Grenergy Renovables Aktie

Okay. I think all of us are connected. Sorry for the delay because we had some troubles connecting the Zoom application. So good morning, and welcome to Grenergy's First Half 2026 Results Presentation. I am Ruben Gomez, Head of Investor Relations. And the presentation is going to be led by David Ruiz, our Chairman and CEO; Daniel Lozano, our Chief of Strategy and Capital Markets; and Maria Rodriguez, Director of the Sustainability Department. They are going to take you through our business, financial and sustainability review. At the end of the presentation, as always, there will be a Q&A session for sell-side analysts. Please, David, the floor is yours.

Thank you, Ruben, and I'm very sorry for the delay. I will try to compress my part, so we leave more time for the Q&A. Okay. Moving to slide -- second slide, financial highlights. I think it's been a pretty strong set of results for first half with all the metrics growing double digit. I think it's been our best half year-to-date.

The CapEx closed was close to EUR 300 million, expected to decrease significantly in the second half. I think we will be getting and receiving most of the batteries and storage for our large Teno, Tamango, Planchón, Monte Águila projects and our first hybrid stand-alone projects in Spain. Net debt to EBITDA reduced to 4.6x compared to 8.1x in the previous quarter, mainly due to Gabriela closing, as you know, with both -- which has both effects in EBITDA and debt deconsolidation.

Okay. Moving to the business highlights. I really want to emphasize here the fact that Grenergy -- we consider Grenergy is a very predictable company. I believe we are executing on all fronts, what we call our 3 pillars: project finance, M&A, energy and basically based on what we outlined in the business plan we presented in May -- last May.

Energy management, well, we show here, we will get into more detail in the presentation what we achieved in the first half of 2026, some of these new PPAs already announced in Q1 2026, but plenty of new things happened in the second quarter, mainly our largest 1-terawatt night PPA closed in Chile for Elena, but also a very remarkable hybrid PPA 350 for Algarrobal, Phase 5 of Oasis de Atacama. These 2 PPAs are some of the largest we have ever closed. Our first hybrid PPA in the U.S. I mean new tolling agreements for Greenbox under negotiation.

Moving to financing. Well new financing closed for Oviedo, EUR 100 million in Spain. It's a very remarkable deal, the first of this type in Spain. And business as usual in Chile. I think we're closing one large deal every quarter. And this time, we closed the project financing for Monte Águila in Central Oasis. I think it's very impressive what we -- what our team -- financing team is achieving. We are basically closing one large deal in Chile every quarter.

And in M&A, very active on the buy side. We'll get into more detail. There's plenty of new stuff in this quarter. We acquired the rights to build nearly 300 megawatts in a hybrid plan, it's called Andrea in Iberian Oasis and 100 megawatts more to our portfolio of Greenbox in Spain. And on the sell side, as you know, we have concluded the closing of Gabriela, and we are expecting to deliver also our Colombian assets very soon.

Operational highlights, I think outstanding execution with 1.5 gigawatts and close to 8 gigawatt hours built in just 18 months. We are rapidly progressing in Greenbox with 10 gigawatt hours of pipeline, either under constructions backlog or advanced stage. And later, we will see in detail how quickly we are advancing in Spain, Romania and Poland. And we are advancing in our greenfield in the 6 markets where we are. And we are looking for opportunities in the secondary market as well in some of these markets.

Great news on sustainability and our new impact strategy, and I think I'll leave this to -- later will be explained by Maria. Okay. Just very quickly, our platform overview. Main message here, the pipeline has reduced, has contracted from the previous 12 gigawatts to now 11 gigawatts of solar and from 72 gigawatt hours of putting together the hybrid and the stand-alone storage to 63 gigawatt hours. This is -- well, following our review, we are applying a more selective approach. So we want to prioritize those projects that are completely investable, bankable, highest quality and especially with the right executing timing.

We have stressed many times how important is the time to market. So in many cases, we prefer sourcing opportunities to the secondary market where we have greater certainty of delivery. And well, we are demonstrating this with the recently acquired 1 gigawatt in Spain and Chile.

And rapid progress anyway in BESS, our portfolio considering plants in operation and under construction has jumped from 2.2 gigawatts hours to 2.3 gigawatts hours and especially from 4.5 gigawatt hours invest to 8.5 gigawatts hours. That's considering the commissioning of Elena, which you know is our largest asset to date, yes. Moving to -- well, I think I will jump this -- I can get in more detail in the Q&A. It's very clear we are -- we have transitioned from a pure stand-alone PV developer to develop nearly exclusively hybrid projects in all the jurisdictions, right? And I think it's a very remarkable transformation in just a couple of years.

Moving to Oasis platforms. Moving to Chile. I think we're very proud of what we are achieving in Chile. Our greenfield projects are progressing at a very good pace. We have strengthened our platforms through the acquisition of new projects, as you know. And we continue to close increasingly important PPAs, secure new financing, new financing deals every quarter, and we are rotating assets whenever necessary. So all in all, the conditions are excellent.

The new administration in Chile is very supportive whenever we need it. They're helping us accelerating permits, fast tracking concessions when we need it. And while we had the honor of inaugurating Elena, which is our most significant project to date and the most important project we have undertaken in the country in the presence of the President of Chile, President of Chile Republic and several ministers, right?

Specific milestones to Oasis Atacama, we closed -- well, we achieved effective transfer of Gabriela, as we mentioned. We have secured PPAs to all phases except Phase 8 and Oasis Atacama. That's very remarkable. And well, as I mentioned earlier, we closed -- I think it's very advanced the financial close of Algarrobal, which we hope to announce in the next couple of weeks, and we will initiate the mandate for financing Elena, the second phase of Elena.

Moving to Central Oasis. I think most important news here, it's -- well, the -- we add 2 new projects, Pelequén and Parral. This is something we announced in the previous presentation. We have closed new PPAs for Monte Águila and Teno, Tamango, Planchón, in this case, using GR Power as the offtake.

And we have announced in the first quarter the finance of Teno, Tamango, Planchón, second quarter of Monte Águila. We are now working in a new financial close for Pelequén, which is Phase 5, which is also already contracted. And construction, Teno, Tamango, Planchón, we expect to be in full operation as now hybrid plants before the year -- the end of the year. The batteries are already on site. And Monte Águila is advancing very well and batteries will arrive in December.

Moving to Iberian Oasis, in May, we announced a target of 1 gigawatt. We expect this platform will grow even further. And so far, we have already secured -- we have Escuderos project already under construction that was an existing project. And last quarter, we announced the purchase of a greenfield project called named Indalo, 100 megawatts. Now we are announcing a new project of nearly 300 megawatts, which we have purchased also in Almería with excellent conditions with COD in 2028. And we have close to slightly more than 400 megawatts under advanced negotiations. So we might announce these deals as early as November next in the next presentation.

And there, we will be in the target we announced in May of 1 gigawatt. And again, we will try -- we believe we consider there is a great opportunity here to even grow even further in this platform. important milestones. Well, we have mandated Escuderos with 3 banks, and we might announce the financial close for Escuderos also very soon. I think even before our next update in November.

And we are now thinking in -- we are advancing in PPAs for the new projects we are buying. And we expect a large mandate for the financial or the remaining of the platforms might be our largest mandate to date, close to 800 megawatts in hybrid projects in Spain with COD in 2028. In construction, Escuderos batteries are expected to arrive Spain in January, and we are expecting connection in Q2 next year.

Quick update on Greenbox. It's becoming one of the largest stand-alone BESS platforms in Europe, right? We currently have close to 30 gigawatt hours in -- under development. And we are advancing very fast with 10 gigawatt hours already under construction or in advanced stage, either backlog or advanced development. Fresh news here, projects in Poland and Romania have been advanced to backlog as we will see later in more details. It means that we might start construction as early as beginning of next year in our first projects in Europe outside Spain. So it will be a very important milestone for us.

Moving to Oviedo, it's first project hybrid -- sorry, stand-alone projects in Spain. The first one we obtained project finance before summer and has a financial tolling and batteries are expected to arrive before the year and expected to be in operation in Q1 next year. And again, we believe this will be the first one of many projects for Greenbox in Spain.

Romania and Poland, I think it's good news because for the first time, we are moving projects to backlog in Europe outside Spain. So again, it's a very important milestone for the company, and we are getting ready for it. And well, the first project in Romania will be a project of 204 megawatts, 4 hours, slightly bigger than Oviedo, just to give you a perspective.

And our first projects in Poland, there will be many more coming up. And well, the key message here is now that the execution now is not visible just in Spain, but also in Romania and Poland. And every quarter, we will keep adding new countries, and we will be updating our execution milestones.

And just to conclude this part of presentation, our 3 pillars, energy management, record volumes signed in the last 18 months, as you can see on the slide, 2.1 terawatt hours contracted, 4.2 gigawatt hours of capacity with different varieties of offtakes, 24/7, purely solar, hybrid night PPAs, tolling agreements, auctions. So I think there are great -- it's great news that we are securing different alternatives of offtake in the different jurisdictions where we operate. And we do not stop here. We are currently negotiating close to an additional 3 terawatt hours and more than 5 gigawatt hours in most of the markets where we operate.

Financing, I think I have already stressed how proud we are of the -- this slide, we are showing just what we have achieved in the first half of the year, more than USD 600 million in finance raised from top international banks. I think Algarrobal will be our next deal coming up in the next weeks and will add more than USD 400 million extra. So altogether, we will have closed more than USD 1 billion in project finance just for Oasis platforms in Chile only in 1 year.

In Spain, again, Oviedo was the first financing for a stand-alone asset in the country. And we believe it's a very important milestone and the first of many. And corporate finance, we have also, as you know, last -- in the first quarter, we issued EUR 170 million green bond. And we have renewed our green notes program with a maximum cap of $200 million and also our revolving facility led by BBVA of a maximum amount of EUR 105 million.

Finally, to conclude M&A. On the sales side, Gabriela, I think Daniel will give you more info. Well, finally, the ratio has been 1.7 instead of the 1.8 we announced. I think we will talk about the late commissioning of some large plants done in Chile. It's taking us slightly longer than expected, the commissioning of large systemic PV and BESS. And I think this is also due with the interactions we have with the TSO in the market.

We are improving every -- but we have lost 2, 3 months on average in Gabriela and Elena according to our -- compared to our expectations. Colombian assets is expected to be delivered before the year and the asset rotation target has been achieved around 30%. I remember, we announced EUR 800 million in proceeds between 2026 and 2028. Buy side, very active. We have acquired recently in the year, in the first half of the year, 1 gigawatt, 300 megawatts in Chile, 700 megawatts in Spain, and that's including new projects for Greenbox and new projects for new Iberian Oasis hybrid projects. So the key message here, we will continue -- we are continuing to be very active on both the buy side and the sell side opportunities. So I hand it over to Daniel. Thank you.

Thank you, David. I hope you can hear me. You cannot see me here. I don't know what's happening with the Zoom. But okay, let's move to financial review. First of all, in key operating and financial data in Slide 21, it's worth mentioning that, well, there are some very nice KPIs in operating data. In the last 12 months, we have added 4.1 gigawatt hours of gross capacity in storage, and we have still 5 gigawatt hour under construction that compares, for instance, with 200 megawatts in total capacity installed in Spain. So you will see total production moving up as more projects are connected.

Elena should add a lot of production, especially in Q4. Realized price also are moving up because also as we are selling at night, that means higher prices. Then financial data, maybe I explain it in next slides. In Slide 22, revenue and EBITDA, both were nicely impacted by the capital gain of the Gabriela deal we closed and impacted in Q2, at least $120 million of capital gain impacted in that quarter, even though there will be more capital gains up to $150 million in the next period, and that created that boosted revenue and EBITDA 55% year-on-year.

Energy EBITDA and revenues moving up. As I said, Elena will be an important contributor in Q4. Retail division that is GR Power as more contracts are coming online, this revenue to continue to increase. You see that revenue increased to EUR 43.9 million and EBITDA to EUR 1.5 million. Then next slide, CapEx. Well, the total CapEx has been EUR 275 million, mainly concentrated in central Oasis.

We are connecting and we are working in the connection of the hybrid asset, Teno, Tamango and Planchón, Monte Águila, many of them that will be connected in Q4. CapEx is expected to increase significantly in the second semester '26, at least that will add another EUR 600 million to this figure before the year-end. It's not CapEx, but it's related -- there is a small impairment of EUR 10 million that you can see in depreciation in the P&L.

As you know, we are checking our pipeline and projects time to time to see if the permits are going through, the returns are where we are expecting. And well, it's not really material, but there was an impact of EUR 10 million. Of course, we are building a huge pipeline, as David explained, and the net profit of that pipeline that we are expecting to come in coming years to more than offset, of course, to provide a huge net profit to offset the small depreciations.

Then moving to cash flow, Slide 24. Very solid cash position at the end of the period, EUR 272.7 million, starting from beginning of the year cash position of EUR 305.4 million. So even though we have invested huge EUR 275 million, cash position remains solid. Still, you see -- as you can see in the net working capital, there is an impact of EUR 110 million, mainly for the proceeds of the Gabriela deal that has already impacted in Q3.

Also worth mentioning that the bond on commercial paper, mainly that green bond that we issued in Q1 of EUR 170 million in the local fixed income market. Well, partially, we are using it to reduce short-term financial debt like a confirming letter of credit to extend the maturity of our liabilities.

Then moving to next slide, leverage. So total leverage stay at 4.6x. If you are considering the effect on Gabriela deal that has occurred in Q3 or the other assets like Colombia that will affect within the future, the pro forma leverage will remain at 3.8x and the corporate leverage will be even below 1x. So well, it's one of the reasons, especially because of the proceeds we have received that as well, we have a very nice market update in May. We have continued to deliver strong execution across all the business, as David explained, in PPA, in M&A, in financing, However, we don't believe our share price fully reflects the company fundamentals.

So we have included in the business plan that we presented in May, EUR 100 million for share buyback. And that's why we are launching a EUR 50 million share buyback, taking the opportunity to create value for shareholders while demonstrating our confidence in the business. And well, I think I'm going to leave the floor to Maria for sustainability and the impact strategy we are now having. Thank you.

Thank you, Daniel. And good morning to everyone. So you may remember how in our last presentation in May, we shared that we are evolving our sustainability strategy into a more impact-driven approach. So today, we wanted to show you how we are already turning that strategy into action. We've recently launched 2 flagship initiatives that I'd like to share with you today as they reflect our commitment to creating lasting value for both people and nature.

So on the social side, we have established a partnership with Chile Ministry of Energy formalized through an MOU that we very recently signed to launch the pilot phase of Luz de Antofagasta, which is an electrification project for vulnerable off-grid households in the region. The pilot will include both a region-wide diagnostic and technical assessment alongside an initial 20 household pilot and will provide in this way, the foundation for future scale up.

On the environmental side, we are supporting the restoration of native forest in Nonguén National Park following the 2026 wildfires. And this restoration is taking place within a globally recognized key biodiversity area on top of being a protected area being a national park and includes the planting of 12 native species, 5 of them endemic to Chile and supported by a 3-year biodiversity monitoring program to measure long-term outcomes. It will also help restore potential habitat for threatened fauna species and alternative species of conservation importance. So these initiatives mark just the first steps in delivering our renewed impact strategy, but this is only the beginning. Behind the scenes, we are developing other initiatives that will continue to strengthen our relationship with local communities and further increase our positive impact for people and nature. Thank you very much.

Okay. Thank you very much, Maria. We are now moving to the Q&A session. [Operator Instructions] First question comes from UBS, Anna Webb. Please go ahead.

Hopefully, you can hear me okay. I had a few troubles connecting. But yes, one question from me on the Iberian Oasis, which seems to be moving pretty quickly. And I wanted to understand, it seems the strategy here is to buy the ready-to-build projects, which obviously makes sense given the dynamics in Spain. Just wondering how that affects your CapEx, like how the market is for those projects, whether there's a lot of availability and you're able to get those very cheaply or how that affects the CapEx guidance you've given for solar and best projects and how that might affect your outlook for the IRRs. I think you gave some guidance around the double-digit IRRs. I guess that's taking into account having to buy these ready-to-build projects, but just trying to understand the market there and if that has any impact on your expected costs.

Thank you, Anna. I think it's -- well, everything is in line with what we announced in May of our CapEx of EUR 3.7 billion. And I think roughly 45% of that amount will go to Europe in 2 main growth divisions, right, Greenbox on one side, hybrid plants on the other. We are -- well, I don't want to say we're purchasing these projects for nothing, but the value per megawatt is close to 0 because in many ways, we're talking about projects of owned by developers. They have some commitments with bonds.

In some cases, they have invested in substations, but for the drastic change in conditions for PV projects, they don't want to keep going on. So the trade-off here has been we are normally just buying the projects, changing the bonds. And in some cases, we are -- under some conditions on CPs, we are paying them back part of the CapEx they already make. So it's a great opportunity for us. It's a good way -- also a good opportunity for them because they're exiting in some cases, even the country.

So for us, when we buy the projects, we immediately start the permitting for the hybridization, which takes like 8, 9 months now. So once this is concluded, which might happen in Q2 next year, we might be ready to execute the projects and those projects mostly need to be connected at the end of 2028.

So there is nothing -- if there is an upgrade in the IRR, I think we are getting the projects for a slightly lower -- a very low CapEx, but even lower than we initially expected. So it's a good opportunity. There are not many projects available because some projects are available, but with CODs in 2030, which is too late for us at this point or some projects they have no demand. It means you cannot hybridize them. I mean you can hybridize the projects, but you cannot charge the batteries from the grid. So we cannot operate in many markets and the numbers don't work that well. So there are not many projects. We're trying to get as many as we can. I think we're very close of achieving our gigawatt target. If we can find something else and we can increase that target, that might be an opportunity, but we will keep you updated.

Okay. Next question from Henry Tarr at Berenberg.

The first one was just on the asset rotation program. So Gabriela is obviously complete now. What's sort of left in that program? And does the acquisitions that you're making sort of increase the need to sell on the other side? So I guess that's the first question.

And then the second, could you talk a little bit more about the tolling agreements or potential tolling agreements that you're looking for BESS? How is that market? I guess we haven't seen that many of those agreements signed. And what is it that -- how are you looking to sort of structure them? Is it a fixed price or a spread or any sort of incremental comment around that would be great.

Thank you, Henry. And quick answers on your two questions. On asset rotation, nothing -- everything is according to plan. I mean when we announced 1 gigawatt target for Spain. We knew we only had 200 megawatts, which was Escuderos. And we had to -- well, we also have another plant, but that's harder to hybridize. So we had to find 800 extra projects from all the developers and not any project is eligible. We need to find projects that actually have demand so we can charge the batteries from the grid, right? So that's even more challenging. We are halfway there, yes. And -- but nothing changes, right? I mean we don't need to do some extra rotation. It's everything according to plan.

As I answered Anna before, we are even getting those projects for lower CapEx than we initially expected. The Gabriela and Colombia, we are 30% in the target of EUR 800 million. We keep exploring asset rotations in several jurisdictions. And well, whenever there is something new, we will let you know.

Tolling agreements, every tolling agreement is different from each other, right? I -- so far, the 2 agreements we closed in Spain, one was for Oviedo plant and the other one was for Escuderos. They are pretty similar. They are day ahead. We are hedging the day ahead through a financial product for 12 years, right? It's just the day ahead. The rest of the products, I mean, we operate in frequency regulation, secondary or third markets or tension market, the new tension market or technical restrictions.

There are so many markets, that's an upside for us. So we operate the -- and we optimize. That's why we are getting all the capabilities for energy management and for optimizing our fleet of batteries. And we are securing the main product, which is the day ahead for 12 years, right? Other tolling agreements we are negotiating in markets like Germany and the MACSE in Italy or in Poland to complement or the U.K. to complement the capacity payments we already have. They will be more complete comprising other markets, not just the day ahead. So it might give the offtaker the rest of the market. So that's basically -- but the main message here is that every tolling agreement or every offtake agreement for a battery in each market is slightly different, right? It's not -- they follow different patterns market by market.

