- The company has focused on development, investing more than €2.6M mainly in its portfolio of assets in Italy.
- The company closed a capital increase of €8 million to give continuity to its investment plan in solar agrivoltaic and battery storage (BESS) assets in Italy
- Enerside has a diversified portfolio of assets totalling 4.8 GW of solar projects and 13.2 GWh of battery storage (BESS).
- The valuation of Enerside’s assets, commissioned to an independent expert (Big4), amounts to €245 million in the first half of the year. The Equity Value according to analyst reports stands at €4.20-€5.95/share.
- It has met the target of a significant reduction in operating costs (-17% vs H1 2024, -52% vs H1 2023).
Barcelona, October 31, 2025. Enerside, a Spanish company vertically integrated in the solar photovoltaic industry, has reduced its losses by almost half compared to the first half of 2024, and placed its net profit at (€4.9M), while its EBITDA has also improved to (€1.2M) compared to the negative almost three million in the same period of the previous year.
These results are explained by the significant reduction in revenues due to the discontinuation of the EPC activity, a decision agreed by the company and included in its new strategic plan. Likewise, the revenues for the first half of 2024 included the income from the sale of energy from the solar plant Rota de Sol that was sold at the end of 2024 to IVI Energía (Brookfield Renovables), while in the first half of 2025 no sale has yet been recorded. However, recurring revenues generated by IPP activity through the Linares and Renaico solar parcs have increased by 107% compared to the first half of the previous year.
Likewise, the discontinuation of EPC activity has allowed supplies to be drastically reduced, which has improved gross margin by 103% in the first half of 2025 compared to the same period in 2024.
Personnel expenses have been reduced by 11% and operating expenses by 30% compared to the first half of 2024, certifying the fulfilment of one of the objectives included in the company’s strategic plan.
Milestones of the first and second quarter
During the first half of 2025, Enerside has consolidated the execution of its business plan, maintaining an evolution in line with its objectives of the Business Plan 25-28.
The company continues to advance in its technological diversification strategy, through the hybridization of its photovoltaic portfolio with battery storage systems (BESS), with the aim of increasing the value contribution and optimizing the profitability of its assets.
In this first half of 2025, the following stand out: the acquisition of 100% of the Italian company (binding agreement); the technological diversification in the Italian portfolio, with a focus on the development of the stand-alone battery storage model (BESS); the hybridization of the entire Chile PMGD portfolio; the positive evolution in the reduction of costs and excellent management of its two projects in commercial operation (PPI).
Greater weight in Europe and commitment to BESS (Batteries)
During the first months of 2025, the company has continued the development of new stand-alone BESS projects hybridized between solar photovoltaic and batteries. These initiatives will allow the company to consolidate a relevant presence in this technology, fully complementary to solar photovoltaic. In this way, Enerside continues to gain weight in the European market and specially in Italy.
Portfolio of own projects
At the end of the first half of 2025, Enerside has a portfolio of projects under management of 4.8 GW in solar photovoltaic and 13.2 GWh in BESS, in the areas of best irradiation in countries such as Spain, Chile, Brazil and Italy.
Enerside carries out all the development of the projects internally, from the generation of the opportunity, the development, the construction and the subsequent operation and maintenance of the plant, with the aim of being able to capture all the margins. The company has the support of local teams in all the markets where it operates.
Valuation of assets by independent expert
The company has been commissioning an independent expert (a leading global professional services company, Big4) to carry out a thorough valuation of its assets, in line with the best practices of transparency.
The values of the assets have been obtained following the best market practices, based on a dividend discount model for each of the projects and contrasted with recent transactions in the sector for those cases in which there were public references.
Taking into account the total assets under management of Enerside following the announcement of the binding agreement for the acquisition of 100% of Enerside’s subsidiary in Italy, published on June 23, 2025, and based on the latest valuation of the company’s pipeline carried out by an independent expert dated December 31, 2024, the estimated value of Enerside’s assets under management at the end of the first half of 2025 amounts to €245M.
Enerside’s CEO, Joatham Grange, is positive about the results of this first half of the year, “especially as we continue to have a complex market environment in which, however, the company is knowing how to move forward with the plans it had set out in its new strategic plan,” he explains. Likewise, for Joatham Grange “the recent steps taken by Enerside are of great value, such as the capital increase closed in September for €8 million and the strategic agreement signed with a leading industrial partner in the renewable energy sector to jointly develop up to 1,000 MW of solar photovoltaic and battery storage (BES) projects, mainly in Italy,” he stressed.
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 60 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 13.2 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
