Grenergy Renovables S.a · BME:GRE
Grenergy Renovables — Investor Day (May 2025)
50 slides from Grenergy Renovables's investor day presentation, May 28, 2025
Slide 1: The Storage Play - CMD 2025
THE STORAGE PLAY CMD 2025 Bank of America, grenergy.eu London 28.05.2025
Slide 2: Disclaimer
DISCLAIMER By attending this presentation and/or by accepting this presentation you will be taken to have re- be relied upon when making an investment decision. Certain financial and statistical information in presented, warranted and undertaken that you have read and agree to comply with the conten
Slide 3: Agenda & Speakers
Agenda & Speakers Agenda 11:15 - 12:30 Track Record & Targets Strategy Update Financial & Sustainability Review 12:30 - 13:00 Q&A David Ruiz de Andrés Mercedes Español Daniel Lozano Chairman & CEO Chief of M&A & Chief Strategy & Development Capital Markets Emi Takehara María Coimbra CFO Sustainabili
Slide 4: Video link
https://youtu.be/hw0SHp1jPZM 04
Slide 5: Track Record & Targets
TRACK RECORD & TARGETS 05
Slide 6: Solid foundations for a profitable growth story
Solid foundations for a profitable growth story 1 Track Record & Strategic Targets 2025-27 Proven value creation / growing to the next level 2 First-mover into BESS From PV to HYBRID and STANDALONE 3 Vertically integrated 2.6GW PV + 6.7GWh in Op. & U/C 4 Highly visible Business Model 4.2TWh PPAs sig
Slide 7: Proven Track Record of Value Creation
Proven Track Record of Value Creation Impressive improvement in all KPIs 2015 2019 2024 2024 vs 2015 IPO LISTING RECORD MAB GROWTH CONTINOUS MARKET RESULTS TECHNOLOGY GEOGRAPHICAL PRESENCE PIPELINE 300MW 4GW 12.5GW + 78GWh May 2025 EBITDA €4m €18m €160m 43x CAPEX per year €6m €56m €649m 108x NET DEB
Slide 8: Key strategic targets 2025-2027
Key strategic targets 2025-2027 Growing to the next level CAPACITY1 ASSET ROTATION 2.8GW Net 13.8GWh Net €0.8bn proceeds in 2025-27 4.4GW Gross 18.8GWh Gross c.50% achieved and advanced GROSS CAPEX EBITDA RUN-RATE2 €3.5bn in 2025-27 €450-500m in 2027 €1.2bn PV €2.1bn BESS only Energy business 1 Asse
Slide 9: First Mover into BESS
First Mover into BESS Taking advantage of our positioning CAPEX PPA FINANCING Strong relationship with BYD & CATL Pioneers signing Hybrid and c.$1bn with top international banks for Vertical integration providing CAPEX Baseload PPAs based on BESS phases 1-4 of Oasis de Atacama advantage “IJ Awards 2
Slide 10: Downward trend in CAPEX accelerating BESS adoption
First Mover into BESS Downward trend in CAPEX accelerating the BESS adoption curve CAPEX EVOLUTION HYBRID CAPEX1 BREAKDOWN PER MWh $m Stabilized/Downward trend in Solar PV per MW 0.30 Downward trend in BESS per MWh and further 0.20 expected for the medium term 0.20 0.12 0.09 PV CAPEX1 BREAKDOWN PER
Slide 11: Largest StandAlone Platform in Europe
First Mover into BESS Announcing the largest StandAlone Platform in Europe EUROPE 12.5GW 32.7GWh 45.2GWh 2.8GW 5.2GWh 35.1GWh Identified Opportunities 4.3GW 8.8GWh 29.0GWh Early Stage 2.0GW 5.8GWh 15.6GWh Advanced Development 2.8GW 7.0GWh 0.0GWh Backlog 0.7GW 4.4GWh 0.6GWh Ready to Build Under New C
Slide 12: Strong BESS Pipeline in America
First Mover into BESS Strong BESS Pipeline in America USA LATAM Focused on ERCOT and SOUTHEAST Proven growth of the Chilean market Strong electricity demand expected from Data Centres Peru, Mexico and Colombia promissing growth perspective Prudent Capital Allocation (Build to Sell) 2.7GW 4.3GWh 5.0G
Slide 13: Vertically integrated