Okay. Next question from Ignacio Doménech, JB Capital. Ignacio, you have to say that you want to unmute. We are unmuting you. Okay. If not, we also have another question in the meantime with Mediobanca, Beatrice.

Yes. Can you hear me?

Yes. Perfect.

It is regarding the new announced share buyback. I was interested in knowing from you how would you prioritize the buyback within your overall capital allocation? I mean, you have done buybacks in the past, but the timing is somewhat different this time given the share price and your sizable growth investment plan. So I would be interested to have your view on this? And how would you rank the priority for the potential use of the shares between the corporate actions, cancellations and incentive plans you have mentioned?

Okay. Thank you very much for your question, Beatrice. First, to put this share buyback in perspective, on one hand, it was included in our goals for -- we announced in May this year. We were considering -- up to a maximum EUR 100 million in shareholder remuneration. So if we were about to complete this program with a maximum of EUR 50 million, I don't think we'll reach this figure, maximum 500,000 shares and EUR 50 million. That gives you a maximum of 1 point -- I think it's 1.7, 1.8 of our total shares. So it's not really material if you are looking at the amount of asset rotations we are doing.

And what triggered this now was -- well, in one hand, we believe that there is an upside on the share price compared to -- a bigger upside, yes, compared to a few months ago. And we believe it's a good moment for the company. Also, we materialized the transfer of Gabriela. So we had some extra, I think, around USD 150 million, USD 160 million coming in.

We are also advancing in other asset rotations. So we believe it's the right timing. You know we have limitations. We cannot execute that because it's based on a percentage of your traded volume. So it will be executed. We will -- we have -- we need to inform the CNMV every week. So it's not that different from previous share buybacks we have executed. I think it's our fourth program. The 3 ones we executed before were executed successfully. And I think it's just business as usual for us. We've been doing this every year.

Okay. Now let's try again Ignacio Doménech. Now if it works, we have unmuted you.

Yes. Apologies for the connection issues. David, I had a question on GR data, okay? If you could provide an update versus what you already presented in the May investor update. And more specifically, if we nail it down to Spain, and with all the noise around the Royal Decree, what's your view on this? And if you see any opportunity given the platform that you are building in Spain in relation to this -- to the whole data center opportunity and more specifically on what the Royal Decree proposal is bringing?

Yes. Thank you, Ignacio. I -- well, this presentation, it's -- we have not dedicated a lot of time to talk about GR Data and also GR Power. Both are very important growth areas for us. But GR Data, we are working on finding the right match, the right partner for some of our projects. We are having very interesting conversations. We have even mandated a large U.S. bank to help us with all the process. So we are in all the process.

As you know, we have 2 very different products. On one side, we have the co-location campuses around Santiago. They have like different -- normally different partnership, hyperscalers could work with us in both, but many co-location players will be all interested in the cloud campuses we are developing in Santiago. Whenever there are some news, I can only say now that we are advancing well.

We are not far from ready to build of the first phase or South Santiago, and that's very important. And it was Chile Day, Monday. And again, you can see very strong messages of support from the government, from the current administration in Chile, and this is great news. I was in a panel also with the Head of Amazon Web Services for Latin America on Monday. And I think most hyperscalers, they also identified that there is a window of opportunity for AI training in other Chile, right? But the size of the opportunity is massive, and it's something that we need to work a lot with the government because it's really a flagship project for the market.

I'm talking now about Atacama Data. About Spain, I don't have really a lot of comments. I'm sure other companies can give you plentiful. I find that an excess of regulation like the government is now proposing is not really good for the development of the industry in Spain. And this is what we see from the last draft outlined by the government.

Okay. Henry from Berenberg has another question. So Henry, please go ahead.

I just wanted to talk about the PPAs and what you're seeing there. But both in Chile, I guess you've still got a couple of those projects later phases for Atacama to sign. And then also in the Iberian Oasis for these new projects. What's the -- you don't have to give a price necessarily, but how -- what's the demand like for PPAs currently as you're going through the negotiations?

Thank you. By the way, I think your previous questions, I didn't reply you well. So I take the opportunity again to -- on the structure of the tolling agreement. So far, what we've closed are fixed prices, right? But there is also the alternative of closing like a floor and then look -- do like a revenue sharing with the offtaker for the rest of the market or for one particular market.

So once again, the structures are very different from each other. Regarding the situation in -- for PPAs, I think -- well, Chile is more mature. I'm showing now the Oasis of Atacama, but we're very happy. We nearly contracted everything we need for our 2028 plan. The only plan we have not contracted Antofagasta, it's a plan that we are expecting in the next plan, I mean, in 2029 to complete.

So very happy, yes. And in Chile, we have now our own offtake in-house with GR Power -- so we are still selling to large incumbents on large mining companies directly from the projects, but also we are closing PPAs successfully from our GR Power. And GR Power might be investment grade soon also because we might issue bonds for the first time to we might include Pelequén plant within GR Power. And that will be a game changer. I mean I think it's considered bankable by the banks, by many offtakers, but it will be the culmination of our transition from being just a developer of plants to being an integrated utility, having retail on one side and generation on the other.

So that gives us a lot of opportunities to approach every single client, whether it's a mining data center through GR Power, and then GR Power can be the offtake to the plants. So that's the future goal. We expect we might replicate this in Spain one day. But we want to make sure we first have the right fleet of projects. So in Spain, so far in this stage, we are closing with investment-grade counterpart.

And I think the market is pretty liquid now. We will -- we have announced already 2 tolling agreements. We might include the PPAs, pure solar PPAs situation is a lot more challenging. But if you talk about -- if you offer flexibility like we do in Greenbox or if you offer night PPAs, I think the market, the opportunities are because we have several tenders open now, and we have more than 8, 9 interested offtakers. So I think we'll give the news. This is Spain. And I think similar situation for batteries in Europe.

Okay. So with this, there are no more questions for another analyst. So thank you very much for attending and see you in November with our 9-month results.

Thank you.

Thank you very much. Bye.

Okay. Good morning to everyone. Welcome to our first quarter 2026 results presentation and investment plan update. I am Ruben Gomez, Head of Investor Relations, and the speaker today are going to be David Ruiz, our CEO; Mercedes Español, our Chief of M&A and Development; Daniel Barman, our Chief of Energy; Emi Takehara, our CFO; Daniel Lozano, Chief of Strategy and Capital Markets; and Maria Rodriguez, Director of Sustainability.

The intended duration of the presentation is 1 hour. And after that, there will be a Q&A session. So without any further delay, please, David, the floor is yours.

Okay. So hello, everyone. Thanks very much for coming. Once again, I see many familiar faces. And when we were thinking about this event, when we were preparing, we never thought of this format. It really looks like a Capital Markets Day, if there's no one. So -- and I think -- but there were so many things, so many new stuff to tell you about. And I think it's great that we all get together, and we can let you know firsthand, yes.

It's been 2.5 years since in November 2023 in this same room, we introduced for the first time Oasis of Atacama. I think we will review the platforms today. And we were introducing a new concept. We're introducing storage for the first time. We were talking about a platform of 1 gigawatt, 4 gigawatt hours. And we had great expectations, but we never thought that this acceleration, this growth in such little time would take place.

So I think storage is redefining the industry. it's helping the energy transition, and we are right at the heart of it. And I think it's great that we were in Chile, we were at the right place at the right time. I think Chile, Australia are showing the way to many other markets, but storage is definitely booming everywhere, yes.

I'm also very happy today that many of our key partners like CATL, BYD and several other key strategic partners like Inetum, Power Electronics, Combari, they're all around here. So I definitely invite you all to have chat with them and talk to them after the event because it's very interesting, the relationship we are developing with these kind of companies.

Moving to the highlights. I will be introducing the targets for 2028 for the plan '26, '28. I will be also letting you know the news about Greenbox, the platform we introduced in our Capital Markets Day in London a year ago. We will be telling you about Green GR Power, which is our green clean utility we are developing in Chile. We no longer call it a retail unit. I think we are developing an integrated utility, and that's extremely important for us.

And then we have invited the -- some of the key directors of the company, what we call internally the three pillars, like so I think Daniel Barman will be presenting the energy management part. We need to sell energy, then we need to -- we need to have the first -- the right projects. We need to sell the energy. We need to get the right finance. And then, as you know, from time to time, rotate the right assets.

So it's -- I have invited Daniel Barman. He will be presenting the energy management. There are so many news, some interesting stuff. Emi Takehara, our CFO, will be presenting the finance. And I think her team is doing a terrific job. We are basically closing one deal per quarter. And well, Mercedes, I have asked Mercedes to let you know about the evolution of the Oasis of Atacama, the Oasis platforms. I think it's really the backbone of our business right now. So it deserves a specific part. And then well, Daniel, you know very well, he will take care of -- he will explain you the financial highlights of the period, and he will explain in more detail the investment plan, the update.

Okay. The EUR 3.7 billion. This is the new CapEx plan for '26, '28. And it's very important, I think in this slide, the key messages in this slide, okay? On one side, we are investing EUR 1.5 billion more in 2028. And this is even considering the lower, the reduced CapEx for storage. and the exchange rate, which is less favorable to the U.S. dollar, we are now considering EUR 1.15 billion instead of EUR 1.05 billion in the previous plan. So this is showing how we are approaching growth.

And a very important message is diversification. I think it's the first time in a while that we will be investing more in other regions than Chile. Chile will account for 45% of total CapEx, while Europe will account for 45%. And the U.S.A., that's something new. For the first time, we are considering some CapEx in 2028 for our first plant in the U.S.A., which we announced the other day our first PPA with Georgia Power. I'll give you more information.

The Oasis platforms, it's -- we are talking now about 5 gigawatts 22 gigawatt hours platform. This is 5x what we announced only 30 months ago in this room, right? So that's, I think, a very impressive number. We started in Northern Chile. We -- this platform now is 2.5x bigger than initially expected, right? We replicated in Central Chile, as you know, and we just announced the first financial close for -- in our Central Oasis platform, and Emi will give you plenty more information. And then we have Iberian Oasis. I think Mercedes will let you know what we mean. But we are replicating -- it's about scaling, it's about growing. It's about replicating what we have already done in Chile. The conditions in Spain, Central, South Spain are pretty similar to Central Chile.

Then we are approaching BESS both through our hybrid plants, Oasis platforms. We're talking about large hybrid plants combining solar and BESS and through [ Greenbox ]. Yes. [ Greenbox ] is what we announced a year ago. And I think we're doing pretty well. It's -- every month, we keep announcing new -- some news, some new stuff, a new auction, a new tolling agreement. So I think it's great. The potential of this platform could be even bigger than any of the Oasis platforms. But it takes a while. It will be exponential. I will give you more details.

And then we will -- I think Daniel will let you know about the great achievements in [ GR ] Power. [ GR ] Power is our green utility in Chile. We are targeting 5 terawatt hours per year. We are targeting 8 gigawatt hours for Greenbox in operation under construction in 2028. 3.7 billion. And once again, it's very important, this is a fully funded plan, mainly financed by our project finance. Again, we are closing one deal per quarter even more. I think Emi will give you more details.

And asset rotation. Asset rotation is something key for us. We have been doing it regularly since the very early days. And our plan for these 3 years will be reaching EUR 0.8 billion. I think we have achieved -- Daniel will give you more information. We have achieved 30% of this already.

Moving to the pipeline and our regions. I think no other company has this pipeline and it's distributed between hybrid combining solar, stand-alone, but it's very important how we are executing. If you look at the total pipeline, 70 of BESS, we're talking about more than -- slightly more than 70 gigawatt hours. We have already close to [ 9 ] either in construction or in operation or construction. But if you put together the backlog plus advanced development, we are now talking about more than 40 gigawatt hours. This is more than 50% of the total pipeline where we have strong visibility. So this is happening and it's about to happen in the next 3, 4, 5 years, right?

If you look at our solar pipeline, it remains at 12 gigawatts 2 gigawatts under -- in operation under construction. And if you -- again, if you put together the advanced development backlog, we also reached more than 50%.

It's very important to remark, storage executes faster than solar. We need less time for development. We need less time to execute. So it's very important to remark. We have tried all these years to develop and get the right stuff. But if we don't get it, if we don't have it, we will buy it, right? So that's very important.

Time to market is absolutely essential in storage, and we definitely need the flexibility to grow with our buy-side division if we don't have the right projects at the right time in the right market. Also, I think it's very important to remark this flexibility. Some markets like Chile, definitely, we believe in the hybrid projects, combining solar and BESS. In other markets like Europe, we believe that stand-alone with less radiation. So stand-alone is definitely the best way to go fast, yes. So we need to adapt to every market, and we need the flexibility and the know-how to do that.

Talking about the U.S.A. I think also in our first Capital Markets Day, we introduced our strategy for the U.S.A. I think it's been -- I think it's one of the most dynamic, if not the hottest market in the world right now, even considering what the current administration mentioned about renewables, I think that roughly 80%, 90% of what's going on now in the U.S. is about solar and BESS, right? And that's absolutely -- this is a fact, and this is very, very clear, right?

Our focus is in the Southeast. The Southeast is -- we're talking about six, seven states. And the size of this area of the United States is like roughly 2x Spain, slightly bigger in terms of market size than Germany, right? And so the potential is huge. And AI is behind. We've never seen this demand coming from offtakers. In the case in the Southeast, normally, we used to have from the large utilities that is a regulated market. So normally, you are going to be closing the PPAs with companies like Duke Energy, Southern Company, Constellation, NextEra, you're talking about 4 of the top 10 largest utilities by market cap in the world. These are going to be offtakers. And at the same time, these guys are closing the PPAs with the IT companies.

A lot of activity of AI and data centers is moving from Virginia to other areas further south. And we've never seen really anything like this. I mean it's -- we are getting now an RFQ every quarter instead of once per year or maximum twice per year. So the demand for energy is huge. The momentum is great. And I think we need to focus in one region and in our case, is the Southeast. Why the Southeast? Because we purchased a small developer, Sofos Harbert in Alabama 4 years ago. And we've been growing the pipeline. And well, the big momentum now for us is the announcement of our first PPA, I think it was last week with Georgia Power, which is part of Southern Company, 20 years. I think it's the first time that we closed such a long PPA. And we will keep announcing PPAs.

Also, we have two small BESS projects in Texas already connected. It's -- they're already operational. And we have safe harbor the rest of our pipeline. And that's very important. The states, it's a very complex market. And I think it's not just the tax equity, you need to safe harbor the projects because to make sure your projects are secured before the ITC and the tax equity system gets removed. You need to take care of where your materials are coming from with the entity of concern. There are so many peculiar things of the states. But on the other hand, once you are really there, it's the market with -- one of the markets with biggest potential. So we like to go step by step. This is what we're going to do, but I'm sure we will start giving news every quarter about this market.

We like to spend 2 minutes because I think it's very remarkable what we are achieving in the -- what we have achieved in the last 18 months, 1.3 gigawatts of solar and 8 gigawatt hours of BESS. And that's very remarkable. I think no other company has done that. We've -- well, this is a summary of the six largest projects from Atacama to Tabernas to [indiscernible], three large projects in Spain, four large projects in Chile. And it's very important this year for the first time, our Construction division will surpass the EUR 1 billion threshold. We have -- we were only a few years ago, we were -- we had a turnover of maybe EUR 100 million. We were basically building small projects in Chile. And now we are building large utility scale PV in Chile, we've built in Peru, we've built in Colombia. Now we first project in the States and several projects in Spain. But we need to get ready for what is coming, what we have ahead.

We are estimating that the volume of our Construction division will reach EUR 2 billion as early as 2028, if not between '28, '29. We need to get ready to build projects, stand-alone projects in the U.K., in Poland, in Germany, in Italy and first projects in the States and at the same time, keep building these massive large hybrid plants in Spain and Chile. We are getting ready for that, but I think it's very remarkable what we are doing in-house with our integrated model.

Greenbox. We introduced Greenbox only 12 months ago in London in our last Capital Markets Day. And we're extremely happy about the way we are doing. We believe and we strongly -- we still strongly believe that stand-alone require a different approach, right? And I think if you look at the potential of Europe, this graph we are showing, we're thinking about between 300 and 400 gigawatt hours as early as 2029. If you ask my opinion, and you can ask also the [ CATL ], BYD guys, which are wrong here, what are the expectations? But only in Chile, the market size has been 40, only in Chile. Chile is roughly 1/3 the size of Spain. So I think the potential for BESS is huge in Europe.

There will be hybrid plants. There will be stand-alone plants. But having a specific approach on stand-alone plants, I think is giving us the know-how market by market. We are in all the major markets, I would say, except France. We already have 30 gigawatt hours under development, 9 gigawatt hours in advanced development, and we are giving a target of 8 gigawatt hours for 2028.

We already have the first plant, if you look at this slide, we already have in Spain, the first plant under construction in Oviedo, [ 0.7 ]. There will be more coming up. We have announced our first tolling agreement for this plant. We have mandated and we will close the finance very soon for these first projects with two -- in a club deal with two banks.

In countries like U.K. and Poland, we have achieved capacity payments in the auctions. These capacity payments combined with tolling agreements or hedges for the spread combined, they really make these projects extremely workable, and we can achieve 2-digit IRRs.

We are working very hard in Germany. I think tolling in very advanced negotiations. We are getting ready for the next [ MACSE ] and capacity payments auctions in Italy. And Romania, considering is emerging market, but we are getting very interesting proposals for tolling agreements in this market as well.

We have to mention Oviedo. Oviedo is our -- is the first -- well, we announced. It was a very important tolling agreement, the one we announced, I think the first of this type in Spain. I think we are really breaking the market. We're really showing the way. And again, we will announce the project finance very soon. That will be a very important milestone for the company. And I think for storage in Spain because it will be the first project finance close for a sizable stand-alone project in Spain. But -- well, we like to say we -- I'm not done. I think there are many colleagues now that need to present. I'm not done yet. There is something new, okay?

I think if you remember when we introduced Greenbox 12 months ago I made this comparison that if we are Apple in 2005, 2006, this will be our iPhone. I think I was wrong, this was maybe our iPod. I think what comes next will be our iPhone.

[Presentation]

Okay. Thank you. It's nice to -- for welcoming our new baby. We've been building energy plants and generating energy for 18 years. I think the last 4, 5 years, it's when we finally had what we needed to develop storage and plants and being able to deliver energy 24/7. That's very exciting for us because it's something completely disrupting and completely new.

And I think it's very natural for us to partner because the digital world, the digital revolution, it's about energy now, right? It's about energy, and we do have the energy. And why are we starting in Chile, it's pretty obvious, right? Because we had many projects there, many interconnection grid access, many interconnection points. It doesn't mean that we will not replicate in Spain and other places, and we are working on it. But I think we -- like 2 years ago, we said, okay, let's make sure we get the best locations and we get -- we develop the best data centers in the market.

If you look at the opportunity, there are 650 million people live in Latin America, less than 2% of global DC capacity is there. So there is a great opportunity to bring back to Latin America, those cloud services, those colocation enterprise, AI inference, what is needed, bring it back in many cases from the states. And there are several regional hubs being -- one is in Mexico, mainly Querétaro, another one is in Brazil, maybe around Sao Paulo. And we believe and the market believes that Santiago could be a regional -- a very strong regional hub.

And Chile, it's -- well, I obviously need to sell Chile, but I think it's a fantastic place to do business. The government has absolutely no doubts, and it's really now a mission of promoting the digital infrastructure and attracting investments for data centers. It's a dollarized market, political stability. This new government is really helping the establishment of data centers. So I think all pieces really work.

