Report by Link Securities
On Wednesday, Grenergy presented an update to its Strategic Plan for the period 2026–2028, during which the company projects an investment of €3.7 billion, of which €1.5 billion will be concentrated in 2028, the year with the highest investment expenditure under the plan.
Specifically, Grenergy’s previous Strategic Plan set out an investment of €3.5 billion between 2025 and 2027. With the additional year of investment, Grenergy will increase the cumulative investment between 2025 and 2028 to €4.6 billion. This figure includes adjustments of around €300 million due to exchange rates, as well as a similar amount from savings on batteries, offset by €100 million in extra costs arising from the redesign of platforms.
Furthermore, this new roadmap marks a clear geographical shift towards Europe, which now accounts for 45% of capex, compared to 15% in the previous plan, matching Chile’s share. Of the remaining 10%, 5% will be allocated to operations in the US and another 5% to other regions. Grenergy notes that its total renewables portfolio comprises 12 GW of solar photovoltaic capacity and 71 GWh of battery energy storage (BESS), of which 38 GWh are hybrid and 33 GWh are ‘stand-alone’ (i.e. not accompanied by a solar photovoltaic farm). Broken down by development stage, there are 2.6 GW and 6.6 GWh in identified opportunities; 3.1 GW and 10.2 GWh in the early stage; 3.3 GW and 11.2 GWh in advanced development; 1.1 GW and 1.9 GWh in the backlog; 0.8 GW and 3.8 GWh under construction; and 1.4 GW and 4.1 GWh in operation. The total in operation and under construction is 2.2 GW and 8.6 GWh