Vertically integrated Proven expertise on a Multi GW Scale Solar PV and Storage Platform CAPEX OPEX OPERATION & DEVELOPMENT CONSTRUCTION SERVICES MAINTENANCE 1.7GW+ 1.2GWh CONTRACTED >100 PLANTS ASSET 2.6GW + 6.7GWh MANAGEMENT 12.5 GW Solar PV 32.7 GWh Hybrid PV + BESS 2.3GW $ CONTRACTED 45.2 GWh St
Slide 14: Highly visible Business Model
Highly visible Business Model From Solar PV to Hybrid and Baseload PPAs SOLAR HYBRID BASELOAD 2.6 TWh/y PPAs Solar PV signed 1.1 TWh/y for Phases 1-4 of 0.5 TWh/y Baseload PPA (24x7) Oasis de Atacama with Codelco REVENUES FROM PPAs SIGNED 15-YEAR REVENUES BREAKDOWN €bn Global Utility 4.2 TWh of PPAs
Slide 15: Crystallizing value through M&A
Crystallizing value through M&A Successful Asset Rotation validates asset quality and strategy ASSET ROTATION EMBEDDED INTO OUR DNA VERY SUCCESSFUL TRACK RECORD 65 projects rotated from 2017 to 2024 Crystallization of value created by development activities 1.5x EV/IC valuation achieved Strong track
Slide 16: Demonstrated efficient management of capital
Demonstrated efficient management of capital Proven success in Financing STRUCTURED FINANCE EQUITY $m 2021 €105m capital increase 1,500 2022 €90m capital increase MANDATED FIXED INCOME CLOSED 1,000 2019 €22m 5y Corporate Green Bond (4.75%) CLOSED 2022 €52m 5y Corporate Green Bond (4.0%) 500 $968m $1
Slide 17: Strategy Update
STRATEGY UPDATE Hybridization PV + BESS: Oasis Platforms Energy Management 24x7: GR Power StandAlone BESS: Greenbox 17
Slide 18: Video link
https://youtu.be/jloOTIOoqvE 18
Slide 19: Hybridization PV + BESS: Oasis de Atacama
Hybridization PV + BESS c.$2bn c.2GW + c.11GWh TOTAL CAPEX1 2023 2024 2025 2026 2027 PV BESS PPA (peak-hours) FINANCING MW MW MWh YEARS OUPUT OFFTAKER Phase 1 Quillagua 1 103 95 589 15 128GWh/y EMOAC Closed Phase 2 Quillagua 2 118 105 651 15 143GWh/y EMOAC Closed Phase 3 VJ 230 200 1,300 15 270GWh/y
Slide 20: Hybridization PV + BESS milestones
Hybridization PV + BESS 2024 Phases 1-4 Strategic agreement for BESS supply: BYD (phases 1, 2 and 3) and CATL (phase 4) Phase 4 Hybrid PPA signed Phases 1-3 Project finance closed ($644m) Phases 1-3 M&A deal with ContourGlobal (a KKR company) for an EV of $962m, considering an earn-out of $50m 2025
Slide 21: Hybridization PV + BESS: Central Chile
Hybridization PV + BESS c.$0.9bn 1.1GW + 3.8GWh TOTAL CAPEX1 2025 2026 2027 PV BESS PPA Global Utility PPA GR Power Project MW MW MWh Years Output Solar Years Output Night Phase 1 Gran Teno 241 200 800 10 285 GWh/y 6 292 GWh/y Phase 2 Tamango 49 40 280 13 96 GWh/y 6 102 GWh/y Phase 3 Planchón 108 75
Slide 22: Hybridization PV + BESS milestones
Hybridization PV + BESS 2023 Gran Teno Solar PV PPAs signed for 381 GWh/y y Tamango Project finance closed ($148m) 2024 Gran Teno Inauguration of Grenergy’s biggest Project (241MW) 2025 GR Power Baseload 24x7 PPA signed with Codelco Planchón y Solar PV PPAs signed for 390 GWh/y Monte Águila Gran Ten
Slide 23: Flagship project in Spain
Hybridization PV + BESS Flagship project in Spain 2019 Solar PV PPA signed with GALP for 12 years starting in 2021 2020 Project finance closed (€97m) 2021 200MW Solar PV project inauguration in December 2021 2025 2026 2027 PV BESS Project MW MW MWh Phase 1 Escuderos 1 200 88 352 2025 Environmental p
Slide 24: Video link
https://youtu.be/5zZTwhFDxsw 24
Slide 25: Energy Management 24x7: Chilean Addressable Market
Energy Management 24x7 Chilean Addressable Market CHILEAN MARKET ADDRESSABLE MARKET 80 TWh/y demand in 2024 (c60% deregulated/c40% regulated) Estimated Clients scope: >6,000 companies Strong demand increase >100 TWh by 2035 Focus on deregulated clients (>300 KW) Growth mainly driven by Mining compan