And Grenergy, we are now developing 1 gigawatt of IT. It's already -- the grid is secured. We have the largest permitting team in the market. And obviously, we can provide energy 24/7. So basically, we can help IT companies and operators with a partnership where we take care of the real estate, we take care of the land. We take care of the grid access, which, as you know, is something extremely important right now. We take care of the energy. And basically, we can partner with them in many ways. So finding now the right partners is going to be our mission, but I think it's very important that we explain to you what we are working in.

There are two great opportunities in here, right? We're talking about cloud campuses around Santiago, to be able to provide cloud computing, colocation, enterprise. And I think the market is extremely hot. So we have decided to develop these two projects. One is north -- like 30 kilometers north of Santiago. The other one is 30 kilometers south of Santiago. And they're both in very strategic locations next to the most iconic and important nodes. One goes all the energy to the north. The other one goes all the energy Santiago to the south. So I think they're in very strategic locations.

They are designed for the workloads of the near term. And well, from -- we are ready to provide this on ready to build and go with some partners to ready for service. So I think in the next couple of presentations, we will be telling you about the progress of these negotiations, right?

And then Atacama [ data ] is really our dream. We believe it's one, if not the best location on earth for establishing a large AI training, machine learning data -- massive data center. You basically have the lowest energy LCOE in the world. We are talking about lower than $20 during the day. lower than $40 in the near very soon 24/7. You can have -- our plan is having a plan next door where you basically save all the grid fees. So we are talking about providing energy on average at $30, 30-something dollars per megawatt hour. This is compared to what I don't know, the hyperscalers can expect in Virginia, like 70-something for the PPA plus the grid fees and other fees. We are talking about maybe 100 or even more. Here, we can provide it below $40. You can have as much land as you need because you have the best radiation in the world and the best and full support from the government.

So AI training is what matters most. is the energy cost. And I think this location is next to our Elena plant that we will inaugurate very soon in a matter of 2 weeks. So this is your data. It's only the beginning. We will keep you updating. We might expand it to other geographies. But again, it's really a very natural step for a company like us. So I'm going to invite Mercedes to let you know about the Oasis platforms. Thank you.

[Presentation]

Good morning, everyone. Our first Capital Markets Day in Madrid, as you might remember, we launched our first Oasis platform. So today, I would like to walk you through the evolution of Oasis, how the platform has evolved, how much it has grown and why we believe the next phase in Iberia could be even more significant.

As you know, we announced the birth of Oasis of Atacama in November '23 with 1 gigawatt of solar and 4 gigawatt hours of storage. And only 18 months later, by May 25, the platform had already doubled its solar capacity and almost tripled in BESS. And today, only 1 year later, with the addition of our third platform, their combined scale reaches 5 gigawatt and 22 gigawatt hours of storage. So to put that into perspective, it represents almost 4x the current battery storage capacity installed in the whole U.K.

Overall, Oasis has grown fivefold in 2.5 years, as David mentioned earlier. A scale that very few players globally have been able to achieve in such a short period of time. Oasis of Atacama remains the clearest example of our execution capability. But what matters is not only the growth itself is the fact that we have continued expanding the platform while projects move through construction, commissioning and operation. So in other words, we are growing while executing.

Quillagua and Victor Jara are already operating with BESS. Gabriela and Elena are currently under commissioning phase. And at the same time, we continue expanding the platform with a new phase of Elena, a large-scale project added inorganically that has strengthened our business plan.

We continue securing strategic partnerships with Tier 1 suppliers signing increasingly sophisticated PPAs. We keep seeing strong appetite from offtakers and financing the platforms successfully with close to USD 2 billion of debt grades across the Oasis platform and more than 10 international financial institutions participating in the process.

So the sharp also reduction in battery CapEx over the last few years, together with the high solar irradiation in Northern Chile has allowed us to increase project capacities and confirms the strong potential the region still has.

And on rotation side, we already completed Phases 1, 2, 3 to KKR and Gabriela is expected to follow very soon.

So I believe this clearly demonstrates that the market has already validated the value creation generated by the platform, the strong global appetite the market has for well-structured hybrid assets and Grenergy's execution credibility. So this is no longer a development story, but this is a delivery story.

So Central Oasis confirms that the model is replicable. Gran Teno, Tamango, Planchón, [indiscernible], you all know these projects in Monte Águila are already well advanced in their hybridization process. We also grew during '26 through selective acquisitions, our new projects, Parral and Pelequén. Pelequén is expected to start construction very soon, while Parral and Solteca continue progressing in their development. So in a very short period of time, the platform has continued expanding through storage integration, pipeline maturation and selective acquisitions.

This slide is updated with the last year. I showed it in London. And it shows the progress achieved during the last period. We secured more than USD 600 million of financing for part of the platform. We completed the acquisition, as I just mentioned, of strategic projects that have a better match with our energy strategy and for which we have already signed a first PPA with GR Power. And what is especially interesting is that many of the dynamics we see in Central Oasis are very similar to Spain, radiation, high renewable penetration, curtailment and a growing need for flexibility.

So this brings us to today's announcement, as David mentioned, Iberian Oasis, what we believe could become one of the largest hybrid renewable platforms of its kind in the region on the coming years. Our objective in Spain is very clear to replicate the platform model we developed in Chile in a market now undergoing through the same transition with irradiation level, as mentioned, comparable to Central Chile. Spain is rapidly evolving towards that hybridization and not only because the current operational projects increasingly needed, but because the system itself require that flexibility. And Spain represents a market of more than 250 terawatt hours of electricity demand compared to only 85 in Chile, so nearly 3x larger like also David mentioned. So imagine the opportunity we have here.

And Greenergy is very well positioned to capture it because as not many other competitors have, we are not starting from 0. We have operational assets. We have the execution experience. We have the battery expertise, and we have strong M&A capabilities to acquire projects at very competitive prices in a market environment like the Spanish one that is allowing us to do so.

So Escuderos is the first major step. You already know this project, a project operating since 2021. And that is now being transformed into our first large-scale hybrid platform with the signing of one of the first tolling agreement of this kind in Spain. And as you can see on the slide, we are expanding it through acquisitions such as Indo while continuing to evaluate other opportunities. We are currently analyzing more than 3 gigawatts in the market, both operational and under development projects.

So if Oasis of Atacama proved our execution capability, central Oasis show that the model is replicable. Iberian Oasis represent the international scaling of that model, but also the opportunity to deploy it at a much larger scale. Okay. Thank you. I will give the floor to Daniel.

Good morning, everyone. Well, in the last 12 months, we have delivered record commercial volumes. So we have closed 2.1 terawatt hour per year already contracted with -- through PPAs, plus 4.2 gigawatt hour of storage capacity through different mechanisms and everything across five different markets.

In Chile, new PPAs for Oasis platforms, solar PPAs for Monte Águila and Planchón with an investment-grade offtaker, GR Power as offtaker as well of Central Oasis with more than 700 gigawatt hour per year of energy contracted. And also, and most importantly, GR Power as a supplier with the first 24/7 PPA with Codelco, one of the largest mining companies in the country.

We are also working in new contracts for the next phases of Oasis. And hopefully, we can give you more news in the coming weeks, if not this.

In Spain, we are opening the market with the first financial tolling agreements for batteries. Proof of that is the agreements that we have closed with for the projects of Oviedo and Escuderos with investment-grade off-takers and long terms from 10 to 12 years. These agreements are -- we believe, are setting the contracting standards are much more liquid products than just setting a pure solar curve, and we believe it will give us many opportunities in the future for the projects that are coming in our pipeline.

In the U.K. and Poland, we have secured our first capacity contracts in Europe for Greenbox for almost 3 gigawatt hour of storage capacity. Also in the U.K., we were awarded with our first PPA in the last round of the CfD scheme for the Fibden project.

And finally, as David announced previously, we have closed our first PPA with Georgia Power, a 20-year contract with our hybrid project, Beaver Creek.

GR Power is probably one of the most strategic transformation in our company today. So we are transforming the company from an IPP to a green power utility. We are building a utility for the ground up on a 100% renewable foundation without legacy assets and without legacy cost structure. 2.1 terawatt hour per year already contracted, plus 1.2 terawatt hour per year under active negotiation. So a very interesting commercial momentum in the market right now for the company. Very important that we have the capability to offer on a 24/7 basis as we -- as I explained in the previous slide through the PPA of [ Codelco ], and we are working in new contracts for this kind of supply.

The investment-grade credit rating is in process. So it's a very important milestone for the company because it will unlock cheaper funding and broader institutional partnerships. But most importantly, it will give us greater independence from the traditional incumbents.

The target for 2028 is having more than 5 terawatt hour per year of energy contracted. It represents more than double of today's contracted volume and more than 16x the volume we had only 3 years ago.

And regarding energy management, I mean, signing the PPA is the key element in our business model, but we can add more value if we can control how to manage every megawatt in every hour across every market. And that is what our energy management platform does.

In our main markets, we are going to forecast, optimize, set up state-of-the-art control centers and assess risk management, because controlling this stack is what allows us to control the value of every PPA that we close and every asset we own.

And this is already on track. So some months ago, we announced our new Head of Energy Management, [ Juan ], who is here with us today with an impressive track record in the market, and he has already done it in the past. So we are already working on it.

We are building, as you can see in the images, two state-of-the-art control centers, one in Madrid in this building, one in Santiago and operating around the clock and managing assets across multiple time zones and regulatory regimes. So real-time monitoring, real-time decisions, real-time value capture.

This is -- we believe this is the capability that will allow us to extract additional revenue from every asset or every megawatt we own through optimization, ancillary services strategy and b arbitrage beyond the contracted price of the PPA. And we think that as BESS scales across the markets, energy management becomes the decisive value driver, and we are building the platform for it.

Let me start today with a key figure. As you know, 80% of our CapEx investment plan over '26, '28 will be funded through nonrecourse financing, close to USD 2.8 billion of financing. This is a huge volume. So our ability to rapidly scale project finance is going to be critical for our success.

Structuring very large nonrecourse financing has become a core capability at Grenergy. Over the past 2 years only, we have structured and closed six transactions for the Oasis platform. That's close to USD 2 billion of debt with 14 international lenders.

So why is this so important? Number one, we have structured one of the largest BESS portfolio globally. So this gives us a competitive edge as we enter new markets, and we need to structure new BESS financings such as Spain or very soon in the U.S.

Second, we are trusted by the world's largest international banks. These banks are present across our platforms. This includes banks such as BNP, Natixis, SocGen, SMBC, Scotia and more recently, BBVA, Rabobank and Santander. All of these banks are part of our corporate pool of lenders. And this creates huge synergies for our treasury platform, where we manage currently close to EUR 1 billion of lines.

And third, we have been able to close this transaction at a record pace. And this is because we understood very early on, as I mentioned in previous presentations, that recurrence in lending goes hand-in-hand with derisking and successful syndication. And we have been leading the syndication efforts of these banks by bringing in new relationship institutions such as U.S. banks for the first time in Chile, Bank of America and JPMorgan as well as long-standing relationship banks such as KfW and ICO. So repeat lenders is for us the clearest signal of confidence in our platform.

Recurrence builds trust and better terms, and these better terms compound into a structural cost of capital advantage. Recurrence is obvious in all the deals that we have closed in record time. And together, all of the compound into the best possible competitive terms for the platform.

Every closing has set a very strong market precedent, and these precedents have opened the door to very strategic new transaction for the group. Central Oasis was one of them. This is truly a pivotal transaction for Greenergy. As Daniel mentioned, Greenergy GR Power was for the first time, the main best offtaker. And the volumes were very large, USD 600 million of debt raised under very competitive market conditions, very close to what we achieved in Oasis of Atacama. So this proves that the business model in Chile is very resilient. It's diversified and that GR Power is fully bankable. And this opens huge growth opportunities for us in Chile in the near term.

So what comes next? We have -- we are growing the Oasis platform. So we know that we have to deliver fast financings in the coming months, and we are prepared. We're currently working on Algarrobal, the Algarrobal portfolio, which is going to be the company's largest single deal so far, close to USD 500 million in a single deal, and we plan to execute this deal by the end of Q3 with a group of very strong international lenders.

In Europe, we will replicate the success of the hybrid platform, and we're also currently executing a hybrid financing for Escuderos. And we plan to raise more than EUR 200 million of nonrecourse debt with a club of very strong banks.

But more imminently, we're about to announce in the couple of weeks, the first BESS stand-alone financing of the Spanish market. And this is truly a landmark transaction, as David mentioned, because we managed to do it under very competitive terms. And this is what validates the investment case for BESS stand-alone in Spain for Greenbox, and it sets a very aggressive market precedent for the Spanish financing market.

So to conclude, we will continue to structure competitive financing -- but we have also been able to improve our corporate financial position by raising EUR 170 million corporate bond at a 5% coupon, very attractive coupon for 5-year tenure as well as a EUR 105 million revolving credit facility.

These two instruments diversify our funding. It increases our liquidity, of course, extending maturities and overall optimize our cost of capital. We sit currently on record levels of cash, more than EUR 400 million. And our capital structure has never been more stable to support the next phases of growth.

So moving to M&A. M&A has been evolving over the past years, but is now more than ever a dual strategy. On the one hand, we have sufficient organic pipeline to continue to grow, sell assets at very attractive multiples and recycle capital. But on the other hand, there is a unique opportunity to buy assets right now in the market to accelerate growth. So two sides of the same disciplined approach to investment that runs continuously in our business.

Sell side is funding the next wave and buy side is accelerating entrance into new markets and technologies. And together, they compound into a capital efficiency that pure developers cannot match.

So on the sell side, we have a decade of track record, more than 73 projects rotated from 2017 at an average EV to invested capital of 1.6x. This benchmark has been validated by the most sophisticated investors such as KKR, EQT, CVC, utilities like ENGIE. So asset rotation will continue to be the core funding mechanism to continue to grow without diluting shareholders. And we plan to have roughly EUR 800 million asset rotation over the period '26, '28. So we'll continue to sell to lower cost of capital buyers to achieve higher returns and invest in new growth opportunities.

Buy side really means for us the engine to accelerate entrance to new markets. As David explained, the best markets are changing rapidly in Europe and the key competitive advantage right now is time to market. So we will seize these opportunities as we have done recently in Chile with the purchase of 400-megawatt parallel and [ Pelican ]. But also in Spain, we're already there buying new projects, 100 mega hybrid project as well as 150-megawatt stand-alone asset.

So overall, we are looking at more than 5 gigawatts of opportunities on the buy side. Our teams are prepared. We have scaled accordingly. Of these 5 gigawatts, 3 gigawatts, so you get an idea is located in Spain. So strong focus on Spain.

So buy-side acquisition by far will be the fastest, most capital-efficient way to add hybrid and best capacity to enter new markets and to grow without ever compromising on project quality and returns.

So we have been talking about the business. Now let's move into the numbers. I think we are running out of the time, but I'm going to try to speak fast, from [indiscernible], I can do it. Maybe the Athens is going to be the problem. But okay, very quickly result. And then if you have questions, we can go into Q&A. But the quarter regarding EBITDA was as expected, okay? No major M&A contribution coming in the quarter. This is what considered at the beginning of the year. The main asset rotation that we have had that is impacting in this P&L is coming in Q2, Q3 with Gabriela, okay? And that is going to impact the M&A side, the energy EBITDA to be Elena impacting very soon. It's already in operation, trial phase. Commissioning should end hopefully in next weeks, and that will have a good impact in energy sale.

Then PV addition during this year, 58% up to 1.4 gigawatt. This capacity is improving quite a lot from -- thanks to Elena and Victor Jara asset. Production moved slightly down 4% because we had to de-connect Elena PV plant during the construction of the BESS facility and unrealized price increased a little bit, just 5%, okay?

Then important to mention regarding net profit, we have had some positive effect in FX gain, thanks to the dollar and Colombian peso appreciation, around EUR 14 million and also a one-off positive impact by closing a financial hedge.

Then very rapidly, this is exactly what I just said. M&A should come in next quarters. Energy EBITDA, the same with Elena. And important to mention, GR Power is increasing total sales by 90%. It should keep improving this energy and EBITDA generation in the coming years. We have reached EUR 1.6 million EBITDA for the year, maybe it's going to be around EUR 4 million, EUR 5 million, okay? That should multiply as soon as more contracts are coming in, in coming years, okay?

Then very rapidly, EUR 132.5 million CapEx that is 59% up compared with previous year. This is our guidance regarding the PV CapEx and battery CapEx, okay, PV CapEx, no major changes, still panel around $0.10, $0.11 of dollar. Regarding hybrid, with the batteries is the most important part and well, battery cost. During this year, we expect no major deflation, but it is true, and we have here Monica and Camilo, BYD and CATL. They are improving quite a lot industrial capacity that is creating good effect over time on CapEx, okay?

So we are considering in the coming years further deflation, but not in the investment plan we are presenting to you, okay? We are considering just the price we are guiding for this year.

Inverters, converters, we are using European players here some present. And so no problem with the made in Europe issue and also flattish as trackers and the rest of the part for both PV and BESS, okay?

Then cash flow, well, it's good that after investing EUR 133 million, thanks to the bonds, we have been able to raise EUR 170 million and project financing, we are ending with a very solid cash balance position of EUR 429 million. That is allowing us to keep investing to keep having checking opportunities in the buy side, especially here in Spain.

The leverage for the period maybe is misleading because actually, with the asset rotation target -- with the asset rotation we have done over the last period that is impacting in next quarter. So on a pro forma basis, we are having a 2.4x. We have also a covenant to have a corporate leverage of 3.5. And right now, even without the pro forma deals, we are below that, okay? And the debt structure mainly is coming from project finance.

And then the investment plan, okay? So it's worth to mention, the strategy is very similar from what we have presented and you all know. We are bringing more CapEx after delivering good investment and asset rotation at a good valuation. Last year, when we presented this deal, some of the M&A were still to be announced. We could sell Gabriela at a 1.8 EV to IC. So fantastic deal. We have -- in this chart, you can see that the previous target for '25, '27 CapEx plan remain the same. The main difference is that we are deducting what we have already achieved in '25, and we are including another EUR 200 million.

Then during -- well, what we have already achieved thanks to the deal we announced are pending to be received in the P&L, as explained, is around 30% of this target, so already delivering part of this asset rotation target. 45% of it is in progress. That means that there are investors checking opportunity of existing portfolio, both in operation, ready to build or expecting to have in commercial operation date. And we are considering and we can talk about this later, a conservative EV to IC of 1.3x, okay?

Then the investment plan. The investment plan, this is the bridge from the previous investment plan. We presented EUR 3.5 billion -- we did EUR 900 million last year. That is amazing. And well, I wanted to make a bridge. So you can see that even though there are those EUR 900 million, we are having some positive effects, thanks to FX savings. Remember that, well, we are investing mostly in dollars. We were considering EUR 1.05 billion and now the dollar depreciation is allowing us to, in euros, have a lower CapEx impact, savings, EUR 0.3 billion.

Then the redesign of the Oasis platform means that we are not extending any COD within the investment plan. That means that we are even increasing the number of hours in some of the phases. So there is no -- any major changes in what is important that are the project we want to connect and want to deliver EBITDA, okay?

And thanks to the big scale project we are connecting that -- well, like Elena, for instance, 3.5 gigawatt hour, that is the biggest project in America, both together North and South. That is creating on average reduction in CapEx for interconnection, for instance. Also when with our friend, we did it with BYD, they have been more competitive because of the big scale of the order we are doing, okay? So that is creating some savings as well.

So we are including EUR 1.5 billion in this investment plan. Out of those EUR 1.5 billion, EUR 1 billion is coming in Europe, okay? So that is a major change because we were investing in previous business plan, 70% in Chile. Now we are bringing more Europe to you to investors. We want to have a diversified portfolio geographically, okay? And that's why now we have EUR 3.7 billion investment plan.

