THE PROJECTS IN ITALY ARE OF HIGH STRATEGIC VALUE AS THEY ARE A DIVERSIFIED PORTFOLIO OF 1.2GW OF HYBRID AGRO-VOLTAIC SOLAR PROJECTS AND 11.2GWH OF BESS
- The acquisition will be financed through a non-cash capital increase of €24M to €3.17 per share.
- 44% of the Italian subsidiary is acquired from Alternative Green Energy (AGE), which will become the company’s largest shareholder with 21%.
- Founding partner and CEO, Joatham Grange, along with the rest of the industrial partners, will control more than 40% of Enerside.
- The agreement will strengthen the company’s ability to develop and rotate renewable energy projects in Italy.
- Enerside’s General Shareholders’ Meeting has approved the company’s annual accounts and management for 2024.
Barcelona, 23 June 2025. Enerside, a Spanish company vertically integrated in the solar photovoltaic and energy storage industry, has signed a binding agreement with its partner AGE, to acquire the remaining 44% of the stake in the joint venture they have in Italy and thus reach 100% of said company. The assets include a diversified portfolio of agro-voltaic solar parks and batteries.
The operation, which will be carried out through payment with new shares of the parent company Enerside Energy S.A. through a capital increase of €24 million at a price of €3.17 per share, will be executed at the time the financing provided for in the company’s Business Plan is obtained. Joatham Grange, CEO and founder of Enerside, said: “This transaction is a new milestone in the company’s business plan, allowing it to increase exposure to solar and battery projects in Italy, the most attractive market in Europe thanks to high energy prices and the strong need to install new renewable capacity in the country.”
Enerside’s General Shareholders’ Meeting, which took place on 20 June, approved the company’s annual accounts and management for 2024.
Strategic value of Enerside’s position in Italy
Currently, Enerside and its partner in Italy have a pipeline of projects under development consisting of 1.2 GW of agro-voltaic solar parks and more than 11.2 GWh of batteries (BESS).
These assets in Italy are of high strategic value for Enerside due to their geographical location – in the south of the country and in designated areas that are included in the Italian PNIEC – as well as for their technological configuration, which combines agro-voltaic solar parks with battery storage systems, also including BESS battery projects in stand-alone mode.
It is precisely these energy storage systems that are necessary in the electricity transmission and distribution networks for a total deployment of renewable generation facilities, as they provide the electricity system with security and stability.
Enerside in Italy has its own team in the country for the development of these projects and has already managed to close in the last year and a half the sale of more than 500MW of projects that had previously originated, developed and designed in-house.
The agreed transaction will also simplify the group’s current corporate structure, in line with the objective of efficiency and simplicity included in its Impulsa strategic plan, a plan that focuses on profitable growth for the period 2025-2028.
Capital increase of 24 million euros
This capital increase meets the company’s objective of increasing capital by 24 million euros at a price of 3.17 million euros, which was announced a few months ago.
Enerside’s Board of Directors approved a capital increase, excluding the pre-emptive subscription right, for a maximum amount of 20% of the share capital, with the aim of strengthening itself to face its growth challenges.
With this transaction, which will be executed at the time of obtaining the new funds to finance the business plan for the coming years, the company’s equity will increase by €24 million, and the company’s LTV (Loan to Value) will improve significantly, standing at 23% vs. the current 29%.
About Enerside
Enerside is a vertically integrated company in the solar photovoltaic energy and energy storage sector, which stands out for its strong industrial profile and geographical diversification in the markets with the greatest potential for solar energy (Spain, Italy, Brazil and Chile).
The company is currently immersed in promoting the development of 4.8 GW + 13.2 GWh of highly qualified Agri-PV & BESS projects with an advanced degree of maturity that give it 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) or COD (Commercial Operating Date) phase and with the direct exploitation of part of the company. pipeline as an independent power producer (IPP).
More information in www.enerside.com
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