Grenergy Renovables' energy segment poised to drive future growth

Spain's Grenergy Renovables SA (BME: GRE) is set to significantly increase its Energy segment revenues, driven by its flagship battery energy storage system (BESS) project, Oasis de Atacama, in Chile.

Energy revenues are expected to grow 27% year-on-year in 2025 to €77 million. Growth is expected to accelerate rapidly thereafter, with a compound annual growth rate of 62% between 2025 and 2030, reaching €849 million.

Visible Alpha consensus forecasts suggest the Energy division will account for about 11% of group revenue in 2025, up from 9% in 2024, as the company moves beyond its traditional solar development base. By the end of the decade, analysts expect battery storage to dominate Grenergy’s financial mix, driving as much as 85% of total revenue by 2030.

Battery storage has become a sought-after asset in power markets, as grids struggle with the intermittency of renewables and governments push for energy security alongside decarbonization. The company recently signed its first financial tolling agreement for a standalone battery project in Oviedo, Spain, with an international utility rated investment grade by Moody’s. The deal marks another milestone for Greenbox, Grenergy’s European storage platform, and signals increasing interest from large utilities seeking long-term contracted access to flexibility assets.

Beyond Spain, Grenergy is advancing storage projects across Poland, Romania, Germany, Italy, the UK and the US, with analysts expecting rising contributions to capacity from these markets over the forecast period.

Grenergy is due to report fourth-quarter fiscal 2025 earnings on Tuesday, February 24.

This article was published by Visible Alpha, part of S&P Global Market Intelligence and not by S&P Global Ratings, which is a separately managed division of S&P Global.