And well, the investment plan, again, is what you know. Our playbook, our financial playbook is quite the same always. So having very good asset, quality asset with project finance, discipline asset rotation, no dilution, self-funded business plan. So that is our intention to keep doing that, okay? And we have included some share buyback that we have as an option, EUR 100 million. So -- but you can see that our corporate debt is very reduced to be coming -- 75% to be coming from project finance, 20% from corporate debt, just very little from the existing bank position, okay?

So well, once more 1 year Again, we are bringing more CapEx, EUR 1.5 extra billion on investment with a good valuation. On average, we have achieved EUR 1.6 billion. We are considering EUR 1.3 billion. Again, we are not including any project that might be connected in '29 that should include some CapEx in '28. This is a business plan for the next 3 years.

Whenever we present more CapEx for 2029, there will be some -- the financing chart with some M&A new asset rotation target, and we will present that CapEx as well. Also, we are not including any CapEx from GR data, okay? That is something that whenever we are going further, we are going to let you know the way that is going to create value within our company, okay?

And that's all at the end, this is just the CapEx we're bringing to you, but what really matter is the great team we have, not only in Madrid, beyond in Chile and in many locations.

In 2023, we presented Oasis of Atacama. We expanded in '24 with no CapEx increase, thanks to the CapEx deflation on storage. Last year, we presented Greenbox, Oasis Central. This year, we are bringing more Greenbox, even Oasis and the data that is not even included in the business plan. So trust us, I think there is plenty of history yet to remain, okay?

Thank you very much, and good morning to everyone. So. Yes, as many of you know, we've been working since 2020 to build a very solid foundation in ESG. We are now in the final year of our second road map and a lot has been achieved since then. During the first 3 years in our first road map, we focus on building the right foundation. We focus on things like creating key corporate policies and procedures that we didn't have. We created our sustainability committee. We produced our first ESG report fully in-house and many other milestones as well.

On the second road map, we were then subject to increasingly demanding reporting landscape and the team had to work hard to adapt to that. While, of course, in parallel, they were doing very valuable work in biodiversity strategy and ESG impact assessment.

This year, we are reassessing our priorities to define the next phase in our ESG journey, while we continue to work in very important areas such as recycling or human rights or climate and how to measure our impact. We're very proud to see that all this work over the years have been widely recognized and it's really fantastic to see Grenergy strongly positioned across the main ESG ratings and in many cases, leading in our sector.

So what is next? Well, in line with the EU decision to streamline reporting, we are evolving toward a renewed strategy where impact becomes the central focus. We are already bringing solar energy closer to our communities. We are investing in educational programs for women and local young people and working to generate positive environmental outcome.

It is clear to us that beyond generating clean energy, we want to create tangible and lasting positive impact on local communities, on our people and on the environment. And that is why we are rebalancing our resources to focus where impact matters most. because sustainability has always been and will continue to be core at our corporate strategy now more than ever. Thank you very much.

Thank you very much for the presentation. Now let's move to the Q&A session. First, we will take the questions from sell-side analysts in the room and those joining us virtual. Please try to ask one question per participant. Okay. Flora from Caixa Banco.

Just a clarification because in the previous CMD, you had given targets for EBITDA. I noticed that you don't have there, you say that the plan is fully funded. So I don't know if you will share something about EBITDA targets or if you'll stick just to investments as you have in the presentation.

And then I would just like to understand how do you see the time line of the data centers unit. So if the cashing is progressive, so how should we model this in terms of the execution and the effective impact of the data center? So you mentioned, Daniel, that there is no CapEx attached to it in the plan. But can you help us understand how do you expect this cash in to evolve and whether this is part already of the '28 plan or after that?

Okay. Thank you, Flora. I think I'll leave you the first one, and I go with...

So regarding EBITDA guidance, we want to be very clear. We have done fantastic execution over the last year. Everything is on track. We are bringing more projects to you. So targets still there. There are many moving parts regarding assets that we are checking for rotation and many, many gigawatts that Mercedes was saying, of projects that we are buying. We prefer to provide you with good information. Time to time, we will update you with that. But EUR 1.5 billion, bringing value 1.3x on average in a conservative level compared with historical value generation.

About your data, yes, I think it's just -- we wanted to share with you the whole idea and what it represents for the company. It's not nothing new. We've been more than 2 years working on this plan. It was very obvious that the opportunity was easier for us in Chile due to our presence.

Chile is like 2 years behind. It's 2 years ahead in storage or 3 years ahead, but it's maybe 2 years behind in data centers. We've been looking very well at what the opportunities that companies like us, energy companies have been having in Europe in partnership with hyperscalers and data center operators. And we wanted to make sure that we could capture the highest value of the opportunity in Chile, both in cloud, around Santiago. This is like being around Madrid and in AI training, which is like some plants in Spain, in Aragón or in Extremadura, right? So we wanted to make sure we had the right asset.

Then how are we going to monetize this opportunity? Well, we are already closing our first PPAs with data centers. That's a very conservative, but we want to do obviously more because we believe we are the perfect partner for IT companies and hyperscalers to provide them speed, which is the most important currency right now in the data center. If you can really deliver ready for service 1 year earlier, the value of this development is way higher. So we can monetize by selling power land. We can monetize by closing PPAs or we can even participate as a shareholder in the data center business. But we have several conversations ongoing. Whenever there is something binding, we will let you know. We obviously will try to capture the highest potential value.

Okay. Do you want to ask? Okay. Yes. Next question, Nacho from JB Capital.

So just a follow-up on GR data, like this could be a massive investment opportunity, like a multibillion opportunity. So you could give us more color on what would be this role and how could this strategy be funded? I appreciate it's post 2028, but still it would be a very relevant investment opportunity post the projects you have upgraded.

And the second question on Greenbox, if I'm not mistaken, the platform is that the capacity is slightly down versus your previous update, but I just wanted to clarify if this is driven because some of the capacity is going to some of the projects in Spain and Chile or so it's being hybridized or you are seeing other opportunities in hybrid basically and maybe giving up a bit of the Greenbox platform?

Okay. About Geo-data, and I think I replied in the previous question to [ Mericia ]. I would say we are not considering any CapEx, as Daniel mentioned, between '26 and '28. It doesn't really need to be a CapEx -- necessarily a CapEx opportunity. We -- okay, one side, we can monetize the value of our developments as a one-shot opportunity. And then our main aim is to remain supplying energy in the long term, 15, 20, 25 years to those data centers.

There will be opportunities in CapEx as well, right? We are now estimating if you consider our South Santiago campus, we're talking about 300. Roughly everybody has in mind like 10 million per megawatt. So that's a EUR 3 billion CapEx opportunity. We're definitely not going to do this ourselves, but we can partner with someone and have also participate in this opportunity.

But for the moment, we want to make sure we have the best developments in the countries and the best time to market. Again, time to market, we believe is everything. And we are the perfect partner for an IT operator, a hyperscaler because we can help them with the real estate, we can help them with the grid access. We do have the grid access already. Most of these grid access were obtained through previous stand-alone projects that we have reconverted into IT.

And we'll see. We see if we find -- as a fantastic opportunity, but still, I think this is just a first approach. And I think we've been working for a long time. We wanted to give you clarity and visibility.

The second was -- sorry, very quickly about Greenbox. Greenbox is doing fine. As I mentioned, 30 gigawatt hours is what we currently have under development. It's our own greenfield. But as I mentioned, buy side is going to play a very important role. So you better look at what we are executing or what we have in advanced development or backlog, yes.

And I think our estimation is jumping from 0.7 right now. It's just [ Oviedo ] project. I think next year, we will be roughly in around 3 gigawatt hours, considering some projects in mostly Spain, but also the first project in Poland and the U.K. We are considering 8 gigawatt hours in 2028, and this will be exponential.

And again, if the opportunity is there and if we don't have the right stuff, we will buy it. So that's the key message. So I don't think the size -- the overall size of our greenfield pipeline is that important.

[indiscernible] could you see [indiscernible] Greenbox...

I think it's a bit early to do that. If you ask our M&A head, he might say that, yes, there are fantastic opportunities for rotation. But whenever we rotate something, it's because there are opportunities for growing.

There is -- I think there will be fantastic opportunities for financing, rotating that. But for the moment, we want to make sure we have the largest and we can grow as fast as possible with the right returns.

It's something very new. It's only starting, right? So we're going from a few gigawatt hours to hundreds of gigawatt hours or maybe 1 terawatt hour as early as 2030. So is really -- I don't know about data centers, but really it's the largest opportunity we've ever had really, making sure the Greenbox platform grows in the right way.

Okay. Next question, Gonzalo De Cueto, BNP.

So two questions. The first one on the U.S. I think that I've not seen the project IRR target that you're expecting here for the new projects, if you can update us on that?

And the second question would be on BESS CapEx. I mean, Daniel has briefly touched on this. But from the current or the constant conversations you are having with battery suppliers, I mean, what are your midterm view here?

Okay. IRR for the U.S. is definitely a double-digit market right now. It's -- so I'm talking about equity because the way we finance projects there with tax equity, it's very different from other geographies. So we don't do that differentiation between project and equity. It's just the equity of the project after tax equity, and we are targeting 11%, 12%. That's the sweet spot, right? I think anything above 10%, right? I mean, if you want to add anything on the U.S. Yes.

I think this is more or less -- it's quite a competitive market that we are in this range. which is in line, I think, with most developers in the U.S. And a key advantage that we have in the Southeast is that the contracts are very long term. So we have fantastic projects for financing. So we're already working on the mandate for the first asset, which is Beaver Creek, and you can reach up to 90% leverage in total now, including the tax equity commitment.

Sorry, your other question was...

CapEx [indiscernible]...

Maybe in the barbecue. [indiscernible] a blown Chinese lady, you can ask directly. And there are two great guys, [ Carmel and Rodrigo ], you can ask them. I honestly feel that there will be further reductions in the CapEx price because we -- on one side, there is sodium coming as alternative to lithium, a real alternative. And that in the medium term, will -- my guess is that it will create some competition between the two technologies, and it will be positive for further CapEx reductions.

And I think companies like CATL and BYD, these two companies are the top 2 companies in the space. They have each 40,000 R&D engineers. It's amazing how the efficiency is improving year after year. We -- the batteries we were buying for the first phase of Oasis of Atacama in the 20-feet container, we could fit just 4 megawatt hours. And the same container, we are now talking about 6.5 to 7 in a matter of 2 years. So this is a race with efficiency, capacity manufacturing, I do see some CapEx reductions in terms of megawatt hour. That's my guess. But it will -- it's also a supply and demand market, and it will take time.

Okay. Next question, Eduardo González, Santander.

On Iberian Oasis, one question. Could you give a bit more color on the 700 megawatts that you are in negotiations, the timing of the operation, the price that you're expecting to pay for these assets and also the economics of this platform? And maybe a second question, the asset rotation that you said that 45% is under negotiation. Also if you can give a bit of more details on what kind of assets are you negotiating right now?

Okay. On the pipeline, we are analyzing and under negotiation. I mean, we have different -- completely different kind of projects, either asset operational under development.

And Spain is right now in a moment where we have plenty of opportunities at, I would say, very symbolic prices. I mean many companies are exiting or many other companies are -- don't really know how to bring the value to these projects. So -- and as I explained earlier, we come from doing that in Chile for the last years. So we are -- we feel much more comfortable in order to do so.

So we're analyzing many projects. Every transaction is completely different in terms of timing. We can buy a project in a couple of months or 9 months. I mean, it depends completely. But I can say that we are really finding very good opportunities in the market. I mean it's a perfect environment for a company like us.

The other question was...

The other question was, sorry?

On asset rotation on the 45% that you have under negotiation right now.

Yes. Well, I don't -- I cannot give a lot of information on that side. But you know that we have or our department is constantly taking a look at the market and trying to see good opportunities whenever the returns are the ones expected for us. And on the same time, adding a portfolio to -- projects to our portfolio in order to replace the assets that we are rotating. So of course, many or some transactions will come in the future, but I cannot say when.

If I may, the message will be the same. We are obtaining good cash flow coming in LatAm with a very good multiple in Chile, where we have a lot of presence. Also, we might exit countries like Colombia, where we have sold assets that is creating the equity recycling so we can keep investing into Europe.

Okay. I think there are no more questions here in the room. So now let's connect the people that are joining us virtually. Hold a second. Okay. First question from Fernando Garcia, RBC.

So the first one is in terms of EBITDA guidance. Can you confirm the 2027 guidance that you provided in the CMD last year? And can you provide any color on the EBITDA upside coming from the new projects that you are presenting today? And as you said, just one question, I'm going to get it to this one, Ruben.

I mean, yes, we are confirming 2027 target regarding EBITDA. And then for '28, we are bringing many projects, EUR 1.5 billion CapEx. Again, those projects will be connecting during '27, '28, we are talking about many Greenbox projects. If we haven't provided a guidance on that is because we want to be delivering everything we promise. But of course, the target cannot be the other way to be higher. You can easily modelize it or not, we can help you after this conversation.

So now next question from Anna Webb, UBS.

Just one for me. On -- one of the things you talk about is the opportunity in Spain. And obviously, we know it's very hard to do kind of greenfield projects in Spain. So you talk about the opportunities to procure existing solar or projects at various stages of development.

Can you talk a bit more about kind of why you can make these projects work and others can't? Or maybe why the owners of those projects at various stages don't undertake these opportunities themselves and kind of what your advantage is over the other players in that market? And I guess in other markets, too, kind of where do you see your advantage over them?

Okay. Thank you, Anna, for your question. I think Mercedes maybe I can give you more info on this, but I -- the situation really reminds me of Chile. If you look at Chile, there were big questions from traditional utilities and other players about the timing for hybridization of projects. And I think we've made it why we do it and others don't see the opportunity. I think it's a combination of factors.

Well, first, we -- I believe we have the scale and the size that I think we can secure a very good -- at a very good cost. We can -- we are an integrated player, right? It means we are -- we do the EPC ourselves. We integrate. So we have that extra maybe difference like 15%, 20% lower CapEx compared to other players that are entering the space. I think that's one point. I think the other is we have been pioneers in closing hybrid PPA projects, which were very innovative at the time in Chile.

We are also breaking the ice in Spain. I think first tolling agreement announced for stand-alone, first tolling announced for a hybrid project for Escuderos. So I think we are 1.5, maybe 2 years ahead of many other companies that still don't see the opportunity the way we see it, right, with [ Patrice ].

So we feel fine. I think we are doing it. I think we will announce the first financial close, which is a very important test for us for seeing -- and I don't know, Amy, if you want to say something about this, why it works for us and doesn't work for others. We're not going to be the only ones. There are other companies very active also looking at this opportunity, but some. But maybe, Emi.

No, I think you mentioned everything. I think it's procurement. It's the pillars of the company, the way we structure faster than anyone financial tolling or hedge for these projects, the way also we anticipate financing and we help really the markets evolve in the direction we want.

So yes, I think it's going to be a test for the market. This first deal, we're very excited to bring this Brazil to the Spanish market. And then will come, of course, Escuderos, which is also is going to be one of the largest, one of the first hybrid projects in Spain. So we're very happy to lead a bit the way like we did in Chile years ago.

So last question from the time being from Beatrice from Mediobanca.

Actually, my question is on the CapEx plan. You emphasized the concept of diversification in investments, which are going to be roughly balanced between Chile and Europe. However, I would assume the return profiles across those regions are quite different. So could you elaborate on the rationale behind this? Is the priority more around the strategic positioning? Or are you somehow seeing a convergence in expected returns between these two geographies going forward?

And then another quick one on the data center opportunity. I was wondering whether you could provide some details on the type of returns you expect from this business compared to the core renewable one? And when do you expect this business unit to start contributing meaningfully to the operational performance of the group?

The signal was not extremely clear. I think I kind of understood the second part of your question, where we are about to invest in Europe. I think, first of all, diversification is key for us. I think we are -- we've been a very Chilean company in the past, and it's a must for us to diversify to our other geographies where we've been working very hard. The opportunity in Europe with everything related to BESS, whether it's hybrid or stand-alone, is fantastic as it is in the U.S., each market has different dynamics.

So I think what has happened so rapidly in countries like Chile and Australia, maybe some parts of California with BESS will replicate, and we want to make sure we take our key advantage, our early movers to replicate. Having said that, we -- there is some complexity in Europe. Unfortunately, we're talking about many different countries. We first had to pick up the right combination, and we are talking about six markets, except for France, again, that we still feel that is a difficult place to do business in BESS in our humble opinion. We have picked up a right combination of mature -- more mature markets like the U.K. with more emerging markets like Poland, Romania and countries like Southern European countries like Spain and Italy.

And I think the rhythm we might be building -- the first project we are building for Greenbox, it's in Spain. But next year, we will start breaking ground in Poland and maybe the U.K. And then Germany is a fantastic market, but still, we need to make sure there are some uncertainties regarding grid fees and grid access. And we want to make sure before we really fully start that the projects are fully bankable and investable, right? So I would say that the opportunity in Germany is the biggest one, but we need to be sure -- to make sure that some things regarding the clarify.

Italy is a market that needs [ max ] and capacity payment support. Right now, solely with -- only with the tolling agreements, we don't get the necessary IRR. So we need to combine like in the U.K. and Poland, we need to combine that with capacity payments. In Spain, so far for us, the IRR, we can get the IRR without the capacity payments. It has been announced for a very long time, as you know, but we definitely see this as an upside, not anymore, yes.

And about data centers, I think we don't want to give -- we are not giving any CapEx yet. We want to see that it could be transformational for the company. let's think that will start in 2029. Hopefully, we can monetize and we can start creating value earlier, right? This is our belief. And again, we will try to get the biggest value out of the -- our data center pipeline and whether it's selling the power land or whether it's moving that -- converting that into equity of the projects and participating in the long term as operators like some power companies are doing in Europe or -- and in any case, for us, having bringing the offtaker and closing securing PPAs in the long term is really what we look for.

So there are no more questions. So with this, we finished our presentation. Thank you very much for attending and see you in September with our first half results. Thank you very much.

Okay. I think all of us are connected. So good morning, and welcome to Grenergy's Full Year 2025 Results Presentation. I am Ruben Gomez, Head of Investor Relations. The presentation is going to be led by David Ruiz, our Chairman and CEO; Daniel Lozano, our Chief of Strategy and Capital Markets Officer; and Maria Coimbra, Manager of Sustainability Department. They are going to take you through our business, financial and sustainability review. At the end of the presentation, there will be a Q&A session for sell-side analysts. Please, David, the floor is yours.

Thank you, Ruben, and good morning, everyone. And once again, thank you for joining us for our results presentation.

Well, it's very clear that 2025 has been an exceptional year for us. I think another record-breaking performance. And well, first of all, I'd like to say that we are extremely proud of our team of what we have accomplished. And like -- we like to say, and we firmly believe that the best is still ahead of us, the best is yet to come.

I'm going to structure the presentation in 4 parts, just keeping the presentation short so we can move straight to the M&A. First, we'll talk about the highlights and the evolution of the pipeline, as we always do. Secondly, we'll talk about our hybrid solar platforms, Oasis of Atacama and the like and Central Oasis and how we are now replicating this in Spain.

And thirdly, we will discuss the new developments from Greenbox. I think plenty of good news and many more to come in the next couple of weeks and months in the 6 countries where we operate. And finally, I think we do this every year, we will cover what we consider the new developments in the 3 main pillars of our business, which is energy, energy management PPAs, financing and M&A asset rotation.

Moving to Slide 3. We -- what we have to say, we strongly believe our strategic shift towards energy storage, I think, was the right move at the right time. And, well, we have to say, Oasis of Atacama is really a great success. And we are now working hard with full energy to replicate this achievement in Central Oasis and Escuderos in Spain and in our Greenbox platform, yes.

Main figures on the left of the slide, for the first time in our history, revenue exceeded EUR 1 billion. This is close to 70% more from 2025. EBITDA exceeded EUR 200 million, with growth of 26% for the next -- up from next -- last year. Net profit, not far away from EUR 100 million at EUR 87 million, representing an increase of 46% over the previous year. I think these 3 figures are not just record numbers for us. They represent a turning point in the scale, profitability and I have to say, in financing maturity of the company.

