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Greenalia posts lower profits in 2018 as it goes all in on new projects

Forest biomass. Author: Oregon Department of Forestry. License: Creative Commons, Attribution 2.0 Generic.

April 24 (Renewables Now) - Spanish forestry and energy group Greenalia SA (BME:GRN) recorded a net profit of EUR 483,218 (USD 542,255) in 2018, down by a third from the year earlier, as it mobilised investments in new biomass and wind power projects.

The company highlighted Tuesday the 21.98% year-on-year increase in earnings before interest, taxes, depreciation and amortisation (EBITDA) to EUR 2.3 million, and a slight growth in revenues to EUR 35.4 million.

Most of Greenalia's financial operations last year were related to investments made in the Curtis-Teixeiro biomass plant of 50 MW in the home region of Galicia. In 2018, the company reached financial close for the plant, which is slated to begin commercial operations in March 2020. Greenalia estimates it will obtain a recurring income of EUR 910 million over a 25-year period from the sale of the plant’s output.

In 2018, the company acquired three wind schemes from Siemens Gamesa Renewable Energy SA (BME:SGRE), in addition to five photovoltaic (PV) projects. It also took steps towards the financial close for the 182-MW Eolo wind project, consisting of eight wind power installations. Banco Santander SA (BME:SAN) will support the project with a loan of up to EUR 156 million, pending due diligence.

(EUR 1.0 = USD 1.12)

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Sladjana is the newest addition to the Renewables Now team. She has significant experience as a Spain-focused business news reporter and is now diving deeper into the global renewable energy industry.

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