Grenergy Doubles First-Half Net Profit to €74 Million and Starts €50 Million Buyback

Grenergy Renewables reported first-half net profit of €74 million, up 112% from a year earlier, as revenue and EBITDA also rose sharply. The Spanish renewable-energy company paired the earnings release with the start of a share buyback program capped at €50 million.

Revenue reached €661 million in the first six months of 2026, up 51%, while EBITDA increased 47% to €126 million. Grenergy said recent asset sales helped lift the period’s results, even as the company continued to spend heavily on solar and battery projects in Europe and Latin America.

Asset sales boosted earnings as investment kept rising

In its first-half results announcement, Grenergy said the performance was supported by recent asset-rotation sales. Those included the closing of the sale of Gabriela, Phase 4 of Oasis de Atacama in Chile, for an enterprise value of $475 million, and the sale of seven distributed solar assets in Colombia with 88 MW of capacity.

The company’s 1H26 presentation said the Gabriela sale covered 272 MW of solar generation and 1.1 GWh of storage. It also said equity proceeds from 2026 asset sales had already delivered about 30% of Grenergy’s asset-rotation target for the 2026 to 2028 period. Development and Construction remained the largest contributor to revenue, generating €575.2 million of the €661.3 million reported in the presentation.

Higher profit did not coincide with a slowdown in spending. Gross capital expenditure was about €275 million, up 25% from the prior-year period and concentrated mainly on Central Oasis in Chile. Management expects investment to increase further in the second half as construction progresses across its project pipeline.

Grenergy ended the half with net debt of about €1.1 billion excluding IFRS 16 leases. Its results presentation showed total net debt to EBITDA of 4.6 times and a 1.7 times ratio under its covenant measure, while the company highlighted a cash position of €273 million. Those figures leave the buyback sitting alongside, rather than replacing, a large development program that still requires substantial capital.

Buyback can cover about 1.7% of Grenergy’s share capital

The board approved the repurchase program on September 15, and Grenergy started it on September 16. According to the company’s filing with Spain’s CNMV, the program allows the purchase of up to 500,000 shares, representing about 1.7% of share capital at the time of the filing, with a maximum net investment of €50 million.

The €50 million ceiling counts the purchase price of the shares but excludes expenses, commissions and brokerage costs. Grenergy said the shares may be used for several purposes, including cancellation, corporate actions and incentive plans, so the program is not limited to a single use of the repurchased stock.

Purchases are also subject to price and volume limits under European rules. Grenergy said it will not buy shares above the higher of the price of the latest independent trade or the highest current independent bid on the relevant trading venue. Daily purchases may not exceed 25% of the average daily volume in the shares on that venue, using the previous 20 business days as the measurement period.

The program is scheduled to remain in force through June 30, 2027, but it can end earlier if Grenergy reaches the 500,000-share limit, reaches the €50 million purchase-price ceiling, fulfills the program’s purpose or decides that another circumstance requires an earlier stop. JB Capital Markets is the program’s main manager, and Grenergy temporarily suspended its existing liquidity contract with the firm from September 16 while the buyback is in effect.

Storage projects remain central to the next phase of growth

Alongside the financial results, Grenergy continued to add projects to its hybrid solar-and-storage platforms. Iberian Oasis incorporated the 285 MW Andrea project in Spain, adding to the 100 MW Indalo project announced in the first quarter. The company said that brought Iberian Oasis to 1 GW of solar capacity and 3.2 GWh of storage.

Central Oasis added 340 MW through the Parral and Pelequén projects, while financing closed during the first half for Central Oasis projects totaled $623 million. Grenergy also said its European stand-alone storage platform, Greenbox, added 260 MW of advanced-stage projects in Spain during the half and had reached 10 GWh of projects under construction or in advanced development.

Contracted energy volumes also expanded during the half. Grenergy reported 2.1 TWh of energy contracted annually and 4.2 GWh of capacity, supported by tolling agreements in Spain, a hybrid power-purchase agreement in the United States and capacity contracts in Poland and the United Kingdom. Those agreements sit alongside project financing as the company builds out a larger base of contracted solar and storage assets.

One of the nearer-term projects is Oviedo in Spain, a 154 MW, 618 MWh stand-alone battery facility. Construction began after Grenergy secured €100 million in financing and a 10-year financial tolling agreement covering 80% of the project’s capacity. The 1H26 presentation said the project is expected to enter operation in the first quarter of 2027.

The second half therefore combines two different uses of capital. Grenergy expects project spending to increase as construction advances, while the repurchase program creates a separate path to return capital to shareholders. The company has said several Central Oasis projects are expected to connect before year-end, and the buyback may continue into 2027 unless it is completed or ended earlier.