Our CapEx reached EUR 880 million. This is really on track on our expectations, and this will accelerate further during 2026, 2027. Our asset rotation proceeds are at 60% roughly EUR 0.5 billion from our target of EUR 0.8 billion for the 3 years. So in 1 single year, we're 60% on the target. And that's a very important KPI for us.

From operational highlights, 2025 has been the busiest year in our history in terms of construction activity. We closed the year with 2.2 gigawatts and 8.3 gigawatt hours in operation and under construction, having added approximately 1 gigawatt and 7 gigawatt hours in 1 single year, and that's a very important point, quite impressive.

Our total platform pipeline now lands to 72 gigawatt hours of total pipeline in BESS between hybrid and stand-alone and more than 9 gigawatt hours in the Greenbox platform in advanced development. This is a very important point. I mean, how our pipeline in Greenbox is maturing and moving to -- advancing to advanced development.

In terms of ESG -- and Maria, I see Maria around here, so she will give you a little more information. But we are fully complied with ESG road map 2025, with the publication of the biodiversity report under the TNFD framework and our sustainability report 2025. We really are -- have consolidated our positions and reference in transparency and ESG management in the industry.

From a business perspective, business highlights, our 3 pillars, again, M&A, we have demonstrated our ability to generate value in several geographies. We have rotated assets with an enterprise value of close to USD 1 billion, closing transactions in Chile, Spain and Colombia. In energy, we are very active. We will give more information about Greenbox. We've managed to sign our first tolling agreement with -- this is a very important milestone for us. It's -- and hopefully, I think it's going to be the first of many in Spain and the other markets.

We obtained capacity payments for 2.1 gigawatt hours in Poland, that give us a lot of visibility for a road map in Poland. And several more PPAs in Chile, whether direct PPAs with SPVs as the one we closed for Central Oasis, or whether it's through our retail unit, GR Power. So very busy year, but again, many news coming in the next few months.

And regarding finance, it's worth highlighting that more than $700 million in project financing closed during the year, of which, $355 million already for our Central Oasis new platform. So it's really a reality that we are raising plenty of interest from -- for international banks and the lenders community.

Moving -- and again, I'm going to be very, very short on the -- on our platform. Over -- and just a quick overview, we -- again, we closed the year with 11.6 gigawatts in solar, 34.2 gigawatt hours in hybrid storage and 38 gigawatt hours in stand-alone. I think putting this together is one of the most important renewal energy and storage platforms globally. The pipeline reflects that we are really a company in full acceleration mode in -- already in BESS and with 3.5 gigawatts and 10 gigawatt hours either in backlog, operation or under construction. So plenty of visibility, and a very important figure of 2.4 gigawatt and 17 gigawatt hours (sic) [ 7.6 ] gigawatt hours of -- in advanced development. So that gives us a strong visibility for the next 2 years, '27 and '28, yes.

By region, Latin America, which for us is mainly Chile as the company's -- keeps being the company's main driver, with 8 gigawatts of -- for solar, 26.8 gigawatt hours of hybrid BESS and 5.3 gigawatt hour sort of stand-alone. But Europe stands out particularly in stand-alone with reaching 30.4 gigawatt hours in our Greenbox pipeline. So I think it might be one of the largest stand-alone platforms in the continent. United States contributes to 1.2 gigawatts of solar and 1.7 gigawatt hours of hybrid and 2.3 gigawatt hours of stand-alone. So it's really a strategic market for us in the medium term. We will keep some time in the next presentation in May talking about this market.

Moving to Page -- Slide 5. This is the -- well, our total platform. We're very transparent every month. I think Chile, we just want to mention here about -- a quick mention about Chile. We feel very optimistic with the market. There is a new government coming up, very business friendly, from where I understand, and with a strong focus on accelerating the energy transition and the permitting. And there's new copper super cycle in the country, plenty of new projects with large mining companies, also plenty of opportunities for large data centers. So we see a market where -- with very, very interesting years ahead and strong appetite from lenders and plenty of M&A opportunities. So we keep thinking that Chile is a fantastic market to be.

And a great opportunity in Spain ahead to replicate with hybrid plants as long as we find the right plants in the secondary markets. You know, Spain has been closed for greenfield -- new greenfield developments for quite a while. So we need to focus on opportunities in the secondary market for growing.

Business -- well, hybrid plants, it's very clear that hybridization of solar PV with storage is now the central focus -- central axis of our business model, along with Greenbox. And in this section, we like to update and give full details of 3 success stories already that demonstrate that this model is replicable and scalable, not just in Northern Chile, but Central Chile and in other markets.

Oasis of Atacama, it's our pioneering project, and the largest hybrid project BESS in the Americas. And as you know, with the total capacity of 2 gigawatts and 11 gigawatt hours, and a total investment of nearly $2 billion. During 2025, we -- a lot of things happened around the platform. We closed the financing for Phase 4 for more than $300 million. We connected Phases 1 and 2. We have completed the Phase 3 and is already in operation, is now under commissioning, I think more than 80% of the plant is already delivering and storing energy.

And we closed the financing for Phase 6 Elena for $270 million. And that also will be fully operational in the next couple of weeks. We have concluded this both Gabriela and Elena in record time in less than a year. And the project as a whole keeps progressing at a great pace, and I think consolidates Grenergy as a leader in large-scale storage in the world.

We -- moving to Central Oasis. It's our second major project. We're replicating the model in Central Chile. It's now with a total capacity of 1.1 gigawatts and 3.8 gigawatt hours and a planned investment of $900 million. And we are looking, since we see that there is strong demand of energy and PPAs in Central Chile, we're looking at opportunities in the secondary market, and we might update this platform in our next presentation in May, and we might include some further plans in this platform.

The project has already signed PPAs with investment-grade utility and we have signed a PPA with Codelco for 0.5 terawatt hours. So a very important milestone. A few weeks ago, we closed the financing for the first 3 phases together, Gran Teno, Tamango and Planchon. It's a very important milestone for us, it's the largest single financing agreement, $355 million with BNP, Rabobank and Santander as the banks. We really appreciate the support of this institution and all the lenders that are supporting our story in Chile.

Gran Teno is scheduled to be connected before the end of the year. And we are now mandating Monte Aguila Phase 4. There is great interest from lenders, and we believe we might close this finance in a matter of 2, 3 months maximum.

And well, the third platform, which is not a platform yet, but we believe it is our flagship hybrid project in Spain, and we believe the first plant in what might be an Iberian Oasis platform, right. I think, again, we will give plenty of information in May. But this is what we are aiming at, right, to replicate in Spain, what we have been doing in hybrid plants in Chile, yes.

This is a 200-megawatt photovoltaic project. It's been in operation since December 2021. So it's been more than 5 -- more than 4 years already operational. It was our first large PV project in Spain. PPA signed with GALP, which was also our first -- the first PPA we closed for a solar plant in Spain, and is now ready to build and being converted to a hybrid project. And we will -- with the addition of 700 -- more than 700 megawatt hours of BESS.

We have obtained environmental permits during 2025. We got a next-generation subsidy of EUR 7 million. And in 2026, we will refinance the project to incorporate all the CapEx, and there is a PPA in advanced negotiation for the battery. So both the existing PPA for solar and the PPA for the battery will coexist in the same project. It's a very similar approach to what we just closed in Central Oasis in Chile. And the conditions are very similar, right? Similar radiation, and we are approaching with a combination of a tolling agreement and the PPA.

Well, these 3 platforms, Oasis Atacama, Central Oasis and Escuderos, my view is the best demonstration that our hybrid model is not just an isolated success in Northern Chile, but a standard that can be replicated in multiple geographies.

Greenbox. Well, as you know, alongside hybridization, stand-alone storage is our second major growth driver. And under the Greenbox brand, we are building one of the largest stand-alone storage platforms in Europe with -- again, with nearly 40 gigawatt hours of total pipeline. And more importantly, more than 9 gigawatt hours in the advanced stage.

And already out of this 9 gigawatt hours, we have secured capacity payments for 2 gigawatt hours, and we are in many processes for obtaining capacity payments. There is an auction in the U.K. next month. We -- there will be auctions in Romania, Italy, Poland, the U.K. and hopefully, Spain in the next few months. So it's a fantastic opportunity to secure capacity -- payments for capacity, and these are compatible with energy trading and ancillary services in the revenue [ stack ] of the project.

And in this section, we'd like to highlight Oviedo in Asturias, our first flagship stand-alone BESS project in Spain, with a capacity of 150 and 600 megawatt hours. If you compare this to what we are doing in Chile, it might look not that big, but it's, I think at this moment, the largest stand-alone project in Spain, and many more will come with similar approaches, right? And we believe that this project will be operational 1 year from now at the beginning of 2027.

And plenty of news coming up from Greenbox in the next few months, more tollings, more auctions, more -- our M&A teams are -- and the buy-side team are extremely active. Time to market is key. So we are exploring growth opportunities in our markets. And again, we will give a very important update in May.

Wrapping up, yes, our 3 pillars, energy, finance, M&A, a lot of activity as we show in energy management and some milestones we have achieved in 2025 in Chile, 24/7 baseload PPA signed with Codelco through GR Power, retail unit for 15 years from January 2026 and a solar PPA of nearly 400 gigawatt hours in central -- for Central Oasis with global investment grade utility for 12 -- between 12 and 15 years, respectively. And these PPAs are the base for the offtakes for our 4 phases of Oasis of -- for Central Oasis: Teno, Tamango, Planchon and Monte Aguila.

In Spain, the PPA, the tolling agreement we mentioned for Oviedo project. In the U.K., we just got -- 2 weeks ago, we got -- we obtained a 32 megawatts solar CFD. It's very important because the first one we achieved in the U.K. and it's indexed to the CPI and for a very long period for 20 years. So that gives a lot of visibility for this project. And again, it's a hybrid project. It can coexist with another tolling agreement for the battery or capacity payment.

And in Poland, and that was very good news. We have won capacity payments auction for 434 (sic) [ 534 ] megawatts. That's more than 2 gigawatt hours. And again, this is indexed to CPI 17 years starting in 2030.

Financing, it's very impressive what we have -- what we are achieving in Chile. I think only in the last 18, 20 months, we have secured USD 1.5 billion in project financing. If you consider the -- what we are expecting to secure for this year, which we are expecting to conclude the financing for Monte Aguila and Algarrobal, I think the total figure will be close to $2 billion of project finance raised in Chile. So that's really unprecedented. I think nobody has ever got this figure in one single market in Latin America.

I -- and we are also very glad to have -- keep working with several international institutions that for them, it's been the first project finance in the market. We're extremely proud of bringing big names of U.S. banks to project financing in Latin America and in Chile, like Bank of America and JPMorgan. I think it's the first deals for both institutions of this type. And again, we see a lot of appetite for the upcoming deals.

And finally, asset rotation, we have demonstrated in 2025 our -- once again our ability to generate value and liquidity through asset rotation in 3 key geographies. In Chile, as you know, the sale of Phases 1 to 4 of Oasis de Atacama was completed for an enterprise value of approximately USD 1.5 billion at a multiple of 1.6x enterprise value invested capital.

And in Spain, the sale of Jose Cabrera and Tabernas was closed for EUR 273 million at 1.5x. And in Colombia, 7 plants, 7 distribution assets for a total of 88 megawatts were rotated on invested capital, 1x. And as a result, the equity, again, as we mentioned, already exceeds 60% of the rotation target for a 3-year period for 2025 to 2027. And this, I think, highlights the strength which Grenergy is executing its -- our strategic plan.

So thank you very much. I give the floor to Daniel.

Thank you, David. Now let's take a look at the company operational performance for the year 2025. Total production increased by 37% year-on-year to 1.7 terawatt hour. This strong growth was mainly driven by Gran Teno, Elena,Escuderos and to lesser extent to PMGDs Tamango as well Jose Cabrera and Tabernas before being transferred to Allianz. In terms of capacity, there was a strong growth in BESS, where Elena drove net addition up to 3 gigawatt hour. In PV, net capacity grew just 79 megawatts because of the asset rotation we had in Chile mainly and in Spain with, as I said, Jose Cabrera and Tabernas.

Contracted volumes grew by 61% year-on-year and represented 90% of total electricity production. This reflects a more predictable revenue profile supported by higher hedging levels and larger contracted base. Realized price, even though during Q4 has been pretty good, but year-on-year decreased slightly, 9% from EUR 50.1 megawatt hour to EUR 45.7 megawatt hour, partially affected by FX movement dollar versus euro. However, there will be an increase as soon as batteries start moving the energy to the night to peak hours prices.

On the right-hand side, you can see a summary of the financial KPI, which we will review in detail later. Then moving to Slide 20. Total revenue in full year '25 surpassed first time EUR 1 billion, representing an impressive increase of 66% year-on-year. Again, this strong performance was primarily driven by successful M&A transaction in LatAm, Spain, which resulted a 70% year-on-year growth in the Development and Construction division. Regarding Energy, we keep increasing it 25% year-on-year, mainly driven by Chilean asset and again, the Spanish assets that were transferred. GR Power, our utility division there in Chile increased 101% revenue. Organic growth, we have 1.5 terawatt hour yearly of energy contracted, and this is getting bigger and bigger.

Finally, Services increased by 18%. Full year '25 EBITDA amounted to EUR 201.4 million, first time above EUR 200 million, 26% increase year-on-year, pushed by asset rotation, but as well by Energy. Development and Construction, as you know, was mainly driven by the disposal of the platform in Oasis of Atacama, Jose Cabrera and Tabernas in Spain. And Energy division especially because of the same reason of revenue, Chilean asset mainly versus full year '24. This underscores, of course, the company capacity to rotate assets efficiently with very good EV to ICE while maintaining strong operating profitability that is getting bigger as soon as we are connecting more projects.

Then moving to Slide 21, CapEx. Total CapEx during the period reached EUR 880 million compared to EUR 566 million in 2024, representing 36% year-on-year increase. The performance explained by hybrid project in LatAm, not a surprise, that amounted half of total CapEx, EUR 519 million. CapEx in Spain totaled close to EUR 90 million. There will be more CapEx in Europe coming soon, especially with the hybrid and stand-alone project we are going to connect and as well in the rest of Europe. EUR 230 million belong to the first 3 phases of Oasis Atacama project already sold. That's why we have separated.

Development and other early-stage investments amounted to EUR 41 million, okay? Then regarding the CapEx evolution in both PV and storage. There has been a moderate increase in the total CapEx in PV to USD 0.47 million per megawatt as panel prices have increased from $0.08, $0.09 per watt to $0.10, $0.12. That is what we are now negotiating, partially driven by pricing of silver or the reduction tax rebate from 9% to 0% to panels. So because of that, we are guiding to USD 0.47 million per megawatt for solar PV. In the meantime, storage CapEx, both BESS stand-alone and in hybrid, we expect to remain flat, even though there has been a small pickup on battery pack, we expect it to be offset by more efficiency and future deflation coming. Reduction tax rebate has been less in batteries moving from 9% to 6%.

Then cash flow, next slide, Slide 22. Well, we ended with a very solid cash position of EUR 305 million. This -- well, CapEx was main outflows coming from the CapEx, EUR 880 million. Regarding the change in working capital, minus EUR 75 million is mainly explained by supplier payments. Remember, in full year '24, this figure was very positive, EUR 222 million, and now it is reverting partially. CapEx has partially been self-funded through asset rotation. And then, of course, with project financing. Divestments EUR 201 million related to the asset rotation in Spain, Jose Cabrera and Tabernas. We have had an increase in financial debt of EUR 431 million and other debt, minus EUR 72 million related to payment to vendor financing because of the acquisition to Repsol and Ibereolica that we made last year. So reaching EUR 305 million.

Then finally, on Slide 23, Net debt closed full year '25 at EUR 993 million, reflecting the impact of the significant CapEx program executed during the year. As a result, net debt-to-EBITDA stood at 5x, 1.4x considering just corporate debt. But it is important to let you know that on pro forma basis, including the asset rotation that we have already agreed pending to be reflected in our P&L and cash flows, the net debt will fall to EUR 501 million. That will mean a total leverage total, including corporate and noncorporate of 1.5x and the corporate leverage of 0x, okay?

So this is demonstrating how rapidly leverage can normalize post divestments, reinforcing the company's disciplined capital recycling strategy and its commitment to further strengthen in the liquidity position, okay? Debt structure remains sound with 74% classified as nonrecourse project finance and 26% corporate debt.

That's all from my side. Now Maria is going to explain the main messages about ESG.

Thank you, Daniel, and good morning, everyone. Let me briefly update you on our sustainability work in 2025. Last year, we strengthened our -- the core of our ESG strategy by deepening our commitment to climate change and biodiversity. We updated our decarbonization road map to reflect the growing role of storage, including concrete actions and also the financial planning required for their implementation. We also reduced our Scope 2 market-based emissions to 0 by offsetting our electricity consumption with our own production. We also began assessing impacts, risks and opportunities at the asset level through TNFD aligned analysis of our plants in Chile, which helped -- will help us integrate things related to considerations alongside climate criteria in our decision-making.

On the social side, we have set up a corporate volunteering plan and scaled our investment and donations to initiatives supporting local communities near our projects. All of this and more is captured in our 2025 sustainability report published just today in line with the requirements of the CSRD. These efforts continue to be positively reflected in internationally recognized ESG ratings. S&P, for example, has increased our score by 4 points compared to the previous year, and we maintained strong ratings across the rest.

As we move into 2026, our focus will be on rolling out further impact initiatives with measurable environmental and social outcomes across our projects, building on the progress we have already made. That's everything on my side.

Thank you for your attention, and have a good day.

Okay. Thank you very much, Maria. We are now moving to the Q&A session. [Operator Instructions]. So okay. First question from Anna Webb, UBS.

Can you hear me?

Yes.

Perfect. I've got 2. The first one is just on Oasis Atacama. You talked through kind of the development of the pipeline. And obviously, you've moved a lot of projects up to advanced development or construction. But I think there was a small delay -- around sort of 6 months delay to Oasis Atacama Phase 5 versus what you had at 9 months. So I was just wondering if you could give a bit more color on why you now think that project is going to be into 2027? Is it on the construction side, financing PPAs what's the story there?

And then secondly, a kind of broader question on the tolling agreement you signed last week. It seems you keep operational control of the asset rather than hand that over to the offtaker, which maybe was a bit of a surprise. So how do you think about your kind of capability as an asset optimizer? And I guess, more broadly, how you balance fixed contracted returns and also the -- sorry, fixed contracted revenues and also the ability to generate good returns. It seems with this first tolling agreement, you're kind of striking a balance between both. So how do you see that more broadly going forward?

Okay. Thank you, Anna, for your questions. Okay. Talking about Phase 5, I think it's Algarrobal. I -- yes, I think it's at least been maybe delayed 1 quarter from our previous estimation. And I would say it's -- well, on one side, it's been about permitting. Now it's fully permitted, but some local permits took slightly longer than expected, so we couldn't really start construction works. We -- you also need to keep in mind that we cannot be -- nobody even -- not even us we have the capacity to build 5 large projects at the same time. So for us, it was about doing Quillagua, then Victor Jara,, then we've been building Gabriela and Elena at the same time. I'm talking about Oasis Atacama.

Then we have started construction now of Central Oasis. Gran Teno, Tamango, Planchon, which is the plant which we closed. Now we have started the construction of Monte Aguila. That will be our next financing close. And right after, we will start construction.

Well, I think in the meantime, I think in the next couple of weeks, we will also start the construction of Phase 5. And we will announce the PPA, which will be a similar strategy to the one we followed in Central Oasis. So it's around 50% of the energy will be purchased by an investment grade offtaker and the other 50% will be purchased by a retail unit. So nothing really -- but that's going to be the pace. I mean it's going to be -- we are now full execution mode.

