THE YEAR WAS MARKED BY THE SUCCESSFUL EXECUTION OF ITS NEW STRATEGIC PLAN IN A COMPLEX ENVIRONMENT FOR THE SECTOR
- The company generated an operating cash flow of €1.4 million, which has increased it by €23.5 million compared to the 2023 financial year, thanks to the asset rotation strategy and the reduction of operating costs by 36%.
- It has a diversified portfolio of 4.8GW of solar projects and 13.1GWh of battery storage (BESS).
- The gross asset value (GAV), carried out by an independent expert, amounts to €245M, 2% more than at the end of 2023.
- Enerside’s Equity Value, according to analyst reports, is between €4.46-€5.95/share.
Barcelona, 30 April 2025. Enerside, a Spanish company vertically integrated in the photovoltaic solar industry, has achieved an EBITDA of €0.5M at the end of the 2024 financial year, which represents a growth of €26.1M compared to the same period of the previous year.
The 2024 financial year was marked by the successful execution of the first two phases of its new strategic plan, Impulsa, in a complex environment within the renewable energy sector, where the instability of energy prices and high financing costs have marked the evolution of the sector in recent years.
Enerside generated a positive operating cash flow of €1.4M, which has increased by €23.5M compared to the previous financial year 2023, thanks to the asset rotation strategy and the reduction of operating costs by 36% in the year.
The company’s focus on its own projects and the discontinuation of construction for third parties, strategies included in its Impulsa plan, presented and initiated in January 2024, have also contributed to this cash generation. As a result of all this, Enerside has achieved a very significant reduction (41%) of its losses (€23M).
Valuation of assets
The value of Enerside’s assets at the end of the 2024 financial year amounted to €245 million, an increase of 2% compared to the same period of the previous year. The company has been commissioning an independent expert (the world’s leading professional services company) to carry out a thorough valuation of the portfolio, in line with the best practices of transparency.
By markets, Europe stands out, where the value of the portfolio has increased by €15 million, mainly thanks to the incorporation of BESS and the satisfactory progress of projects. On the other hand, in Brazil, the value of the portfolio has fallen by 35%, mainly due to the depreciation of the Brazilian real and the withdrawal of two projects due to the delay in obtaining the expected connection.
Qualitatively, Enerside’s project portfolio improves significantly, with a much more diversified portfolio thanks to the incorporation of batteries, with a greater weight in Italy and with more mature projects.
“The company closed 2024 ready for the next phase of profitable growth that we have announced and presented to the market in our 2025-2028 plan,” highlights Enerside’s CEO, Joatham Grange. “We are satisfied because the company has executed the plan that was set for the 2024 financial year, a transition plan that has had as key points the refinancing, the reorientation of the business to focus the company on the most profitable operations and especially on its own projects and asset rotation,” he said.
Milestones for the 2024 financial year
In 2024, Enerside has made the sales of the Palmadula wind farms (400 MWP) in Italy and Rota do Sol I and II in Brazil (6 MWp) that have allowed the company to generate positive operating cash flow. It has also established itself as an independent power producer (IPP), with 13.35 MWp in operation. It also continues with its growth strategy, after carrying out its third inorganic operation in three years, through the acquisition of 5 distributed generation parks in different stages of development in Chile, with a total of 37.1 MWp. All this has been possible thanks to a restructuring that has led to a significant reduction in fixed costs and a stabilisation of the balance sheet, achieved through debt refinancing, the entry of a new partner, a capital increase and new financing of €25 million.
At the end of 2024, Enerside had a portfolio of projects under management of 4.8 GW in solar photovoltaic and 13.1 GWh in BESS, in the areas of best irradiation in countries such as Spain, Chile, Brazil and Italy.
Refinancing
The company reached an agreement with its main financial institutions for the refinancing of €15 million, linked to the activity of services for third parties. In addition, it has reached an agreement with Triana SME to modify the conditions of a €10 million loan. Before the refinancing process, the company had to face a debt of €24 million in 2024. These will be repaid in a staggered manner between 2024 and 2028.
Strategic Plan 2025-2028
After successfully passing the first two phases of its Impulsa plan, presented in January 2024, a year in which it focused on the refinancing of its debt, the incorporation of new investors and financiers and the transformation towards a more agile and efficient company, Enerside faces the next two years with a focus on the development of projects and the rotation of assets in mature phases, as well as in the consolidation as an independent power producer (IPP).
“It is important for the company to have closed 2024 with a portfolio of assets that maintains its value, in a complex context of high financing rates and high volatility in energy prices,” explains the CFO, Jaume Solà. “In addition, we are prepared to face the next years of profitable growth thanks to becoming a more focused, simple and efficient company,” explains Solà.
Render of the project transacted in Puglia (Italy)
Agri-voltaic project of 103 MW of PV and 40 MWh of BESS
About Enerside
Enerside is a platform specialized in the development, construction, operation and maintenance of renewable energy projects. Founded in 2007, Enerside currently has a workforce of 65 highly qualified people covering the entire solar PV value chain. In its more than 18 years of history, Enerside has transacted more than 800 MW of projects under development and built more than 200 MW for large companies in the sector.
Enerside has a strong track record in development, with more than 4.8 GW of solar PV generation projects and 13.1 GWh of BESS. The company has an international presence in high-growth markets of the solar photovoltaic and BESS industry, including Italy, Brazil, Spain and Chile.
More information in www.enerside.com
Press Contact
ROMAN
Laura Sabaté
l.sabate@romanrm.com
Telephone. 616 952 066
