Results 2024
Grenergy increases its EBITDA by 53% to €160 million

Net profit reaches €60 million, a 17% increase compared to 2023, driven by its asset rotation strategy

Grenergy announces the start-up of the first phase of Oasis de Atacama, the largest battery project in the Americas

The company will update its investment plan during its Capital Markets Day on May 28th in London

Madrid, february 27th, 2025

Grenergy has closed the 2024 financial year with significant growth across its main financial indicators, driven by its asset rotation strategy and its consolidation as a leader in energy storage.

The company has reported revenues of €643 million, representing a 61% increase compared to the previous year, and has increased its EBITDA (gross operating profit) by 53% to €160 million. Meanwhile, net profit has grown by 17% to €60 million.

Additionally, Grenergy has successfully reduced its total debt to €566 million in 2024, marking a significant decrease in its debt ratio, which stands at 3.6x in 2024 compared to 5.6x in 2023. The corporate leverage ratio also decreased to 0.7x.

By the end of 2024, Grenergy has achieved significant expansion of its platform. Its solar PV portfolio has reached 16.6 GW, after adding 0.9 GW in the last quarter. Likewise, the company’s battery energy storage system (BESS) capacity has increased to 26.9 GWh, reflecting a 1.9 GWh growth compared to the previous quarter.

In this context, the company has accelerated its investment in 2024, reaching €649 million in CAPEX, a 77% increase compared to the previous year, reinforcing its commitment to hybridization.

Grenergy has achieved its asset rotation target of €600 million two years ahead of schedule, originally set for 2026. This success has been primarily driven by the sale to ContourGlobal (KKR) of 451 MW and 2.54 GWh of storage capacity, corresponding to phases 1, 2, and 3 of Oasis de Atacama in Chile, for approximately $1 billion, as well as the sale of assets in Peru for $150 million.

Thanks to these transactions, the company has already secured the necessary equity funding for its €2.6 billion investment plan for the 2023–2026 period. As a result, Grenergy will update its investment strategy and outline its new projects during a Capital Markets Day, scheduled to take place on May 28th in London.

New Milestone for Oasis de Atacama

Oasis de Atacama, the largest battery project in the Americas and the world’s largest under construction, continues to advance steadily. Grenergy has announced the start-up of its first phase, Quillagua I, successfully enabling the sale of solar energy at night.

The company, aiming to lead the global energy storage market, plans to replicate the Oasis de Atacama model in other markets. Beyond enabling the supply of clean energy during non-solar hours, energy storage has become a sustainable and reliable solution for stabilizing and minimizing challenges in electrical grids.

Sustainability Goals Achieved

Grenergy has successfully met the goals outlined in its 2024 ESG roadmap and has already published and audited its Non-Financial Information and Sustainability Report in compliance with the CSRD Directive.

In 2024, the company’s solar projects helped avoid 318,468 tons of CO₂ emissions Looking ahead, Grenergy has developed an ambitious biodiversity strategy for 2030 to contribute to the conservation of the ecosystems in which the company operates.

The company has been recognized as one of the 15 most sustainable companies in the global Utilities sector, achieving a AAA rating from MSCI.

According to David Ruiz de Andrés, CEO of Grenergy: “Our strong results demonstrate that clean energy and storage are not only essential for fighting climate change, addressing grid inefficiencies, and delivering affordable energy—they are also highly profitable businesses. We have proven our ability to develop a solid pipeline and efficiently execute large-scale projects, such as Oasis de Atacama in Chile, while successfully implementing an asset rotation strategy.”