We have concluded phases 4 and 6 Elena and Gabriela. We are now in full execution mode with Central Oasis Phases 1, 2, 3 and 4, and we will announce the PPA and the financing of Algarrobal I think before -- around second quarter. That's Algarrobal.

Your question about tolling agreements, it's very interesting. It's not that -- first of all, we have -- we are still 1 year away of having this project of -- in Oviedo operation. So we have time. We are recruiting a lot of talent in our energy management team, both in Santiago, Chile, and I think we have recruited already a team of 5. And we have recruited a lot of talent also in Madrid. We will announce some of these recruits in -- I think very important, our new energy management Global Director will be announced next week.

So in our core markets, we have the aspiration of optimizing our batteries ourselves, right? It doesn't mean that we cannot cooperate with some external optimizers, right? That's completely compatible. We can have a hedge with the offtaker in Oviedo, we can still work with an optimizer for the rest of the -- on the markets. That's totally fine.

And in other markets like -- it might be the case of Germany, Poland when the time comes, the U.K., we might work with external optimizers or in some cases like Germany, the offtaker will optimize the battery themselves. So that's really our approach. But we believe that in our core larger markets like Santiago and Madrid, it might make sense to have the capabilities to optimize our own staff ourselves.

Okay. Next question from Alexandre, Bank of America.

Just a follow-up first, perhaps on the comments you just made regarding your tolling and optimizing yourself. I think previously, you were perhaps expecting or wanting to have a broader tolling framework perhaps across Europe for GreenBox and-- which kind of comes like maybe a bit more critical now that you've got close to 10 gigawatt hour of near-term projects. So is that something you're still thinking? Or are you perhaps thinking more of a local and country-by-country partnership is my first question or follow-up question.

And then my question is actually just on 2026 for the buildup of EBITDA. I don't think you provided guidance, but just from your previous comments. I think we've got around [ $50 ] million from existing projects. You had perhaps indicated $70 million to $80 million from Elena at Q3 results. We maybe have $130 million from the sale of Phase 4, maybe $30 million of central cost. I don't think retail margin should be seen as massively expanding into this year despite some of the progress you're making with GR Power in Chile, maybe a bit of pipeline. So [ Oviedo that's $140 ] million. Is that a fair assessment for EBITDA into 2026, which we've seen consensus actually quite above that. So just wondering here if I'm missing anything on the bridge?

Thank you, Alex. Well, to continue talking about the tolling, We see Greenbox as a platform. And I think there are many similarities market by market. But we also need to keep a local approach of every market. If you look at the first PPA, we -- the first tolling we've closed in Spain, it is a global utility. So we might -- it is way easier to replicate with that same offtaker in a different market. In particular, this utility is operating at least in 4 of the 6 markets where we are. So we might -- we will always try to replicate with the same teams and contracts.

But anyway, we will always try to look for the formula that creates more value in every market, yes? So -- and every market has some differences. So it's really global, but we need to keep local in many, many times. And that applies to offtakes, that applies to financing, and in the future, might apply to bringing in like a partner to the platform as a whole. So obviously, we love the bigger, the better agreements, but I think we need to go a step by step, yes.

About EBITDA and the guidance, I think I might leave this one to Daniel. We give no guidance. And I think he can -- Daniel?

Yes, Alex, well, you made a good addition. I think the key element during 2026 is going to be Elena. And if there are further M&A deals that we can register during 2026, okay? So Elena, remember, the model right now is merchant till we get a PPA. In case we get a PPA, we have to see when it is activated and the spread we are going to get. But it's quite simple to modelize it in the sense that you can move to the night around 1.1 terawatt hour of energy.

So if you are using price of previous year, you're going to chart it at a very low cost, almost $0. And at night, the price right now is around $70, okay? But then merchant prices during the day might increase, in case there is more storage getting into the system. So we will need to see what are the charging cost and the selling cost at night that will depend mostly on the gas prices, okay?

On top of that, remember, we have around $25 million coming from capacity payment. Those capacity payments are activated in the moment we have the COD. That means that in March, early March, even though we are going to have the plan upon running selling, then the COD that depend on some final permits and trial and everything, we're assuming are going to be around June. So we are not going to have that full capacity payment during the year, okay?

So Elena is the main driver, then the rest of what you said is right. Be reminded, Elena, we are talking about dollars, not euros. And then if we can make more good M&A deals that are reflected during this year, that is our intention, always that to happen.

Okay. Next question from Fernando Garcia from RBC.

So there was -- there has been a significant increase in lithium carbonate prices over the last 2 months, which is probably reflected in your assumption of flat CapEx cost for batteries in 2026 versus 2025. So I would like to know how is this commodity price movement affecting Grenergy's 2026 installation? Or maybe did you contract some of your supplies before this increase?

And as a follow-up question, with CapEx not falling in 2026 and spreads potentially suffering from declining power prices, how do you see battery returns comparing in 2026 versus 2025?

And I wanted to make a question on one of your comment a bit about how business-friendly the new Chilean government is with good opportunities among other things for data centers. In terms of data centers, what is the opportunity for Grenergy there, just selling electricity to the data center providers or you might participate as well in the development of these data center projects as well?

Thank you, Fernando. Okay. About lithium, yes, it's true that the price of lithium has been going up. I think recently, we are not in levels of 2023 that reached [ 400 ]. It's really [ 140 ], I think, now. It's really -- it does affect the price of the battery packs, right? But it's not -- does not affect as dramatically as many people think. I think it affects to roughly 15%, 20%, that range of the battery. So it means that the lithium was at record low levels a year ago, and that meant a reduction of maybe 5%, 10% of the battery pack for that -- for this reason, right?

In my opinion, there are other factors that are affecting more the price of the battery pack and in particular, is the gains in efficiency, right? I think we are looking at the announcements made by the large players in the industry, mainly CATL, BYD, and where we were buying containers for 4 megawatt hours only 2 years ago, and now we're buying 6. They have just announced 7. They are announcing new solutions for 1 year from now, putting together into layers like even 14 megawatt hours or 12 megawatt hours putting together. So we are in this race of efficiency. So keep in mind that even if the battery pack might go up due to lithium, they need less space, and we also need less space for the balance of plant.

So that's why we have -- and I think we are conservatively leaving the total price per megawatt hour flat. And if you ask me, I believe the price will go down in 2027. That's the expectation we have. Unlike the panels, the PV CapEx, we believe it's going slightly up, we have really reached rock bottom. I think there is plenty of room for CapEx reduction in BESS. So that's -- and also, there is a case for -- a strong case for sodium as an alternative to lithium. And now the larger players are also investing very strongly in sodium. And I think there's a lot of efficiency gains. So we might -- that might be the big surprise from the end of 2027 onwards, right? -- sodium is real alternative to lithium. They need more space, but durability is way better. So it's a very interesting situation where we live in. I strongly -- we are really keeping a very close contact with the large players.

About the opportunity in Chile, well, the new government, we -- it's coming with strong messages on being a very business-friendly government, less permitting, let's do it. So I think it's a great opportunity for mining, for copper and that comes with copper at record high levels. And there is a great opportunity for data centers. And we want to make the most out of that opportunity, right?

But -- right now, all we can say is that we have secured some of the best grid and land for data centers in the country, right? Whether we will just focus on selling and becoming the largest provider of energy to AI offtakers or whether we take a step forward and we try to do something more like we are seeing examples in Spain with some companies that are getting sponsored, well, remains to be seen. But we want to make sure, first, we have the best locations in Central Chile, and we believe there's a great opportunity in for -- especially for AI data centers -- for AI training data centers in Northern Chile.

Okay. Next question from Beatrice from Mediobanca.

I've got one question, which is more about the context, let's say. Since there is an ongoing political debate in the European Union around still high electricity prices and the potential need to revise the ETS mechanism. We understand Grenergy's current exposure to the merchant prices is limited, especially in Europe. But I was interested in how do you see the potential long-term implications of these discussions for your strategy in Europe and particularly regarding the development of the stand-alone battery projects.

And then probably a second one, which is a very quick one. You mentioned before new announcements on the tolling agreement part may be announced in May. I guess you were probably referring to a Capital Market Day. So just wanted to be sure you are planning to update the strategy in May or if not, when?

Okay. Thank you, Beatrice. I -- about the news coming from Italy, well, we are obviously analyzing whether this might have an impact. We still -- it reminds me of some measures taken by governments, if you remember in 2022 after the huge increase due to the Ukrainian war, the aftermath of the Ukrainian war in merchant prices, and some governments took some similar measures. Honestly, we need to keep working. We -- in our case, we secure normally 75%, 80% through tolling agreements or agreements.

So we don't think it might be replicable in every other country. Obviously, is not going to help in Italy now. There is some uncertainty, but we still see appetite from offtakers in -- for tolling agreements. Let's keep in mind, in Italy, still, we don't have that cannibalization of solar as strong as we have in Spain. So the gap is not as wide. And I think still the main driver in Italy has been [indiscernible] and auction capacities and other drivers, more than tolling agreements, but it will eventually be tolling agreements, what will keep -- what will become the largest driver of the market, yes.

About May, yes, we plan to update our strategy. I don't think we will make a Capital Markets Day. I think we will -- it will be an important day. I think maybe the same day we announce the first quarter results, we will take the opportunity to upgrade the strategy and make some important announcements and especially give visibility on 2028. So it will be like our plan '26 '28 announced. We've already given figures including 2028. And I think we will give some news in the next couple of months. So we will try to put all pieces together in this presentation, but it will not be a Capital Markets Day.

Okay. Please, we remind to ask just one question per participant. Next question from JB Capital, Ignacio Domenech.

So I'll stick to one question and it's on the announcement you've made, David, on the replicating either Oasis Atacama or Central Oasis in Spain. So I appreciate more detail will be provided during the M&A strategic update. But if you could give us some color, how do you expect to move forward? What would be the size of this project? Because in the past, I have also -- you also mentioned that you were planning to -- or looking for some opportunities in Spain to buy some capacity ready-to-build here in Spain. So any detail you can provide would be extremely helpful.

One second, please, because David is on mute. We're going to unmute him.

Okay.

Now it's okay.

Okay, about Spain, yes, it is a key aspect of our strategy to replicate in Spain, the platforms, we have -- we are executing in Chile, and it's a key element, and we're going to do it, right? So I think it's the most obvious opportunity we have in the space in Spain right now.

There are some challenges, right? As you know, not every park -- not every solar park has -- is getting the interconnection, the point to be able to charge the batteries from the grid right now. So that is a challenge. Permitting it's -- even if the government has done some efforts, right, it's not -- now we can hybrid the parks at the community level [indiscernible] level. And you don't need to do environmental permits again. Those are fantastic steps.

But let's not forget, we are in Europe, we are in Spain, everything takes all the permitting longer, right? So in Chile, we hybrided one park in a matter of 2, 3 months, and in Spain is going to be a minimum 1 year, right? We have Escuderos, we started that 2 years ago, right? So that's a challenge.

But on the other side, there are great opportunities in Spain in the secondary market, right? Parks that were not built or existing parks that we can follow a similar approach than the one we did in Elena and buying that and hybridate. So I think it's the big opportunity in Spain. And we're going to make it, right? And we will give more visibility, for sure, in May.

Okay. Next question from ODDO, Anis.

Yes. So maybe I have one question to David. So David, you mentioned the potential partnerships with Greenbox. So what type of collaboration were you referring to? Is it mainly about securing financing for merchant projects? So possibility with the financial partners rather than utilities?

Thank you. I think we are just -- for the moment, we are doing it all school, let's say, we are securing our project finance. We see strong appetite from lenders, even up to 70%, 75% of our CapEx. So that's fine for us. We -- for the moment, we are keeping on the portfolio, in our balance sheet. But whenever -- if we ever explore M&A, I think it's a very good case for minority interest, right, as a portfolio. And obviously, I would love to bring in like a single investor for all Greenbox, right, at the holy level -- at the Greenbox level, right? That would be fantastic.

But again, if -- what creates more value, it's going country by country or cluster of project by cluster of projects, we will always keep that interest, right? So it's -- so everything is now opening. But for the moment, we feel very well hedging the day ahead in some markets, wider tolling agreements like it will be the case of Germany in some other markets. So we need to take a specific approach -- approaches depending on which market, but there are many similarities, right, and synergies have in several countries at the same time.

Okay. Next question from Caixa Bank, Flora.

I have one regarding the comments you made throughout the presentation around secondary market opportunities. I think you mentioned more than once and you repeated it with Spain. I was just wondering if you have a budget for these opportunities because I was trying to understand how does this balance with the targets you have announced at the Capital Markets Day in terms of balance sheet? And if -- when you look into the secondary market opportunities, this will depend on new asset rotation, for instance, in Oasis Central or if this is just for pipeline and therefore, within the budget. I was just trying to understand the size of this because we have other players in the market also mentioning -- looking into secondary opportunities. So understanding how does this -- is consistent with your balance sheet management?

Thank you, Flora. Well, it's a very interesting question. Well, first, let's be clear for -- to meet our Capital Markets Day targets, we already have the necessary stuff, right? So -- and it's mainly concentrated in Oasis of Atacama, Central Oasis and whatever we have in Spain and in GreenBox. So that's enough for the EUR 3.5 billion of CapEx we have provided in the Capital Markets Day. But we are ready in 2026. We got to start thinking about 2028, 2029 and beyond. And it's very important we have the right projects, right? Or if we decide at one point to accelerate, let's say, 2027, right? And that's the case of Spain.

So there are several markets that you are too late if you want to start developing projects, greenfield projects and 4, 5 years from now, and then the opportunity is gone because time to market has always been very important in the industry, but it's even more important than ever now in storage, right? So it's a process of finding the right opportunity. If -- we are already 60% there in our asset rotation, we might be eventually close to 100% at one point at the end of this year. That gives us opportunity for acceleration, and we need to make sure we get the right projects in the right market.

And for GreenBox, it's also very clear, right? I think we have all the stuff we need, maybe in Poland, Romania, but not in Spain, Germany, and I would say the U.K. So we're looking at projects from other developers that might be closer to ready to build and COD and might give us an opportunity to go faster. So that's basically our job, right?

Okay. Next question from Barclays, Temi.

Just checking, you hear me okay?

Yes.

I had a question on Greenbox economics. Essentially, it feels to me, you've now closed a couple of PPAs or tolling agreements, Poland, Oviedo and in Spain. I just wanted to ask, what are your seeing? Could you comment on the pricing today versus your expectations a year ago? Are you kind of seeing prices kind of better in line or slightly lower than expected? I ask because it seems you're sort of reshaping the revenue stack a little bit from sort of more secured sort of capacity market type revenues to a bit more ancillary services, a bit more energy arbitrage. Just -- if you can comment and provide clarity on that, that would be helpful.

And if it's okay, I'll just add a second tiny question to that, which is on the size of your pipeline. David, you talked about the 6 countries for Greenbox. So my question is beyond these -- when I look at your pipeline, that roughly 70 or so gigawatts. So rather the 30 gigawatts in Europe, in particular, is it limited to just those 6 countries or other countries beyond these that you've just not yet sort of individually identified within that broader pipeline?

Okay. Thank you, Temi, for your questions. I think it's -- we -- when we announced Greenbox platform in May, it's been only 7, 8 months. So I think our basic approach, even if it's a very dynamic industry, our basic approach remains the same. But every market is in a different cycle. The U.K. has been more cannibalized in ancillary services in particular. But there is a wider opportunity, we believe, for arbitrage, for energy trading, especially considering how low the CapEx is now. It's basically 1/3 compared to the CapEx of that some players going merchant in the U.K. 3 years ago where we're having. So that gives us an opportunity -- great opportunity for arbitrage. Ancillary services is lower -- definitely lower than before. But then there is the capacity auction next month. So it's a combination of the 3.

But this revenue tax distribution changes from one market to another. I think in Spain, it's going to be more -- except the first 2 years -- 2, 3 years, where there's a great opportunity with ancillary services in Spain, and there will be capacity auctions as well. We see this as an upside in countries like Spain. The big thing comes from energy trading, right? And then you've got -- so every market, we could spend hours talking about the different -- so you need a different approach market by market. And that approach changes with time also depending on many factors, right?

So it's again, very interesting. So we need to invest a lot in our energy, in management, talent and market intelligence, and we need to keep all options open at the moment. I think the U.K. now, if you're talking about the U.K., we need a capacity payment, otherwise, numbers don't work. But some markets like Spain, even without capacity payments, just with energy trading and the upsides on ancillary services, we are fine.

About more countries, there's been a lot of debate in our house about bringing in more markets. Netherlands has been a very interesting market for storage. And I think after the U.K. or together with [ U.K. ] they're most mature. But every market requires a lot of regulation and dedicated team. So I think the combination we have is -- I think it's pretty good, except for France, we are in the largest market in Europe. Well, 3 of them euro-denominated like Spain, Italy and Germany. Then we have Poland, which is a very interesting market for storage for obvious reasons, right? But it's not euro denominated.

But -- and then we have -- that's -- I don't want to call it more exotic, but a different more emerging markets like Romania. And I think it's a good combination, right? So we are happy with the exposure we have. But if we have a very obvious opportunity, we will look at it in, I don't know, places like Portugal or Netherlands or -- but it has to -- right now, we want to keep the teams focused on what we have.

Okay. And last question from Alantra, Alvaro.

Just a quick one, which sales processes or specific asset divestments are more advanced heading into 2026? I wonder if some of those disposals could come from the U.S., with some projects subject to be -- sell -- us ready to build without developing them. If you can elaborate on that one, please?

I think our teams -- our M&A team, and I think you know the team, Fernando, they're very active all the time. I don't want to say everything is on sale, but the hybrid plants, we are always ready to -- for opportunities because this gives us an opportunity to accelerate, right? And that -- well, we have a very obvious opportunity in Chile, but don't expect anything in the short term, but maybe third or fourth quarter, right, at the end of the year.

But again, as long as we can accelerate the PPAs and the execution, we can enlarge the platforms. So Chile, there are opportunities. I think in Spain, we're a different cycle now. We are in earlier stage, so don't expect might be a possibility [indiscernible] leaving it single solar, but let's say. I think in Colombia, we made a big deal with [ Ecopetrol ], but we still have 4 or 6 small distribution assets, right? We obviously -- we're looking for opportunities there. And again, we will talk a lot about the U.S. in May. And all opportunities are open then in the states. Our primary option has always been bringing a minority investors to all the platform. If that's not a possibility, we will look at other alternatives, and we're working on it, yes.

So okay. With this, we have finished our full year conference call presentation. So thank you very much for attending, and see you in May. Thank you very much.

Thank you.

Thank you. Have a great day.

Okay. I think all of us are connected. So good morning, and welcome to Grenergy's 9 Months 2025 Results Presentation. I am Ruben Gomez, Head of Investor Relations. The presentation is going to be led by David Ruiz, our Chairman and CEO; Daniel Lozano, our Chief of Strategy and Capital Markets Officer; and Rocio Fernandez, Head of Sustainability Department. They are going to take you through our business, financial and sustainability review. At the end of the presentation, there will be a Q&A session for sell-side analysts. [Operator Instructions]. David, the floor is yours.

Thank you very much, Ruben, and good morning, everyone. And let's start, as always, with the main highlights of our 9 months of this year, 2025, results on the Slide #3. And well, I'm just going to focus on the main messages, right? Well, business highlights.

First of all, we don't stop on asset rotation, right? That's very important. We keep not only on track, but I think we are definitely over-delivering. We are now more than 55% on our target. Jose Cabrera and Tabernas, we will see the capital gains. We finally executed the deal in Q4 in October. So these this accounts will be next quarter with capital gains of EUR 25 million. And well, we're really happy, really on track and exceeding our expectations, right, in terms of the returns we are making on each transaction.

