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Grenergy Renovables SA
F:5GR

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Grenergy Renovables SA
F:5GR
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Price: 102 EUR -0.97%
Market Cap: €2.9B

Grenergy Renovables SA
Investor Relations

Grenergy Renovables is a Spanish clean power company that develops, builds, and runs solar power plants and battery storage projects. It works mainly in utility-scale renewable energy, meaning large projects that feed electricity into the grid rather than small rooftop systems. The company also helps design and deliver the project pipeline, from site development and permitting through construction and operation. Its customers are electric utilities, large energy buyers, and power markets where the company can sell the electricity its plants produce. Grenergy makes money by selling power under long-term contracts and, in some cases, by selling electricity into the market. It can also earn fees and project income from building and transferring assets or from managing them over time. What makes Grenergy different is that it is not just a solar developer. It combines solar generation with battery storage, which helps shift power to times when electricity is more valuable and makes renewable supply more reliable. That puts the company in a key role between land, equipment suppliers, grid operators, and the end buyers of clean electricity.

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Last Earnings Call
Fiscal Period
Q1 2026
Call Date
May 27, 2026
AI Summary
Q1 2026

CapEx boost: Grenergy raised its 2026-2028 investment plan to EUR 3.7 billion, up by EUR 1.5 billion, and said the plan is fully funded mainly through project finance.

Geographic mix shifts: For the first time, Europe will account for 45% of CapEx, matching Chile at 45%, while the U.S. appears in the plan for the first time in 2028.

Storage scales fast: The Oasis platforms have grown to 5 gigawatts and 22 gigawatt hours, with management framing storage as the core growth engine and a faster-moving business than solar.

Commercial momentum: The company said it has signed 2.1 terawatt hours per year of PPAs and 4.2 gigawatt hours of storage contracts across five markets, including a first 20-year PPA with Georgia Power.

New growth areas: Grenergy is pushing into Greenbox stand-alone storage, an integrated utility in Chile called GR Power, and a new data center opportunity in Chile, though management said no CapEx is planned for data centers in 2026-2028.

Funding strength: Management highlighted close to USD 2 billion of debt raised across the Oasis platform, EUR 429 million of cash, and continued access to project finance as key enablers of growth.

Key Financials
CapEx plan
EUR 3.7 billion
Chile CapEx share
45%
Europe CapEx share
45%
U.S. CapEx
Included for the first time in 2028
Oasis platform size
5 gigawatts and 22 gigawatt hours
BESS pipeline
More than 70 gigawatt hours
BESS backlog plus advanced development
More than 40 gigawatt hours
Solar pipeline
12 gigawatts
Solar under operation or construction
2 gigawatts
Greenbox target
8 gigawatt hours
GR Power contracted energy
2.1 terawatt hours per year
GR Power under negotiation
1.2 terawatt hours per year
Storage contracted volumes
4.2 gigawatt hours
Commercial volumes in Chile
More than 700 gigawatt hours per year
Debt raised across Oasis
Close to USD 2 billion
Project finance lenders
14 international lenders
Nonrecourse financing share
80%
Nonrecourse financing amount
Close to USD 2.8 billion
Corporate bond
EUR 170 million
Revolving credit facility
EUR 105 million
Cash
More than EUR 400 million
Cash balance
EUR 429 million
Asset rotation target
EUR 0.8 billion
Asset rotation achieved
30%
Asset rotation under negotiation
45%
Construction division volume
More than EUR 1 billion
Construction division revenue target
EUR 2 billion
U.S. project IRR target
11% to 12%
U.S. leverage
Up to 90%
Data center site size
About 300
Data center CapEx opportunity
EUR 3 billion
Energy EBITDA
EUR 1.6 million
CapEx spend in the period
EUR 132.5 million
Corporate leverage
2.4x pro forma
Earnings Call Recording
Other Earnings Calls
2026
2024
2022

Management

Mr. Pablo Miguel Otin Pintado
COO, CEO & Director
No Bio Available
Ms. Emi Takehara
CFO & Financial Director
No Bio Available
Mr. Francisco Luis Quintero Berganza
Chief Investment Officer
No Bio Available
Mr. Luis Rivas Alvarez
Chief Human Resources & Information Officer
No Bio Available
Mr. Ruben Gomez
Director of Investor Relations
No Bio Available
Mr. Álvaro Ruiz Ruiz
Head of the Legal Department & Director of Legal Area
No Bio Available
Mr. Daniel Lozano Herrera
Chief of Strategy & Capital Markets Officer
No Bio Available
Ms. Mercedes Espanol Soriano
M&A Director
No Bio Available
Rocio Fernandez
Director of Sustainability
No Bio Available
Ms. Lucia Garcia Claveria
Non-Director Secretary of the Board of Directors
No Bio Available

Contacts

Address
MADRID
Madrid
Rafael Boti, 2
Contacts
+34917081970.0
grenergy.eu
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