In FY 2022 the company increased its revenue fourfold to €43 million


  • Its net asset value now stands at €6.36/share, 16% up since the IPO.
  • Enerside Energy is transforming itself into an independent power producer and already has 61 MW under construction that will secure recurring revenue.
  • Investment also totalled €48 million in FY 2022.
  • In 2022, the company organically increased its project portfolio by 1 GW, representing 21% growth, and now has a geographically diversified portfolio of 5.5 GW under development.
  • At 31 December 2022, the company had a net debt of €16 million, resulting in a loan-to-value ratio of 6.9%, one of the lowest in the sector.

Barcelona, 28 April 2023. Enerside Energy, a Spanish company vertically integrated in the solar photovoltaic industry, had a successful 2022, increasing its revenue fourfold to €43 million, above market expectations.

This substantial growth in revenue has been accompanied by excellent asset portfolio management, enabling Enerside to increase the value of its assets by 42% to €236 million, €70 million higher than the valuation made prior to its IPO in March 2022.

Growth in asset value has been achieved whilst maintaining a low level of debt, with the company’s net debt standing at €16 million at 31 December 2022, which translates into a loan-to-valueratio of 6.9%, one of the lowest in the sector.

The combination of this significant increase in the value of its assets and its low level of debt has brought the company’s net asset value to €6.36/share, which represents double-digit growth, specifically 16%, compared with the value at its IPO (€5.46/share).

Asset valuation

The company, which today publishes its 2022 earnings report, has commissioned an independent firm (one of the Big Four) to carry out a valuation of its asset portfolio in order to highlight its capacity to create value for its shareholders.

This practice, not common among companies in the renewable energy sector but frequent among companies in the Anglo-Saxon market and real estate sector, aims to further advance its commitment to transparency with the market and shareholders.

According to this report, at year-end 2022 the value of Enerside’s asset portfolio totalled €236 million, up by €70 million on its value when it was first listed on BME Growth on 4 March 2022.

This increase in the asset portfolio’s value comes from three main sources: the addition of 1 GW of new projects, thereby meeting the company’s target for the year, the increase in value of the assets as they progress in their development; and finally the investment made in these assets.

The valuation does not include the transaction in Italy announced on 15 March. According to the independent expert, once this transaction has been completed, the value of Enerside’s assets should increase by €81 million, bringing the total value of Enerside’s asset portfolio to €317 million.

According to the same report, the net asset value (NAV) totals €237 million corresponding to €6.36/share, a 16% increase compared to the value at the IPO in March 2022, namely €5.46/share.

This value has been created by investing €48 million, allocated to developing proprietary projects, to opening new markets, to the company’s working capital and also to strengthening the team to build the foundations of a platform with 1 GW of proprietary projects by 2025, with a capacity to generate recurring revenue that will be reflected in the income statement.

Extraordinary revenue growth

During the 2022 financial year, Enerside experienced strong growth which was reflected in revenue of €43 million, exceeding the forecast of €40 million for the year despite the fact that no Ready To Build(RTB) developments were sold, as was the case in 2021 with the sale of 280 MW of the Ribeiro Gonçalves project in Brazil.

Revenue was generated mainly in the area of Third Party Services (construction), accounting for €31 million.

Project portfolio growth

Enerside has organically increased its project portfolio by 1 GW, representing 21% growth. At year-end 2022, the company had 5.5 GW of geographically diversified projects under development. Enerside also increased its MW in Third Party Construction (EPC/BOS) by 61%, from 126 MW to 202 MW in one year.

The company is currently transforming itself into an IPP (independent power producer, building its own projects and investing in its project portfolio), an activity that does not yet generate recurring revenue.

This speed-up in the project portfolio has led to a high capex, keeping the EBITDA negative for the year (€11.4 million), in line with the projections already made to the market.

The company has also had extraordinary expenses resulting from its IPO (€2 million) and did not have any asset sales within the 2022 financial year.