Another very important point is our tolling agreements, new PPAs. These are complex negotiations, right? They need time, all with investment grade, means large organizations are counterparts. So they take time. But once again, we have to say we're very close to announcing new deals in mainly tolling agreements for our Greenbox platform in Germany, Spain, plenty of new PPAs coming from Chile, some from Peru, and our first PPAs in the U.S. And I'm very sure we will spend a lot of time in the next presentation in February, explaining all the new deals that we will be announcing in the next few weeks.

Talking about operational highlights. Well, we're also very on track, 2.1 gigawatts of solar and 5.5 gigawatt hours of BESS in operation and under construction. And at the end of this year, we will be very close to reach 7 gigawatt hours of BESS connected. This is very remarkable. Once again, in terms of gigawatt hours, it's close to all installations in the U.K. combined. And U.K. is the most mature market for BESS in Europe. So I think it's something we are very, very proud of what we're achieving in Oasis of Atacama.

Our pipeline, I think it's a very amazing figure, 75 gigawatt hours. We will give more details now. It's more or less 50-50, 50% stand-alone, 50% hybrid plants. And well, one of the most important messages of this presentation is that out of these 75 gigawatt hours, 8 gigawatts have been upgraded to advanced development in the main markets, in 6 markets, European markets that comprise the Greenbox platform. So we will make an effort to give more details on the platform in the next slides.

Well, let's not forget, it's not here, but we are still a solar company. We have close to 12 gigawatt hours of solar. Most of these plants are already hybrid. And well, again, we are living a completely new reality with a massive introduction of BESS in our markets in both formats, whether it's stand-alone or whether it's hybridization with PV.

Very proud of our road map of ESG. Rocio will give you many more details, right, later on in the presentation. And financial highlights, I will leave this to Daniel, but it's, I think, a very impressive set of results. We are really on track. New CapEx, EUR 300 million in the quarter. We are above EUR 700 million of new CapEx. That means we are going to be close or even a little bit more than EUR 1 billion for all the years. So it means we are really on track for one of the main KPIs that we outlined in our Capital Markets Day that we were about to invest EUR 3.5 billion in the period from 2025 to 2027. So I think considering it's only the first year, we are really on track. Net debt, Daniel will give you a lot more details. I think it's well below the sector, the industry average.

Well, moving to Slide 4. This is just the, well then, beautiful picture of our platform overview for hybrid, BESS and stand-alone, and we'll give a lot more details in the next slides, but I think it's worth highlighting that there has been like a sharp increase in hybrid solar plants in Chile and Peru. And we strongly believe that there is a great cycle coming up in Chile with data centers, mining, new government. So we believe we need to have the right staff 2, 3, 4 years from now. So it means a great greenfield effort now on our side, right? So you will see a sharp increase in new developments in early stage and identified opportunities in these markets.

And in Europe, once again, the fast evolution of the stand-alone pipeline from early stage to advanced development. And well, as you see in the right-hand side in the maps, you can see that in Europe, we are betting a lot more for stand-alone plants comprising our Greenbox platform, whereas in LatAm, mainly in Chile, we are betting a lot more in hybridization, right? So we are talking about best in both cases. But in one market, we are focusing a lot more in hybrid plants. And in Europe, we are focusing a lot more in stand-alone plants.

Moving to Slide 6. Again, very happy to get more in detail in the Q&A in any particular market. But again, like every quarter, we give a lot of information about the situation of our pipeline, whether it's solar, whether it's hybrid.

And well, moving to the next slide, Oasis of Atacama, we show here, and it's already becoming a classic in our presentation, right, the evolution of our Oasis of Atacama platform, then Central Oasis platform, and the platform in Spain, which for the moment is just Escuderos. We believe there are great opportunities for hybrid plants in Spain as well. So now we're talking about hybrid plants.

Talking about Oasis of Atacama, well, as you know, the total platform is 2,000 megawatts, 11 gigawatt hours, right? Overall, we are executing really well. We are very happy, above expectations. Out of the 11 gigawatt hours, we have already, at the end of this year, executed close to 7 gigawatt hours, which is, I think, very remarkable. And we are normally doing it a few weeks and sometimes a few months ahead of what we are saying.

Quillagua 1 and 2 is fully operational now. It's out of the pipeline. It's being completely delivered to KKR, and it's performing really well. Victor Jara Phase 3, it's now already connected and also it's working pretty well now, at full speed. It will be completely delivered to KKR before the end of the year. And Gabriela is Phase 4, mechanical completion is completed, right? And we are ready to start injecting energy in early January and COD at the end of Q1, latest April. So we will transfer this plant to DIF, CVC, once it's fully operational in COD. We're estimating this to happen latest in April, May next year. All the revenues belong to us until that moment.

Elena 1 is 3.3 -- well, 3 gigawatt hours in point of interconnection. This is the single largest plant in all the Americas in one single location, right? It was Moss Landing in California before, but now it's Elena. That's also all the battery packs are on site, and we're estimating also to start storing energy in early January. So all in all, we are very, very happy with the performance of the platform. We are about to start construction of Antofagasta and the second phase of Elena second or third quarter of next year.

Moving to -- well, we give plenty of highlights of all the main milestones. Again, very happy to -- a lot of things are happening, financial closings, M&A execution. So very, very happy to get in more details in the Q&A.

Moving to Central Oasis. You know the size of the plant is 1 gigawatt, 4 gigawatt hours. We are now very close to the Gran Teno, Tamango, and Planchón. This will be one single financial close. I think it might be announced even before the end of the year, and we will be executing at full speed during 2026, right? So these plants will be operational, I think, before 2026 ends, right?

Then next step, next one will be Monte Águila. Monte Águila will have a similar approach with PPAs than Gran Teno, Tamango, and Planchón. I think it's next in the road map of financial closing. So we might even mandate very soon, and we are estimating to get the financial closing at the end of Q1. In any case, we have already ordered truckers, and we have started some preliminary works on site. So that's the situation of Central Oasis.

Moving to Escuderos, it's our first large hybrid plant in Spain. And well, I think will be the starting point, really flagship for us. It will be one of the first large hybrid plants, hybridizing in Spain. So as early as July, August next year, we should be storing already energy from the first phase of Escuderos, right? And we are also in negotiation for hybrid PPAs or, as an alternative, with tolling agreements for the BESS. Remember, we have an existing PPA with GALP for the solar energy, but this is fully compatible with the tolling agreement. So it's something -- because it's a financial PPA and it's something that can coexist with the tolling agreement. The moment we have something closed, we will let you know.

Moving to Greenbox. And I think it's important we spend more time explaining to you our strategy for every market on Slide #13. Well, here, the main message, as we already advanced, we are moving quite fast in the 6 markets, right, Spain, Italy, U.K., Poland, Germany and Romania. And well, I think time to market is very important. So we are exploring all opportunities to move as fast as possible, right?

In the next slides, we are diving more in detail on Greenbox, and on each of the 6 European markets. We try to give more information, right, our estimations on each market, potential for BESS, the pipeline we have and well, the main dynamics of each market, upcoming auctions, capacity payments, government plans. For every market, basically, it's going to be, revenue stacks are going to be coming mainly from energy trading, ancillary services and capacity market. If there is a capacity market in place, like is the case of Italy, as we can see in this slide, and the U.K., they already have existing capacity market mechanism. But Spain has for a very long time announced, I think finally we will see the capacity auction in Spain in the first quarter of next year. And we believe and all the industry believes that Germany will have similar mechanism. But anyway, the IRRs we are giving in Spain and Germany are not considering any revenues coming from capacity payments. So whatever we get there will be an upside and will increase our IRRs.

Once again, we have given here the number -- you know in Spain, we have Oviedo project. We will see in another slide that we will start construction very soon, I think as early as January next year, and mechanical completion will be completed in October, November 2026. And hopefully, the plant will be fully operational at the end of the year. So this is really our flagship stand-alone project in the Greenbox platform, but we are working in many other projects. We are also looking at many buy-side opportunities in all the 6 markets where we are, mainly in Spain, Germany, I would say, Italy. We are analyzing some MACSE granted projects to mix them with -- we are looking at opportunities in Germany. I think we will announce some buy-side deals in Spain. Again, we will do the best we can to accelerate the story. I'm very happy to speak in more details about any of the markets.

Just before I hand over to Daniel, this last slide, we try to summarize a quick review of the latest, of the last deals we've closed and how successfully we are executing the road map. We are basically executing what we outlined in the Capital Markets Day, but I think with higher returns than expected. Remember, in Capital Markets Day, we estimated an average of 1.3x enterprise value invested capital. And well, we are now reaching 1.6x on average. So we just executed the deal in October of the transfer of close to 300 megawatts in Spain to Allianz for EUR 273 million. You know Gabriela, we announced this deal also very recently that will get executed in April, May, latest next year, which is a COD deal. And well, the deals you know very well of Quillagua and Victor Jara that we keep executing, right, and still has a strong impact in our P&L during this year and even next year with the earn-outs.

Again, the main message is, right now, with the equity proceeds we are getting, we're exceeding 55% of our asset protection targets. We might expect to see new deals coming from now mainly nonstrategic assets like PMGDs in Chile or distribution assets in Colombia. So we might see some M&A coming very soon from these fronts.

So thank you very much. I turn now the call to Daniel for the financial review.

Okay. Thank you, David. Let's take a look at the company operational performance that, again, are excellent results. We will keep with this trend in coming periods. So first of all, in the key operating data, there is a decrease in total installed capacity by 4% because of the explained asset rotation in Chile. You will see that the gross addition in megawatt hour now is 2.5 gigawatt hour that will be moved to close to 8 gigawatt hour by year-end, thanks to Victor Jara and Elena that will be there.

Then, regarding production, there is an increase of 32%, mainly driven by the Chilean asset, but as well Escuderos, and there was some contribution from Tabernas and Jose Cabrera that were sold in Q4. We expect a positive EBITDA contribution and net debt reduction in the period.

Then, contracted volumes increased by 55% and represented 88% of our total electricity production. That is, here we have a conservative approach to the energy sale we have. Then, realized price decreased slightly to EUR 43 per megawatt hour from EUR 44 per megawatt hour, impacted by ForEx dollar-euro difference. On the right-hand side, you can see a summary of the key financial KPIs, which we will review in coming slides.

Then moving to next slide. Total revenue, September 2025, amounted to EUR 687 million, representing an impressive increase of plus 147% year-on-year. And this growth was largely fueled by M&A transaction and as well the energy production we had. GR Power division showed an increase of 103%, driven by organic growth. And finally, services increased by 20%. The asset rotation we are having are also producing operational maintenance and contracts to the place we are selling the asset. So this is also moving up. Then the EBITDA for 9 months 2025 was EUR 111 million, representing 2x the amount we had last year and was mainly boosted by M&A activity. Remember that in Q4, we are going to have around EUR 75 million impact coming from the deal we have just closed with Allianz regarding Tabernas and Jose Cabrera.

Then moving to the next slide, CapEx. This is impressive. We are doing EUR 713 million in 9 months, and this is driven by, as you can see, Oasis of Atacama, some project that has been sold, and hybrid project that we are building for ourselves like Elena. The remaining CapEx is invested mainly in project in Spain, like Ayora, and there was another EUR 28 million coming from development initiative in our 3 regions where we are creating pipeline.

Then in Slide 20, again, we ended with a very solid cash position of EUR 346 million. Even though we had our record CapEx figure until now of EUR 713 million, that is the main outflow in the cash flow. Then there has been some financial costs and taxes, EUR 40 million; change in working capital, EUR 34 million; an impact of ForEx of around EUR 45 million. Financial debt was mainly project financing coming from the announced project financing of Elena and rest of hybrid asset in Chile, and other debt is referring to vendor financing related to the acquisition of Elena to Repsol and Ibereólica. So we ended with a very solid cash position that will allow us to keep investing during coming periods.

Then moving to next slide, leverage and liquidity. Our net debt stood at EUR 1.047 billion because of the CapEx increase that we had. However, our net debt-to-EBITDA stood at a level of 4.9x and corporate 1.4x. If we include the 2 projects Jose Cabrera and Tabernas already delivered, pending proceeds from Oasis of Atacama, and the last announcement we had about the sale of Phase 4 Gabriela, net debt will stand at EUR 322 million. And on pro forma basis, this ratio will drop to 0.7x and corporate even positive to minus 0.5x. This shows how quickly we can reduce this ratio after asset rotation that we keep self-financing growth by doing that. That's all from my side.

Now Rocio is going to explain the main messages about sustainability.

Thank you, Daniel. Good morning, everyone. I invite you all to follow the details of the progress in sustainability matters during the third quarter of 2025. We are immersed in the second phase of the ESG Roadmap 2024-2026, and I am pleased to announce the important goal that we successfully accomplished in this quarter. The climate transition plan within the climate change dimension was updated and approved by the management committee. This plan, now considering our business model of PV + BESS includes several decarbonization actions to be implemented in all our projects and offices. And what's more, details the inversion needs in accordance with the requirements of the CSRD. Apart from that, do not forget some other achievements during the past quarter such as the elaboration of the climate change and biodiversity policies as well as the corporate social management plan.

Moving on to the next slide. Regarding our position in ESG ratings, I would like to remark the fact that Grenergy keeps on leading the ESG performance according to the most prestigious ESG ratings. During the third quarter of 2025, some scores were updated, providing us with better results than our peers and also than ourselves last year, which is the case of EthiFinance.

Also remember the greatest scores that we got this year in S&P and Sustainalytics updated in the past quarters. Sustainalytics keep on considering us in its low-risk area and S&P recognized us as a top 16% global in the electric utility sector, above sector average. Moreover, we were listed in the IBEX ESG Index, and we got an A minus in CDP supplier engagement assessment. Last but not least, just mentioned some other ratings such as CDP Climate and MSCI that have not been updated yet. So we will give you further information about them at the end of the year.

So that concludes my update. Thank you very much for your attention.

Okay. Thank you very much, Rocio. We are now moving to the Q&A session. [Operator Instructions]. First question from Fernando Garcia, RBC.

So David, it looks like, with the 3 gigawatt hour of Elena will contribute significantly to most of 2026 results. So could you provide us with an estimate of this asset's contribution to its first year of operation in terms of revenues and EBITDA, along with the main assumptions behind these numbers. And linked to that question, could you remind us in terms of asset rotation gains that have already been committed for 2026? And joining the 2 answers, I would like to follow up. Current consensus for 2026 for EBITDA stands at around EUR 240 million. Based on potential asset rotations in 2026 already committed plus the operating performance of the company, is it safe to say that this figure is achievable even before including any additional asset rotation gain?

Thank you, Fernando. Thanks again for your questions. We don't give guidance year after year. I leave that maybe to Daniel. We've given a guidance for the 3 years. But anyway, I can give you some information about Elena. Elena, it's a game-changing plant for us, obviously, just keep in mind that the EBITDA we can get from this plant is maybe close to 2x what we are currently getting from all the legacy projects, right? So it's a completely different asset, right?

We might estimate, considering from January -- let's say, from February, we may be able to transfer 1.1 gigawatt of energy from day to night. And now we are expecting to charge the batteries using energy that is currently, in most of the months of the year, it's a 0 level. So we are -- even we are curtailed in that part. That the moment there are more batteries, this will eventually change. But I think from 2026, we will be charging at very low prices, and we will be delivering the energy in 70s, 80s or even 90s, right? So we see like plus capacity payments, right? I think we can see EBITDA between EUR 70 million, EUR 80 million, even close to EUR 90 million for 2026, right?

We will be full merchant 2026. And then we are securing PPAs from second semester of 2027. So we will refinance. We will build the remaining PV. And I think this plant, from 2028, will be a different animal, where we will charge and we will be delivering both solar and -- now there is only an existing 77 megawatts plant. So that's the case for Elena, and we are very excited. We are really reinforcing our energy management team now in Chile, because after all, from February, we are handling the largest battery in the Americas. So we need to be ready, right, because every day counts, right?

And I think there are also promising ancillary services market in Chile that are only starting. If we manage to get there earlier first, we can get very interesting upsides, right? And like ancillary services, frequency regulation, the new markets that we are going to be able to approach with batteries in Chile.

And about the total figure for 2026, I think the estimations you are giving above 200 are, in a sense, correct, because only considering our new energy EBITDA with Elena and the legacy projects, we're going to have 3, 4 months of Gabriela revenues and other plants that are getting operational at the end of the year. So I think the EBITDA of our Energy division will be maybe 3x bigger than 2025, plus the build-to-sell activity that, for sure, we already have in second quarter in Gabriela that I think it's going to still get to be close by EUR 120 million, EUR 130 million. This is just from Gabriela, and we might expect other M&A activity. So I think your estimations are correct. We will try our best to overdeliver.

Okay. Next question from Anna, UBS.

Two from me. Can I ask you firstly on, you've moved this almost 8 gigawatt hours of stand-alone BESS into advanced development and you give quite a helpful indication of the returns by country. But a decent proportion of this is in Poland and Romania, where you haven't given any guidance on returns. So is there anything you can kind of say as what you expect there? Is it better or worse than some of the other countries, or kind of in line with the, I guess, 8% to 12% is kind of the broad range for the others? That's the first question.

And then secondly, can you give a bit more detail on the developments in the U.S.? I know this kind of at the time of the CMD was still a bit of a question mark, but you've moved quite a substantial number of the projects into the backlog and you've got the first kind of trial stand-alone projects under construction already. So can you talk about how the market is developing there and why you've kind of -- or how you've been able to progress those projects, I guess, maybe a little bit more quickly than we expected?

Okay. Thank you very much, Anna, for your questions. The 6 markets where we are, for the moment, considering for a Greenbox platform. We are in different -- we have always said that -- well, obviously, we are starting in Spain, where we have -- it's a local market. We have plenty of visibility. We are about to start. I think in the next call, already Oviedo plant will be under construction. So that's a very important milestone for us. And I think many more stand-alone plants will come in Spain. We have outlined here in the presentation, in Germany, the most advanced projects that we have developed in-house, like you will see these 3 projects, Rempten, Samern, and Klein. But we are looking at buy-side opportunities very actively, right?

And again, in Spain and Germany, it's complex negotiations again, but we are in a very, very advanced stage. So I think we will announce first tolling agreements definitely before next call, but I believe that some of them even before the end of the year, right? We are currently advancing in 2 negotiations in Spain and in 2, 3 in Germany. So we have plenty of visibility on the IRRs, most of the inputs, and we are very confident in giving these IRRs.

Moving to U.K. and Italy, we are in a different stage, but well, the U.K. market is very mature. There's very important auction for capacity in first quarter that we will participate in several projects. So this will give us visibility on this input, right? But it's not enough in the U.K. You need to combine many other revenue stacks, and I think we are working on it, but we are confident in getting this -- we're talking about project IRRs in any case. Maybe the U.K. will be the market with the lowest IRR, but still, we see a consistent 8%, 9%, considering our CapEx levels, right?

And in Italy, again, we are advancing. We have plenty of projects coming up to advance development during 2026. Most of our portfolio will be ready at the end of 2026. So we expect Italy to be a very active market from 2026 onwards, right? And I think we are looking at Italy more through tolling agreements than through MACSE awarded projects, right?

The reason we are not giving an IRR for Poland and Romania, they are less mature markets, and we want to make sure we have all the inputs before we give you an estimate for the IRR. In Romania, we are expecting a higher, should be double digit or we will not go ahead in Romania. I mean, we see that this market has a higher risk than the others. Poland is a very stable market, even if it's not in euros.

So at the end of the year, there's this option for capacity payments. I think it's on the 5th of December. And then there is also the CapEx plan that we have submitted some plans. So I think considering these 2 inputs plus some tolling agreements, conversations we are having, in some cases, in euros, in some cases in zlotys. But I think in the next call, we might be able to give a guidance of IRR in Poland. In Romania, I think it's more, I don't want to say exotic, but we need to make very, very sure before we give an IRR, and definitely needs to be double digit, yes.

