Spanish renewable energy developer Grenergy reported revenue of just over €1 billion for 2025, alongside EBITDA of €201 million and net profit of €87 million, as the company accelerated investment and asset rotation.
The group said revenue rose 66% year on year, while EBITDA increased 26% and net profit grew 46%. Investment reached €880 million, up 36% from 2024, which the company said is in line with its €3.5 billion strategic plan for 2025–2027.
Net debt stood at €993 million with a leverage ratio of 5x, though the company said this would fall to 1.5x if recent asset rotation proceeds were included.
Grenergy completed asset sales representing close to $1 billion in enterprise value during 2025, equivalent to about €850 million and covering more than 60% of its asset rotation target for 2025–2027. The company said the transactions help finance equity needs for its investment programme.
In Chile, the company advanced the sale of the first four phases of the Oasis de Atacama project — equal to 33% of the development — for about $1.5 billion, including the $475 million sale of the Gabriela phase in the third quarter of 2025.
In Spain, Grenergy sold the José Cabrera and Tabernas portfolio totalling 297 MW for €273 million, while in Colombia it divested seven solar assets with combined capacity of 88 MW for $64 million.
The developer also secured several power purchase agreements (PPAs) during the year, including its first 24/7 agreement with Chilean copper producer Codelco, covering 0.5 TWh per year for 15 years from the Monte Águila hybrid plant. It also formalised a 390 GWh solar PPA for Central Oasis and signed the first financial tolling agreement for the Greenbox platform’s first standalone European project.
Energy revenues rose 25% to €75.5 million supported by new capacity and higher output, while GR Power revenues doubled to €56.6 million.
Financing activity included about $700 million for phases IV and V of Oasis de Atacama and €99 million for the Ayora plant in Spain. In total, the company has raised $1.2 billion for Oasis de Atacama and secured a further $335 million of financing for Central Oasis at the start of 2026.
Grenergy reported 2.2 GW of solar and 8.3 GWh of storage in operation and construction after building 1 GW of solar and 7 GWh of storage in 2025. Its battery storage pipeline now totals 72 GWh.
The company said progress continued across its hybrid platforms. Phase six of Oasis de Atacama, Elena (3.3 GWh), has already been energised, while Teno, Tamango, Planchón and Monte Águila at Central Oasis are under construction. The Escuderos project in Spain has secured environmental permits and is expected to enter operation in the first half of 2027.
Through Greenbox, Grenergy has more than 9 GWh at an advanced stage and a pipeline exceeding 30 GWh. It has also begun construction of the 600 MWh Oviedo project after signing a financial tolling agreement and obtained capacity payments for 2.1 GWh of standalone projects in Poland.
“In 2025 we exceeded one billion euros in revenue for the first time and reached 200 million in EBITDA,” said chief executive David Ruiz de Andrés.
“We also increased investment by 36% to €880 million,” he added.
“In 2026, we will maintain the focus on sound, operational and financial management, with one clear priority: to generate sustainable and growing value for our shareholders and other stakeholders.”