Slide 26: Grenergy's Retail Offering as a Solar + Storage Utility
Energy Management 24x7 Grenergy’s Retail Offering as a Solar + Storage Utility OUR RETAIL BUSINESS FROM TRADITIONAL IPP TO BASELOAD Retail B2B division in Chile Capability to offer 24x7 like a Utility >140 Clients and >200 connections Energy management from different platforms Energy management cont
Slide 27: Video link
https://youtu.be/NvxFdPpqA4U 27
Slide 28: Largest BESS Platform in Europe
StandAlone BESS Largest BESS Platform in Europe BIDIRECTIONAL BESS CONVERTER GRID Grenergy StandAlone European Platform Renewable Energy Grid Energy Integration Stability Management Boosts renewables adoption Regulates frequency & voltage Shifts solar energy Provides baseload energy Prevents blackou
Slide 29: BESS adoption is booming
StandAlone BESS BESS adoption is booming Massive BESS adoption +21% CAGR 2024-30 Leaning on our First Mover advantages Leveraging our Hybrid projects experience Strong Partnerships with key BESS providers: BYD and CATL UP TO $150BN INVESTMENT IN 2030 IN BESS 21% CAGR (2024-30) FOR STATIONARY STORAGE
Slide 30: Revenue Stack drives market profitability
StandAlone BESS Revenue Stack drives market profitability in each market focus on Tolling Agreements DELIVERY YEARS DAYS HOURS MINUTES SECONDS CAPACITY MARKET WHOLESALE MARKET ANCILLARY SERVICES* SERVICES1 Day-ahead Market and Frequency Containment Reserve (FCR) • Ensures national Intraday Market se
Slide 31: Market potential in Europe for 2030
StandAlone BESS Market potential in Europe for 2030 Spain Germany Total consumption 2024 Total consumption 2024 c.270 TWh c.540 TWh Potential BESS 2030 Potential BESS 2030 c.25 GWh c.120 GWh Pipeline Pipeline 4.6 GWh 6.4 GWh UK Italy Total consumption 2024 c.300 TWh Total consumption 2024 c.280 TWh
Slide 32: Impressive Pipeline in StandAlone BESS
StandAlone BESS Impressive Pipeline in StandAlone BESS GREENBOX PIPELINE Total Pipeline in Europe 35GWh Building one of the biggest Platforms in Europe First Standalone Project under construction in 1H26 Tolling agreement negotiation in advance stage with several markets Total 2027 MWh Backlog Early
Slide 33: Flagship GREENBOX project in Spain
StandAlone BESS Flagship GREENBOX project in Spain 2025 Environmental permits for BESS pending to be approved Tolling agreements expected to be signed Financing expected to be closed 2026 2027 BESS Project MW MWh 2026 Construction starting in 1H Oviedo 150 600 Additional capacity under evaluation TO
Slide 34: Financial & Sustainability Review
FINANCIAL & SUSTAINABILITY REVIEW 34
Slide 35: Key strategic targets 2025-2027
Key strategic targets 2025-2027 Growing to the next level CAPEX & ASSET ROTATION INSTALLED CAPACITY1 EBITDA Gross Capex €3.5bn 2025-27 2.8GW Solar PV + 13.8GWh BESS Net €450-500m Energy EBITDA run-rate2 Asset Rotation proceeds of €0.8bn 2025-27 4.4GW Solar PV + 18.8GWh BESS Gross 18.8GWh €m Solar PV
Slide 36: CAPEX & Asset Rotation
CAPEX & Asset Rotation Asset Rotation funding our ambitious Capex CAPEX & ASSET ROTATION High visibility on Asset Rotation targets (c.50% closed & advanced) Conservative implicit valuation at 1.3x EV/IC (vs 1.5x achieved) Capex mainly concentrated in hybrid projects in Chile and Standalone in Europe
Slide 37: Installed Capacity Additions 2025-27
Installed Capacity Additions 2025-27 SOLAR PV BESS 2.8GW net capacity1 in 2027 13.8GWh net capacity in 2027 4.4GW gross capacity in 2027 18.8GWh gross capacity in 2027 GW GWh 7.0 20.0 18.8GWh 6.0 4.9GWh 15.0 5.0 4.4GW 4.0 1.7GW 10.0 3.0 2.3GW 13.8GWh 2.0 0.6GW 5.0 2.8GW 3.6GWh 1.0 1.7GW 2.54GWh 0 0.
