GreenVolt buys 70% of Profit Energy
GreenVolt, the green energy arm of Altri, which is led by former EDP Renováveis CEO João Manso Neto, has completed an agreement to acquire 70% of Profit Energy, a company dedicated to the solar energy and energy efficiency areas.
The acquisition which also involved Track Profit Energy, is part of GreenVolt’s consolidation process as an international market player in the renewable energy market.
Profit Energy operates in the renewables sector, its activities focusing on developing energy efficiency projects, as well as solar panel installation projects, engineering projects, energy construction and supply (EPC) and operations and maintenance supply services (O&M).
GreenVolt – Energias Renováveis SA, is a market leader in Portugal in the renewable energy segment. The company started its activities with the aggregation of diverse energy production assets from biomass, forest litter and agroforestry materials in December 2005.
It is part of Altri, one of the largest short fibre paper pulp producers using eucalyptus trees, benefitting from synergies from forestry management activity and Altri’s paper pulp production activities.
GreenVolt currently operates five thermoelectric energy production plants using biomass as a fuel, with around 97 MW of installed potential.
Altri is present in the biomass renewable energy business through GreenVolt which it whole owns. The five power plants in operation – Mortágua, Ródão (Celtejo mill), Constância (Caima mill) and Figueira da Foz (two in Celbi mill) — produce a total 96.7 MW of electric power. The 5 biomass power plants produce a total of about 720 GWh per year.
“The company (GreenVolt) is today the main reference in terms of biomass energy production in Portugal whose aim is to develop international energy production projects from renewable sources, namely solar and wind.”
Founded in 2017, Profit Energy is an engineering company, made up of technical engineers with over 10 years of experience, specialising in the development and conception of clean energy production projects using renewable and energy efficient sources, with a focus on solar panel and LED illumination systems.
Its mission is to develop financial and technical solutions in the renewables sector which increase the competitiveness and sustainability of companies, creating business opportunities for investors and partners.