September 28, 2022

The Spanish Ecoener announces a net profit up 350% for the first half of 2022

September 12 (Renewables Now) — Spanish renewable energy developer and power producer Grupo Ecoener SAU (BME:ENER) saw its net profit for the first half of 2022 swell nearly 350% year-on-year other and other revenue increase significantly.

According to the company’s first-half financial results, net profit was 12.1 million euros ($12.3 million), EBITDA jumped 116% on the year to 25 .2 million euros, while revenues increased by 88% to 38.4 million euros. Power pool revenue in Spain jumped 155% to 30.3 million euros.

Ecoener said the results reflected the strength of its growth strategy and plans, as well as the profitability of its operating power plants.

The company builds and operates wind and solar farms and mini hydropower plants, which together generated 170.8 GWh during the reporting period, down 10% year-on-year. The decline in production is the result of droughts that reduced hydroelectric power generation by 54%, Ecoener said.

According to the latest earnings report, Ecoener has 171 MW of generation capacity installed in seven mini hydroelectric plants, 13 solar photovoltaic plants and nine wind farms in Spain, Honduras and Guatemala. It also has 186 MW of projects under construction, which are expected to significantly increase EBITDA in 2023, Ecoener added.

(1.0 EUR = 1.013 USD)

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