Enerside, a Spanish company specializing in photovoltaic energy, plans investments of around 800 million euros to consolidate itself as one of the major players in the sector through the growth of its new business area, the development of its own projects, as well as the delivery of parks commissioned by third parties. “Our intention is to finance this growth without significantly increasing debt,” explains Joatham Grange, CEO of Enerside.
Grange stresses that low indebtedness was precisely what allowed Enerside to dodge the photovoltaic crisis, when in 2007 the PP government drastically cut photovoltaic premiums. 90% of the trading companies went bankrupt. Enerside, according to Grange, "is not a marketer, because it does not go out to compete in the retail market." Its business has been sustained in recent years in the development and construction of projects for third parties.
The company has projects in its portfolio totaling 5.5 gigawatts (GW) and its goal is to have 1 GW in its own projects. It is already a relevant developer in Brazil and Chile, where it is building its first own parks. In Brazil, it has also signed a contract for the supply of 7.7 gigawatt hours (GWh) per year with the Brazilian company Raízen, a subsidiary of Shell.
It has also become one of the first developers of solar parks in Italy, where it has acquired a portfolio of 2.6 GW in partnership with AGE. To finance it, it reached an agreement with the fund manager Inveready, which has subscribed an issue of convertible bonds for an amount of 4 million, at a price that meant valuing the company at 250 million. In parallel, Inveready consolidated its shareholding with 2.13%.
Own projects and their subsequent sale to energy operators is one of the axes that is expected to be most profitable. Enerside wants to have its own generation projects that contribute 50 million recurring euros. It also plans to sell up to 2,025 projects totaling 3 GW and contributing between 75 and 100 million to its income statement.
The company, which is listed on BME Growth, has gone from a turnover of 11 million in 2021 to around 40 million in 2022. Grange continues as the largest shareholder, with 19%. Also included are Antoni Gasch (19%), Tomás Casanovas (10%), Mass Investment (9.3%), AGE (8.3%) and Javier García Mateo (6%). The majority of the council is independent, including former minister Anna Birulés and IESE professor Pedro Nueno.
