Grenergy Renovables S A : General Shareholders’ Meeting of Grenergy approves a capital reduction of 4.3%, which improves shareholder returns

General Shareholders' Meeting of Grenergy approves a capital

reduction of 4.3%, which improves shareholder returns

• Shareholders have approved a capital reduction that includes the acquisition of

1,317,683 of its own shares at a price of €26.98 per share

• Recent changes in corporate governance have been ratified with the appointment of
• • 
    Pablo Otín as CEO of the company
  • Annual financial statements and management activities for the year 2023 have

been approved, marking a historic year for Grenergy

Madrid, May 7, 2024.- General Shareholders' Meeting of Grenergy has approved a capital reduction of 4.3% that includes the acquisition of 1,317,683 of its own shares at a price of €26.98 per share, to reward the company's shareholders.

Additionally, the appointments of David Ruiz de Andrés as Executive Chairman and Pablo Otín as CEO of the company have been ratified with broad support. This division of duties is part of Grenergy's strategy to maintain its status as a leader in governance and transparency standards.

Ruiz de Andrés is expected to continue to lead the strategy and daily operations, as well as making long-term strategic decisions. Meanwhile, Otín will manage the operational divisions, which include the development, construction, and operation of renewable assets.

Grenergy's shareholders have also approved the company's 2023 annual financial statements and its management, a year marked by unprecedented results by increasing five-fold its net profit and reaching revenues of €400 million. Operationally, 2023 has also been significant, as the company has concluded with a portfolio of 15.3 GW in solar capacity and 11.3 GWh in storage.

"2023 has been a pivotal year for Grenergy, marked by exceptional results and operational milestones such as signing PPAs and asset rotations, as well as the presentation of our 2023-2026 strategic plan," has stated Ruiz de Andrés, the company's Executive Chairman, during his speech at the event in Madrid. "This includes the start of construction on the Oasis de Atacama, the largest storage project in the world." The General Shareholders' Meeting has attended by a quorum of 76.54%.

Annual Highlights

This year's key achievements include signing its first first non-solar PPA) with EMOAC in Chile, followed by securing its largest long-term energy sales contract, both for Oasis de Atacama project. Grenergy has accumulated €3.3 billion in contracted revenues with clients such as Amazon and Galp, among others.

During the year, Grenergy has also demonstrated its strong ability to generate value through the rotation of 447 MW of solar assets in Spain as a part of the 'Valkyria Plan', generating over €450 million in addition to operations carried out in Peru in 2024.

In terms of sustainability, Grenergy has reinforced its position as a leader, supported by high ratings from top agencies such as S&P Global, CDP, Sustainalytics, and MSCI. Furthermore, the company has presented its 2024-2026 Strategy, which includes over 100 actions to boost and advance business value through sustainability practices. Notably, the Net-Zero strategy, committing to carbon neutrality by 2040, positioning the company ten years ahead of commitments made in Europe and Spain.

Resolutions of the General Shareholders' Meeting

Among the proposed resolutions submitted to the General Shareholders' Meeting, the appointment of Ana Plaza as an independent director has been ratified, and and the expansion of the Board of Directors to include nine members.

About Grenergy Renewables:

Grenergy Renovables is a Spanish company created in 2007, an independent producer of energy from renewable sources, mainly photovoltaic and storage, listed on the Spanish stock exchange since 2015. Its business model covers all project phases, from development, through construction and financial structuring to plant operation and maintenance. The company has a global platform of more than 15 GW in various stages of development in the eleven countries where it operates in the European (Spain, Italy, Germany, Poland and the United Kingdom), North American (United States) and Latin American (Chile, Peru, Mexico and Colombia) markets.

More information:
Grenergy Renewables	Kreab
Paula Lacruz	Anna Perez	Beatriz Robledo
[e-mail]	[e-mail]	[e-mail]
917 08 19 70	656 35 14 77	691 43 09 67