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Grenergy multiplies its net profit by seven and surpasses €700mn in CAPEX

The Spanish renewable energy producer significantly increased its investments and revenue while achieving more than half of its asset rotation target for the 2025–2027 period.

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Spanish group Grenergy Renovables recorded sustained growth in the first nine months of 2025, with net profit reaching €45mn ($48.9mn), seven times higher than in the same period last year. Revenue rose by 147 % to €687mn ($747.3mn), while earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 109 % to €111mn ($120.8mn).

Investment milestone surpassed

The company invested €713mn ($776mn) during the period, up 70 % from the previous year. This acceleration puts Grenergy halfway through its €3.5bn ($3.81bn) investment plan set for 2027. Net debt stands at €1.047bn ($1.14bn), with a total leverage ratio of 4.9x. This ratio would decrease to 0.7x once the latest asset disposals are factored in.

Corporate leverage, a more accurate reflection of core operations, has been reduced to 1.4x, indicating a more balanced financing strategy.

Asset rotation as a growth driver

The asset rotation strategy enabled Grenergy to reach 55 % of its €800mn ($872mn) target for the 2025–2027 period. In September, the company completed the sale of Gabriela, the fourth phase of its Oasis de Atacama project in Chile. In total, around 33 % of the assets in this flagship battery project have been sold, representing a total value of approximately $1.5bn.

In Spain, two solar plants – José Cabrera and Tabernas – with a combined capacity of 297 MW were sold in October for €273mn ($297mn). These transactions confirm the central role of asset rotation in Grenergy’s business model.

Advancement of energy storage projects

In the battery energy storage system (BESS) segment, Grenergy expects to close the year with 6.7 GWh connected, primarily in Chile. Globally, the company has a BESS pipeline of 75 GWh at various stages of development.

In Europe, the Greenbox platform – dedicated to storage – progressed by 8 GWh this quarter, as part of its 31 GWh pipeline. Ongoing developments include the Oviedo project in Spain, which will deliver 600 MWh of capacity. Advanced negotiations are underway to secure tolling agreements in Spain and Germany.

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