose the Group to the risk of corruption).
Risk management
Risk management in Greenalia is a process driven by the Board of Directors and the Management Committee, which aims to ensure the achievement of the company's objectives in a predictable manner and with a medium-low profile for all its risks. Providing reasonable security in the achievement of the objectives set by the company in response to the various challenges it faces, as well as guaranteeing all stakeholders an adequate level of security to ensure the protection of the value generated.
Risk management
probability
R-59
R-37
R-21
R-32
R-66
IMPACT
probability
R-59
R-37
R-21
R-32
R-66
IMPACT
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Environmental
Greenalia's operational team replanting in Croas Wind Farm (7.3MW)
Biodiversity
Our commitment to the environment and to preserving the biodiversity of the ecosystems, landscapes and species of the territories in which we operate is more than a commitment, it is a necessary condition for global sustainability.
Working hours
0
hours of environmental monitoring of the construction, commissioning and operation of our wind farms and evacuation lines.
Protection programs
Centaurea ultreiae protection program
In 2020 we signed the Plan and population reinforcement program for the species Centaurea Ultreiae Silva-Pando in Monte Castelo, with the aim of having a better knowledge of the species and achieving compatibility between the development of the projects and the conservation of this protected species.
For the preparation and development of this programme, Greenalia has allocated a consignment of 200,000 euros which are channeled through a collaboration agreement with the Galician Agency for Food Quality (AGACAL), dependent on the Ministry of Rural Affairs, and in which Technicians attached to the Lourizán Forestry Research Center participate.
Under this agreement, which runs until 2024, the work team has carried out a second phase during 2022 focused on literature review and sampling.
In it, tasks of location, delimitation, counting, and sampling of plants of the specimens have been carried out. As a result of this work, a plan has been drawn up with the known presence of the species in the Gábrian massif and Monte Castelo.
In addition, we continue reproducing specimens at the University of Santiago de Compostela (USC) facilities in Lugo, and the genetic study of the species has begun.
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Protecting the Macaronesian fern Dryopteris guanchica
In response to the identification in the vicinity of the Miñón wind farm substation of a unique species of Macaronesian fern, Dryopteris Guanchica, classified as vulnerable in the Galician Catalogue of Threatened Species, we began 2019 the protection and recovery program, in collaboration with the USC through the Environmental Technology Laboratory and with the Agroforestry Training and Experimentation Center of Guísamo.
The first step consisted in the location and identification of the specimens of the species, to carry out their transplantation to a nearby optimal location for their development. The works were carried out, following the guidelines of the General Directorate of Natural Heritage, by a highly qualified team from USC and CFEA Guísamo.
The objective of the second phase, which began in 2020 and has continued throughout this year, is to ensure its conservation and establish an additional population of this species in the area of the Miñón Wind Farm substation, based on the spores of the existing specimens themselves, dedicating a shaded area to their reproduction.
Among the tasks carried out during 2022 are the development of meticulous laboratory work routines and outdoor collection. Starting from selecting mature fronds, valid for repopulation until subsequent screening, and sowing each specimen within a sterilized medium.
In the Alto da Croa II wind farm, a small population of this species was also located in the vicinity of a road to be conditioned. To guarantee the safety of this species, a safety beacon was established throughout the work. A weekly monitoring of the status of this population was also carried out. Likewise, it is planned, as soon as conditions allow it, to plant several specimens of hardwood trees in its vicinity to generate a plant cover that favors its future conservation.
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Greenalia’s Headquarters
To achieve the implementation of the commitment to biodiversity, we integrate the conservation of natural diversity in our Sustainability Plan (ESG), thus applying a preventive approach to minimize the impacts of new infrastructures on biodiversity, taking into account its cycle full life. To this end, environmental guidelines will be drawn up for each type of infrastructure project to be developed.
In addition, in our Environmental Policy, included in our Green Book, available on the corporate website, we include a formal commitment to protect biodiversity and a specific purpose of avoiding and mitigating any impact, under the responsibility of the Board of Directors, reflecting the importance that is given internally to this commitment.
With this in mind, amongst other actions, we monitor flora and fauna, especially in the case of protected or vulnerable species. We also apply silvicultural treatments that minimize the risk of forest fires, and restore autochthonous species.
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Greenalia’s Headquarters
Energy transition
Our business model is sustainable, with a strategic growth plan based exclusively on renewable energy projects that contribute directly to the fight against climate change.
In a firm commitment to decarbonisation, at Greenalia we have increased our ambition and accelerated our commitments, bringing forward the goal of reaching zero net emissions by 2040, ten years before the global commitment, through our adherence in 2022 to The Climate Pledge. Also in line with this important challenge, we are adhering to the Science-Based Targets initiative to reduce our scope 1 and 2 emissions by 25% for the 2020-2030 period and measure our scope 3 emissions.