Slide 38: EBITDA
EBITDA Acceleration underpinned by BESS adoption EBITDA Energy EBITDA boosted by Hybrid and Standalone projects Energy EBITDA run–rate ~€450-500m in 2027 €m 500 400 300 450-500 200 160 250-300 100 41 0 2024 2027 2027 Run-rate1 Energy EBITDA Other EBITDA2 1 EBITDA run-rate assumes the EBITDA generati
Slide 39: Financing
Financing Key element to support our Investment Plan UPCOMING DEALS Structured Finance for Central Chile Project finance for Phases 5-6 of Oasis de Atacama Project Finance for Standalone BESS projects CORPORATE FINANCING NON-RECOURSE FINANCING STRATEGY • 2.5 years average tenor • >15 years underlyin
Slide 40: Investment Plan & Leverage
Investment Plan & Leverage INVESTMENT PLAN 2025-27 €bn 4.0 0.2 0.1 0.1 0.8 3.5 3.5 Dev 0.2 3.0 2.6 PV 1.2 2.5 2.0 1.5 1.0 BESS 2.1 0.5 0.1 0.2 0 Capex Corporate Shareholder Corporate Asset Project Dividends Use of Excess Cash costs Remuneration debt Rotation Finance received on Balance Sheet USES OF
Slide 41: Sustainability: Transforming Trends into Action
Sustainability Transforming Trends into Action NET ZERO Positive Reporting & Biodiversity Governance Net Zero Impact EU Taxonomy • +113 initiatives • CSRD1 • TNFD Framework • ESG Roadmap • 2040: Climate Neutral 2024-2026 progress • +40 local communities • 100% CAPEX aligned • Nature Based Solutions
Slide 42: Recognition in ratings and local communities impact
Sustainability Meaningful recognition in ratings and local communities impact CHILE COLOMBIA 2024 10.8 Low Risk Installation of irrigation systems $1.1m in Reforestation School campaigns for local community use activities 2024 SPAIN AAA 2024 65/100 Supporting communities affected by DANA in Valencia
Slide 43: Appendix
APPENDIX 43
Slide 44: Projects In Operation, Under Construction & Backlog
Platform update Projects In Operation, Under Construction & Backlog Type BESS Resource Country Project Platform MWp COD1 Offtaker MWh (Hours) Spain Los Escuderos Spain Hybrid Solar PV 200 0 2,035 4Q21 PPA PV Profile 85% Chile PMGDs (16 projects) Solar PV 151 0 2,109 4Q21-4Q24 Stabilized Price Chile
Slide 45: Projects in Advanced Development
Platform update Projects in Advanced Development BESS Resource Country Project Platform Type MWp COD1 Offtaker Negotiation2 MWh (Hours) EUROPE Italy Isole & Penisola Projects Solar PV + BESS 550 1,775 1,864 3Q27-4Q28 PPA 60-70% Initial Spain Clara Campoamor Solar PV 198 0 2,000 2Q27 PPA PaP 75% 15 Y
Slide 46: Platform update: Solar PV, Hybrid and Standalone
Platform update Under Advanced Early Ident. Total Solar PV, Hybrid and Standalone MWh Const Backlog Dev Stage Opp. Pipeline Probability 100% 90% 70% 50% 20-40% of execution Spain 704 2,280 2,984 HYBRID - PV + BESS Italy 1,775 1,775 UK 320 140 460 Pipeline EUROPE 2.8GW 5.2GWh 35.1GWh Poland Germany L
Slide 47: Case-study: Phases 4 to 7 of Oasis de Atacama
Hybridization PV + BESS Case-study: Phases 4 to 7 of Oasis de Atacama (1.5GW+8.5GWh) CASE-STUDY KEY INPUTS BESS 3,628GWh/y BESS system 1,280 MW x 6-7h BESS capacity3 8,448 MWh Cycles 1 daily 1,495MW-4,111GWh/y1 1,280 MW | 8,448 MWh Production 3,084 GWh/y Degradation <2.0% p.a. (avg) 3,084GWh/y2 PPA
Slide 48: Case-study: Central Oasis
Hybridization PV + BESS Case-study: Central Oasis (1.1GW+3.8GWh) CASE-STUDY KEY INPUTS BESS BESS system 855 MW x 4-5h 1,397GWh/y BESS capacity3 3,840 MWh Cycles 1 daily Production 1,402 GWh/y 1,078MW-2,168GWh/y1 855 MW | 3,8GWh/y1 Degradation <2.0% p.a. (avg) PPA volume (15y) 1,044 GWh/y Round-trip
Slide 49: Case-study: Escuderos Hybrid
Hybridization PV + BESS Case-study: Escuderos Hybrid (200MW+0.7GWh) CASE-STUDY KEY INPUTS BESS 200MW-400GWh/y 176MW | 704GWh/y1 BESS system 176 MW x 4h BESS capacity2 704 MWh Cycles 1-1.5 daily Degradation <2.0% p.a. (avg) 345GWh/y 55GWh/y Round-trip efficiency c.15% all-in losses PV PPA price Merch
Slide 50: Green Must Go On
““GREEN MUST GO ON GRENERGY 3 7) grenergy. eu