“In a highly complex macroeconomic environment (the war in Ukraine, inflation, rising interest rates, logistical tensions due to COVID) the company has been able to generate value by investing more than €48 million in constructing its first PV plants, in its development portfolio of more than 5.5 GW, and in opening up new markets, whilst also strengthening the team to be able to successfully implement the business plan up to 2025,” explained the CEO, Joatham Grange.

Project portfolio

At year-end 2022, Enerside had a portfolio of solar PV generation projects of more than 5.5 GW in zones with the greatest solar energy potential, in countries such as Spain, Chile, Brazil and Italy.

Enerside carries out all project development internally, from creating the opportunity to developing, constructing and subsequently operating and maintaining the plant, with the aim of benefitting from all the margins. The company is supported by local teams in all its markets.

The 5.5 GW project portfolio is made up of projects already under construction, totalling 74 MW, those with High Visibility, amounting to 2,652 MW, those with an Advanced Status, 1,739 MW, and those in the start-up phase, totalling 1,077 MW.

In 2023, the portfolio has already grown significantly to 7.3 GW following the recently announced corporate transaction in Italy, which will increase the pipeline by an additional 1.8 GW. The company also has several projects under study thanks to its great capacity to spot opportunities.

Third party services

Enerside undertakes the construction (EPC/BOS) and Operation and Maintenance (O&M) of both utility-scaleand distributed generation PV projects for blue chip clients worldwide, such as Trina Solar, Hanwha, Sungrow, Evolua and DISA, among others.

In 2022, Enerside established itself as a major player in its historic markets of Chile and Brazil whilst also entering the Spanish market with a 24 MW project.

By year-end 2022, Enerside had doubled its MW under construction or in operation, from 81 MW under construction in 2021 to 110 MW connected and a further 46 MW under construction.

The company is committed to strong growth in this business area, which will gradually reduce its relative weight in favour of the company’s own projects in the coming years.


In FY 2022, Enerside made significant progress in its sustainability plan and published its very first non-financial statements. Of particular significance in these statements are the carbon footprint calculated in terms of Scope 1, 2 and 3 emissions for all the Group’s activities (1,163.6 tCO2), the amount of waste on site and percentage recycled (88.8%) and the fact that the entire Group has obtained the ISO 9001, 14001 and 45001 certificates (for 4 sites and 3 lines of business), among other indicators.

Enerside has also been rated for the second consecutive year by Sustainalytics, a global leader in responsible investment and sustainable finance. Enerside has been ranked 18th in the construction and engineering sector worldwide and 55th out of 339 companies with the best sustainability rating.

Also noteworthy is its “strong”score for ESG risk management. In particular, the rating highlights that the company has strong ESG reporting practices and a management committee with responsibility for ESG issues.

Enerside is a company with three financial years audited by EY and, for the first time, EY has also audited its Non-Financial Statements (NFS) for the 2022 financial year.

As a further sign of good corporate governance, in January the company appointed Anna Ma Birulés (independent director) as chair of the Board of Directors. The company’s administrative body also has two more directors of the same type to safeguard the interests of minority shareholders. Two executive directors and another three proprietary directors complete Enerside’s highest governing body.

In terms of its workforce, Enerside has grown to 582 employees, spread across several regions but always maintaining its commitment to equality, diversity and inclusion.

About Enerside

Enerside is a vertically integrated platform specialising in the development, construction, operation and maintenance of renewable energy projects. Founded in 2007, it’s noted for its strong industrial profile and geographic diversification in the markets with the greatest solar energy potential (Spain, Italy, Brazil and Chile).

The company is currently immersed in promoting the development of 7.3 GW in a wide range of highly qualified projects at an advanced stage of maturity that provide it with an excellent position to capture the growth in demand and a great capacity to generate value through the sale of projects in the RTB (Ready To Build) phase, as well as by directly operating part of the pipeline as an independent power producer (IPP) with up to 1 GW. In March 2022, Enerside Energy was floated on the stock exchange on the BME Growth market.

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Press contact:
Laura Sabaté
Project Manager
Tel. 616 952 066

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