Press Releases — Grenergy approves 2024 accounts with a record profit of €60 million

Grenergy’s General Shareholders’ Meeting today approved the annual financial statements and the company’s management activities for the year 2024. In this financial year, the company achieved a net profit of €60 million, 17% more than the previous year. In addition, revenues of €643 million were achieved, representing a growth of 61% compared to 2023.

In 2024, Grenergy reduced its total debt to €566 million, improving its debt ratio to 3.6x from 5.6x in 2023, and accelerated its investments with CAPEX of €649 million, up 77% year-on-year. Its battery storage capacity reached 26.9 GWh, while its solar project portfolio reached 16.6 GW.

In addition, it achieved its asset turnover target two years ahead of schedule, reaching the €600 million initially planned for 2026.

This success was materialised mainly through two key transactions: the sale to ContourGlobal (KKR) of a phase 1, 2 and 3 of Oasis de Atacama for close to $1 billion, and the sale of assets in Peru for $150 million. These operations have secured the necessary equity for its €2.6 billion investment plan for the period 2023-2026.

‘2024 has been an exceptional year for Grenergy, with historic results thanks to our commitment to storage, our ability to execute large-scale projects such as Oasis de Atacama in Chile and our ability to generate value. The blackout we experienced yesterday in the Iberian Peninsula shows that storage is more necessary than ever,’ said David Ruiz de Andrés, CEO of Grenergy, during the meeting.

In view of these achievements and the anticipated achievement of its objectives, Grenergy will hold a Capital Markets Day on 28 May in London, where it will present an update on its investment plans and the definition of its new projects.

Capital reduction and shareholder remuneration

Grenergy’s General Shareholders’ Meeting has also approved a capital reduction of 6.83% through the redemption of a maximum of 2 million treasury shares, with a par value of €0.35 each, as part of its strategy of shareholder remuneration by increasing earnings per share.

Changes in corporate governance

In the area of corporate governance, the AGM resolved to set the number of members of the Board of Directors at eight and approved the re-election of Ms. María Merry del Mariátegui as proprietary director for a period of three years.

The General Shareholders’ Meeting of Grenergy had a quorum of 83,48%.