These objectives, validated by the Science-Based Targets initiative, are aligned with the ambition of the Paris Climate Agreement to limit global temperature warming to 2ºC by the end of the century above pre-industrial levels.
Global energy consumption
MWH
The energy used mainly involves the consumption of diesel fuel in the company’s vehicles and in the biomass baler machines used in the field to bundle the forest biomass used in the biomass plant.
Petrol
Electricity
Natural gas
Diesel
GHG emissions
tCO2eq
In 2022, for the fourth consecutive year, we calculated our carbon footprint. This annual report details emissions from day-to-day activities, while improving our capture and calculation methods for Scopes 1, 2 and 3.
Scope 1
Direct emissions
These are GHG emissions associated with sources that are under our direct control.
0,0
Scope 2
Direct emissions
These are associated with the generation of the electricity that we purchase.
0
Scope 3
Additional scope that includes indirect emissions associated with the production chain of goods and services, produced outside the organization.
0,0
Total
0,0
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Social
Greenalia's operating team at Monte Tourado Wind Farm (10.4MW)
Our team
Taking care of the people who make up our team is a priority that allows us to move forward safely towards meeting our growth objectives.
Our people are our engine of change and an essential part of the energy of the business, which is why we are committed to guaranteeing equal opportunities, increasing the participation of women, favoring labor flexibility, fostering professional development and promoting a culture of safety and health.
The talent, commitment and dedication that our teams demonstrate every day, together with our ambitious mission, shape this new energy that we generate: greener, more sustainable, more digital and more professional.
The team in figures
0
People
2021
0
People
Average age of the workforce: 36 years
By gender - Renewable business
78%
Men
22%
Women
By employment contract
Permanent
81
Men
24
Women
Temporary
8
Men
1
Women
By age
27%
< 30
63%
30 - 50
10%
> 50
By positions
7%
Director
7%
Dept head
2%
Specialist
8%
Mid-lvl
manager
7%
Technician
17%
Technician II
36%
Operator
14%
Operator
II
2%
Intern
0
People
2020
0
People
Average workforce age: 36 years
By gender - Renewable business
58%
Men
42%
Women
By employment contract
Permanent
82
Men
22
Women
Temporary
22
Men
0
Women
By age
29%
< 30
61%
30 - 50
10%
> 50
By positions
6%
Director
4% Dept. Head
8%
Mid-lvl
manager
7%
Technician
15% Technician II
59%
Operator
1%
Intern
0
People
2019
0
People
+18%
Average workforce age: 37 years
By gender - Renewable business
84%
Men
16%
Women
By employment contract
Permanent
59
Men
22
Women
Temporary
22
Men
1
Women
By age
24%
< 30
66%
30 - 50
10%
> 50
*We include the professional category of intern in the information contained herein.
Community
We are directly involved with the communities in which we operate, making significant contributions to society as a result, mainly, of all the activities necessary to provide the supply of an essential product such as energy.
Direct economic impact
+ 0 %
of the total direct economic impact is local
+€M€
direct economic impact in the region close to the projects
Local employment
Biomass plant
0
Businesses
0
Job positions
+0
million €
Wind farms
0
Businesses
0
Job positions
+0,0
million €
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Greenalia's operating team at Monte Tourado Wind Farm (10.4MW)
The Times They Are A-Changin'
"Times are changing." It happened in the 1960s, when a post-war era, with international political upheavals and great social changes, inspired Bob Dylan to raise awareness about what was happening and opened many people's eyes.
That musical legacy brings us back to the present day. And, times change again. Six decades later, he does so with elements common to those who led "The Times They Are A-Changin" to be the hymn of an entire generation.
Faced with an unprecedented climate and energy crisis, we are witnessing social crises and strong geopolitical tensions that require us, as a society, to face this stage with a greater capacity for dialogue, more empathy and a strong commitment to our territories.
A scenario in which we see how the old forms of energy generation are no longer sustainable or acceptable. The fight against climate change places us in a new industrial and economic revolution that leads us to a greener, cleaner and more sustainable model, the only way to leave a better legacy for future generations.
At Greenalia, we assume change as part of our day to day. It is an inherent value, which defines our resilience. A 180 degree turn towards a healthier planet, towards cleaner air, with greater wealth in our ecosystems, greater biodiversity and accessible and affordable energy.
Some challenges for which we must assume commitments and overcome obstacles. Big transformations have never been easy. But we are in a moment of no return, crucial times that require us to do things quickly and in a different way. For this reason, all our efforts are focused on achieving energy production with 0 emissions, while also doing so while generating wealth and in harmony with the environment. A purpose that encourages us to challenge ourselves year after year to be leading actors in this process of energy transition.