Enerside acquires 100% of its Italian subsidiary

BarcelonaEnerside strengthens its presence in Italy. The Barcelona-based company, specializing in solar photovoltaic energy and storage, has signed an agreement with Alternative Green Energy (AGE) to acquire the remaining 44% stake in the joint venture they own in the country, thus gaining full control of it.

Enerside's Italian subsidiary currently has a project development pipeline of 1.2 gigawatts (GW) of solar photovoltaic farms for agriculture and 11.2 gigawatt hours (GWh) of batteries. In the last year and a half, it has closed more than 500 megawatts (MW) of projects. The company's model is based on two business pillars—the development of photovoltaic projects and the direct operation of its own projects to sell the generated energy—after having abandoned the construction of facilities for third parties.

The acquisition of the Italian subsidiary will be financed through a capital increase of €24 million. This transaction will be carried out through the payment of new shares at a unit price of 3.17 euros. Following this transaction, AGE will become Enerside's largest shareholder with a 21% stake. Founding partner and CEO Joatham Grange, along with other industrial partners, controls more than 40% of the company.

"This transaction represents a new milestone in the company's business plan, allowing it to increase its exposure to solar and battery projects in Italy, the most attractive market in Europe thanks to high energy prices and the strong need to install new renewable capacity," Grange explains. Aside from Italy, the company is present in Brazil and Chile, a territorial expansion that began with regulatory changes in Spain regarding the renewable energy sector.

Founded in 2007, the company posted a loss of €23 million in 2024, a 41% decrease compared to the previous year, and recorded an EBITDA of €0.5 million, a growth of €26.1 million compared to the previous year. Enerside, listed on BME Growth (the SME stock exchange), has launched a new strategic plan to refinance its debt and bring in new investors. The company has a workforce of 65.