Grenergy buys all of Repsol’s photovoltaic assets in Chile

The listed renewable energy company Grenergy closed the first half of the year with a turnover 15% lower than last year, from 225.8 million to 192 million, and closed with net profits of half a million euros, 89% less than the 4 million during the same period last year. The results include the news of a large purchase in Chile for 114 million from Repsol and Ibereólica.

In the second quarter of the year, it has multiplied its losses by 6, with losses of 5.8 million compared to the negative 0.9 million of the same period last year. Its turnover falls by 37% from 129.8 million in revenue in the second quarter of last year to 82.2 million this year.

The losses reflect a large number of investments still without a return, as they are photovoltaic parks under construction. The largest of all is the Atacama Park in Chile, which will be expanded after a purchase from Ibereólica and Repsol, as announced in the same results to the National Securities Market Commission. It is 1 GW purchased for 114 million euros from Ibereólica and Repsol, to be paid in two installments.

A large part of the losses have to do with its multi-million euro investment in this Atacama Oasis, which will have required a total investment of 2.6 billion euros and which has only completed two of the seven phases planned to date to put into operation a park with a final capacity of 2 GW, counting on the expansion that the purchase from Ibereólica and Repsol represents, and which will be able to generate around 5.5 TWh per year, an amount similar to the consumption of Madrid.

The company, founded in 2007, is still in the development phase, as it has a very low percentage of the energy in development in operation. In Europe, it has 0.7 GW of the 5 GW projected for solar in operation and none of the 4.7 GW it hopes to project with batteries.

In Latin America, where it has the most energy in operation, it has 1.3 GW of solar in operation and 2.6 GWh of batteries, but it aims for 4.9 GW of solar and 14.6 GWh of batteries. And in the United States, it has yet to start production, which should be 5.1 GW of solar energy and 2.5 GWh from batteries.