Grenergy posts five-fold profit boost in 2023

Spanish renewables developer-operator Grenergy Renovables SL earned a net profit of EUR 51.1 million (USD 55.9m) in 2023, reporting a five-fold increase compared to the previous fiscal year’s income of EUR 10.3 million.

Revenues for the year reached a record-breaking EUR 400.2 million, up by 37% year-on-year, while EBITDA jumped by 108% to EUR 104.5 million.

Grenergy said the results were underpinned by higher energy sales due to the commissioning of new solar farms and its asset rotation plan.

With power production increasing by 24% year-on-year, energy revenues and energy EBITDA rose by 40% and 38%, respectively. Average captured price increased as well, by 13% to EUR 52.2 per MWh, rising in both power purchase agreements (PPAs) and merchant sales.

Grenergy’s operational portfolio consisted of 908 MW of installed wind and solar capacity at the end of 2023, with plants located in Spain and Latin America.