About the U.S., we've been working very hard the last year. It's been kind of a roller coaster, right, the U.S. market. I don't think it's been that bad at all at the end. I mean, we have been able to safe harbor all our portfolio, all our projects. And we have moved the first 3 projects to backlog, meaning that we are ready to invest in these projects. I think these projects will be executed starting in second semester of 2026 and mainly 2028. So whenever we give the guidance for 2028, I think the U.S. will be an important -- and in particular, we have moved to backlog 3 projects, Beaver Creek, Shubuta, and Creed, yes. And in Beaver Creek and Shubuta, we already signed PPA agreements. In most cases, they still are pending approval, in one case by Mississippi Public Service Commission and Georgia Public Service. But all in all, they're effective completely binding PPAs. And well, we are very optimistic now with the U.S. market.

If you had asked me like a few months ago, I would say, but I think the products are safe harbor. I think we can approach 40% ITC levels. And the market is very active. But we want to make sure we do things right in the U.S. I mean, we rather prefer to go step by step. And whenever we have more information, we will reveal. Right now, we're securing -- we're closing the -- mandating banks for the tax credit. Also for the construction loans. We've closed already transformers and inverters for safe harboring. And we are also closing the EPC agreements. And in this case, we're working with external counterparties.

We also decided to execute 2 small distribution projects in the U.S. It's been just a couple of months, and we have successfully executed. I think those projects will be placed in service before the end of the year. But altogether, each project is only 25 megawatt hours, and I think total CapEx is around $14 million, $15 million. But it was very important for us to develop construction capabilities, transferability for tax equity, and that's there. Those projects will be initially merchant and eventually, we will move them to a tolling agreement.

Next question from Bank of America, Alexandre.

A couple of ones from me, please. The first one is just on the phasing of PPAs and also tolling agreements. So you're very confident about signing some tolling agreements in Germany and Spain before year-end or in the next few weeks, which a few weeks might be actually into next year, more than year-end. So just wanted some clarification on that. And are you thinking about tolling agreements? I suppose maybe on Oviedo, we can have one before year-end, but then moving into 2026, perhaps for your wider platform. Are you thinking about tolling agreement being project-specific or being platform specific? I mean, are you thinking about something perhaps wider with a partner across Europe or across an entire country, across many countries. So interesting in that idea.

The second one about PPA and in particular, the Elena phasing. I think perhaps a year or so ago, we would be thinking about trying to close PPA quite early and then executing with a very derisked profile. Are you delaying or perhaps having those PPAs being signed later than COD a function of the market being not necessarily the right one right now to sign PPAs, not getting the right prices in Chile? Or are you thinking that the opportunities are so great right now in the market that you'd rather be merchant and earn a lot right now and then secure a PPA and perhaps like an asset sale later on?

And then the third one, it's not going to surprise you that I need to ask something about data center, because everyone is talking about it. I cannot make but notice that I haven't seen a slide about data center in your presentation. So any kind of assets, I think, in Spain that we can think of. I suppose there are some market expectations that you could have similar grid consumption, self-right consumption in Spain as some other player at least? Or if you're already working on the pipeline there? Are you thinking more about partnering? Are you thinking about selling energy? Are you thinking about power and sell? Any kind of color on that would be super helpful.

Okay. Thank you, Alexandre. Okay. I'll try to be very specific. Your first question is about PPAs and turning -- well, first of all, we love announcing deals as early as possible, right? But normally, on the other side of the table, we have larger investment-grade organizations that they need to go through many committees. And we only announce one deal whenever it's fully executed and whenever it's binding.

So I don't know. I still believe we are -- 27th of November, I still believe that we might announce something before the end of the year, right, because there are 1 or 2 deals that are really, really in the final execution phase. If it's not in the beginning of the year, it will be definitely before next call in February, right? But I think the more important thing is that we get the right tolling agreements, the right PPAs, because a badly executed PPA is not an easy thing to deal with, right, according to our experience. So we want to make very, very, very sure, and we've been closing PPAs for more than 10 years now, and we want to make sure we make as few mistakes as possible, right?

About the approach, you are right, Greenbox, you might think more as a platform tolling agreement. So we might reach an agreement between us and offtaker, right? And we have some flexibility on the projects, right? So I don't know. I can give you an example. In Germany, we might close a tolling agreement for 500 megawatts per hour, and then we can nominate some projects. But we are always going to have the flexibility to change. If there is any issue or any delay with one of the projects, we can exchange and use some other project, because normally, the offtaker doesn't really care about any specific project. They do care about us delivering what we have promised in the deadline, right? So it will be more a platform approach.

And I think we will do the same for financing. We will not approach the financing project by project, but as a package, right, maybe country by country. And even with offtakers, we are talking now 4 different markets. It's the case of Germany and Spain, at least 2 of the large offtakers we are working with, we are having conversations in 2 markets, Spain and Germany now.

Okay, about PPAs in Chile, I think we will also announce several PPAs before the end of the year or in the next few weeks. And many of these PPAs will relate to Elena and to Algarrobal, okay? And then we are very confident. We believe there's an upside being merchant for the first year. But we also believe that -- keep in mind that some of these PPAs are getting close to our retail unit. And then there will be a PPA between a retail unit, GR Power, and Elena eventually, right, together with other external PPAs.

Elena is quite a large project. So when we approach the refinance of this project, we have 3 years to do it, but I think we will do it earlier, I think we'll put together a large PPA with our retail unit and it is already closing PPAs with delivery in Elena plus external PPAs at investment grade as we have done. So we are working on it. We are very confident. We are closing smaller PPAs with our retail unit. And I think whenever we close something larger, we will make it public. And again, as I said in the presentation, I think in February, we will spend a lot of time explaining the new PPAs coming from Chile, which will be mostly for hybrid plant, and the new PPAs coming for our Greenbox platform, mostly tolling agreements in Europe.

Data centers, we have been working 5 years in storage, and we only announced to the market our strategy 2 years ago in our first Capital Markets Day. So it doesn't mean that we are not into data centers. We see a great opportunity in data centers, but we like to keep it more quiet. And we will include some slides on data centers eventually at one point. But I think Chile is a fantastic place for data centers, right? And it's less mature than other markets like Spain. And I think there's a great opportunity for data centers in colocation, you said, both in Santiago and I think the real deal might be in the north of Chile, where you get the most competitive energy in the world, right? And 24/7 energy for $40, or even more than $40, you can do self-consumption. And I think it's a fantastic place. And there are many services that AI needs that they can be located in remote areas, not just training AI, but many other services. So I think we're working on it. Whenever we have more visibility, we will give you more information, right?

I also have to say that countries like Spain, I see kind of a bubble in data centers, right? I don't think -- there may be 14,000, 15,000 gigawatts of data center supply, and I don't think it's going to happen really, maybe maximum 4,000, 5,000 gigawatts from here till 2032. So we also see some bubbles in some particular markets, right? That's my point of view.

[Operator Instructions] Next question from JB Capital, Ignacio.

I was wondering on the platform upgrade on Greenbox, okay? What drove you to upgrade the platform materially? So what are like the, let's say, tangible points or the performance that you've seen in the last couple of months that led you to increase this number. And still here in Greenbox, I'm looking at the returns that you're expecting in Spain, which are well above all of the other geographies. So I'm wondering why there are not more projects in this country. Is there anything that's preventing you from developing more projects in Spain, either permitting or you're just waiting to have a better view on regulation?

And just a quick question regarding CapEx, okay? I haven't seen any slide on the presentation on the evolution of CapEx. So if you could give us a bit a quick update on where you're seeing now the prices for storage?

Okay. Well, moving to why you can see more advanced development projects? Well, it's a natural way of things. We always say that -- and where in countries like Spain, you traditionally needed like 4, 5 years from identifying opportunity to advanced development, I think in BESS, it's faster period of time. Anyway, in some cases, we've been working 3 years, like Italy, and worked for the projects of advanced development now. What does it really mean advanced development? Just to make it simple, you basically need to make sure you have the grid. That's normally the most difficult thing. You've got land, secure, lean, and you want to make sure you have no issues with environment and communities.

So basically, we are very demanding, and it's something that -- a project that is advanced is a project that will get to ready to build in the next 12 months, right? So this is when we can take a decision of moving that project to backlog, right? We moved one project to backlog whenever we are fully sure that we can execute this project. And I think we are giving 90% probability, but traditionally, it's been more than that. But in very, very few projects that we've moved to backlog, it hasn't happened, right?

So why no more in Spain? Well, we love to have more projects. We look at the early stage and identify the potential figure, and there are more -- this is in megawatt hours, so you have to divide by 4 if you want to look at megawatts. This is everything we could grab in Spain. We roughly got 1.2, 1.3 gigawatts of stand-alone projects. In Spain so far, 8 gigawatts have been granted for stand-alone projects. And we've got a good share, I think, around 15%. But keep in mind that the problem in Spain is that most areas, most nodes were completely saturated. So we had to apply in very specific regions like Asturias or the islands or some parts of Catalonia and Basque country or Galicia, where there was some capacity, right? And that's the reason we are very active in the buy side.

So I think we will announce some new -- I don't think we'll make a press release for every project we buy, but you will see more in advanced development and next press release maybe will be from third parties. In fact, if you look at the Oviedo project, it's 150 megawatts. We originally had only 100 megawatts. We purchased 50 megawatts from another developer next door, and we are negotiating some extra 100 megawatts and another one. So we try to create those clusters in the places where we are working, yes.

And your last question about CapEx, I think it remains stable right now. I think it remains stable. It's not -- slightly going up, but I want to think that it remains stable. We saw very sharp decreases. I think we see stable price. But at the same time, there are gains of efficiency announced, mainly from CATL and BYD. And I believe that eventually 2026 will be a pretty stable year. And from 2027, my expectation is the prices of BEV will go down again. That's my expectation, right? You never know. It's a supply and demand market. Now demand is way higher, right, in many markets, but production capacity is huge. And I think we're very, very surprised about how fast, especially the main players, mainly CATL and BYD are announcing new -- we are using now containers for 6.5 megawatt hour per container, where only when we were starting it was only 4. In a matter of 24 months, 50% more efficiency. And we're very surprised about that. It never happened that fast in solar. It took pretty longer, these gains of efficiency.

Next question from Mediobanca, Beatrice.

I have a more general question, let's say, or a follow-up, if you want, on CapEx and stand-alone. I was wondering, looking at the European markets, and particularly on the level of prices, I was wondering what level of CapEx flexibility does the company have if somehow stand-alone project returns came out not satisfactory. So in other words, to what extent is the company prepared to adjust or eventually slow down investments to maintain return discipline and reallocate capital toward possibly initiatives with more attractive risk return profiles.

Thank you, Beatrice. I think it's a very interesting question now. We do have plenty of flexibility. And I think considering how fast this is happening and how BESS is transforming the industry at such a pace and now everybody is recognizing that we are in complete new scenario, I think we need to remain flexible. Because things are changing a lot from one market to another, we want to make sure we have the right menu, so we can pick up the right capital allocation. And it's great that we have plenty of options, right?

But I would say that for us, hybrid plants in Chile, it's one market by itself. It's the most important market. It's the market where everything has happened earlier than others, right? It will not remain forever at this speed. But again, in Chile, we are becoming utility, and we have other sources of revenue. So that's going to remain a very important market for us.

Then we have Spain, where we believe that there is very good opportunity for hybrid plants. There is a business case, and we're working very hard. Our first one will be Escuderos. But if numbers work, we will try to buy more projects and to hybridize, same as we have done in Chile with Elena, yes.

And then we've got 6 markets for Greenbox. We might eventually include some other markets in the future. But for the moment, I think we are fine. And we believe that considering our pipeline and the tolling agreement negotiations in Spain and Germany, we get better returns now and quicker. The U.K. is more mature, but I think now numbers are working again with the lower CapEx capacity auctions plus all the other revenues you can make from the battery, especially considering we are reaching a pretty low CapEx, maybe GBP 100,000, all included. So that's really a new scenario compared to previous BESS projects in the U.K.

So we are very flexible. We want to make sure we get the right returns, and we can update our strategy or adjust our strategy previously, right? So flexibility, I think, is the key right now. And a company like ours, even if we get bigger, we need to make sure we remain flexible, because I think it's one of our key advantages.

I would like to add, Beatrice that we are not going to invest just for investing more. Investment allocation is a key element for us. We have very good returns in all the markets where we are. In Europe, we are now targeting double-digit returns. It's more than what you need, and the cost of capital is lower, but 100% investment allocation. We'll look for just a profitable project. We are going to just invest on that.

Okay. Next question from ODDO, Anis.

So first one on Greenbox. And could you explain the main drivers behind the lower BESS IRRs you are expecting in Italy? And also, could you give us some details about the nature of the offtakers you are discussing with? And second one is on U.S. I have just a follow-up question. What makes you now more optimistic on the U.S. market? Is it related to good level of prices we are seeing in the U.S., and high demand from data centers that could compensate for tariffs, which heavily impact CapEx?

Well, in IRR, we give -- we're talking about project IRRs, we give like a wide margin, and that changes with time. And in Italy, we are waiting most of our pipeline to be ready to build at the end of 2026, and it's quite a lot. Most of the pipeline now is still in early stage, some have been moved to advance development. We are getting ready for it. Italy has been more a MACSE or auction-driven market, mainly based on -- well, MACSE is kind of a tolling, but given by Turner. There is some upside. We saw the results of the auction and the returns were not as high as some expected, right, or previous auctions.

It also depends a lot on each one's CapEx, right? I think keeping a very competitive CapEx is now the key, yes, because the market is getting more mature. In Italy, we are getting also, mainly for other projects in the north, several tolling agreements and very similar to the approach we will do in Spain. And from that, we get this range of IRR between 9% and 11%, whereas in Spain, it's above 12%. But it's also that we are considering a slightly higher interconnection on CapEx cost in Italy compared to Spain. We've been slightly more conservative there. So that might explain a little bit, because the tolling and the hedge agreements we are getting for both Italy and Spain for stand-alone projects are pretty similar, in the same range, yes.

We're also analyzing some MACSE awarded projects in the market, but that's like a separate rate, some projects from developers that got the MACSE agreement in the auction that happened last month, and that's what we are given in Italy, this range. The U.K. is more mature. Some people would say, no, we are looking at IRRs of 6%, 5%. Well, we are more optimistic. It all depends on what -- you definitely need capacity payments to make it happen in the U.K. It's not like Spain and Germany, where we are considering as an upside. In the U.K., we do need it. And you do need ancillary services, you do need trading. We are not targeting 4 hours. Putting all together on an optimal level of CapEx, we can get that high single digit, which is what we expect in the U.K.

Talking about the U.S., why the U.S.? Well, daily plenty of energy, right? That's very clear. So I think even if the current administration was really against renewables and energy transition and all that stuff, the truth is that they -- according to some estimations, the U.S. needs like 100,000 megawatts per year of new energy just for the AI, just for the data center industry, and it has to be solar. And it has to be solar and BESS. That's very clear, because wind projects, they have their own problems. New gas turbines, they're going to need -- they've given delivery dates for 5, 6 years from now and still, in many cases, are not competitive to be against. So that's why, whether the administration likes or not, it's happening.

And finally, the tariffs, they have not been that bad. Okay, we are now exceeding 25% of tariffs for some components we're bringing from Europe that we didn't have before, mainly transformers from Siemens, or inverters, converters from Power Electronics in Spain or in the team or we're using a lot of European -- the rest of components are made in the U.S., so no tariffs at all. So there is an impact, but again, we are seeing like higher PPA prices that it's compensating like $10, $15 higher than before.

So I don't know, all in all, I think it's a market with its own dynamics, but I think we are a lot more optimistic with the market. But again, we want to make sure we make no mistakes and we do the things at the right time. So we have moved these 3 projects, only these 3 projects on the pipeline to backlog. And we think it's more than enough to meet our expectations from this market for 2028 mainly.

Okay. Next question and the last from Alantra, Fernando Lafuente.

Just 2 quick ones from my side. The first one is on CapEx. I mean what is your outlook of CapEx for this year in absolute terms? And also for '26, how heavy should look the year in terms of investments? And the second one is a follow-up on capital allocation and your comments you made before, you are a buyer in certain markets. Could you consider also disposals at some point? And what would be the main candidates to be sold? And in that strategy, potentially similarly like other players, could you consider adding partners to the development? I'm thinking of probably Greenbox, but in any other of your asset portfolios?

Thank you, Fernando. Okay. When you say CapEx, well, in the end of September, we are above EUR 700 million. I think at the end of the year, we will be close to EUR 1 billion, if not more. It really depends on the execution speed now of Elena and Gabriela, right? And I think next year, we will be above EUR 1 billion. So the guidance we've given is EUR 3.5 billion for 3 years, and I think we will somehow accelerate from this year. And I think eventually, there are opportunities for acceleration. But I think whenever we give the guidance for 2028, we will give you the figure. But well, we are so happy at the speed of execution.

I think very few companies are executing more than EUR 1 billion of new CapEx per year. We are on the level of a different league, yes. I don't think you can compare Grenergy with some peers, understood, but you have to compare this with larger companies that are investing in generation. If you are not considering networks, very few companies are investing above EUR 1 billion. And I think we might be one of the companies in the world which is investing more in storage, right, because more than 2/3 are either stand-alone or hybrid plants, storage part of the plants.

Disposals, well, we've got, again, very clear opportunities in countries that are not that strategic like Colombia and type of assets that are in distribution assets. And so we might see a deal in Colombia soon. We might see a deal in PMGDs in Chile, where we still have 200. So we are working on it. And well, if there might be -- our team keeps bringing opportunities in Chile. So we might see, if any of the platforms, whether it's the northern platform, Oasis or Central Oasis, increases, might be an opportunity for more disposals. I'm not expecting anything in the very short term, but we might see also opportunities for disposal there, right?

We also have, in Spain, Ayora plant, which is the last PV plant. We transferred all the others. Well, we have Escuderos, but we are hybridizing that one. But Ayora might be potentially a project that we might either hybridize and keep it in the balance sheet, or if there's good opportunity for rotation, we might also go ahead.

And bringing partners and investors to Greenbox, I don't think it's necessary at the moment. We have EUR 350 million in cash in our balance sheet plus other rotations that we're getting. So that's more than enough to remain independent, approaching our Greenbox platform and go at full speed. If at one point we do see that it brings really value, bringing in like a partner for 49% or whatever for one particular market or all the platform, that's always a possibility. But I think we're going to see how the -- we're going to execute first and talk later, right? I think it's something that we've always been doing pretty well. So I don't think it makes any sense for us to plan to close a partnership where we have plenty of cash to do it ourselves.

Okay. Thank you very much all of you for attending, and see you in late February with our full year results presentation. Thank you very much.

Thank you very much. Have a great day.

Thank you.

So okay, let's start. Good morning, and welcome to Grenergy's First Half 2025 Results Presentation. I am Ruben Gomez, Head of Investor Relations. The presentation is going to be led by David Ruiz, our Chairman and CEO; Daniel Lozano, our Chief of Strategy and Capital Markets Officer; and Rocio Fernandez, Head of Sustainability. They are going to take you through our business, financial and sustainability review. And at the end of the presentation, as it is usual, there will be a Q&A session for sell-side analysts. [Operator Instructions].

Okay. Please, David, the floor is yours.

Thank you very much, Ruben, and good morning, everyone. Let's start, as always, with the business highlights on page -- on Slide #3 with the main highlights of our first half 2025 results. Well, it's -- first of all, it's very important to remark that we keep turning, as we say here, rotation into value. And we are very glad to see that there is a lot of appetite for our hybrid assets in Oasis of Atacama, and we are bringing to the table big names like ContourGlobal, a KKR company, more recently, DIF, which is part of CVC.

Early September, we announced the rotation of Gabriela. This is Phase 4 of Oasis of Atacama. As you know, we sold altogether is 272 megawatts of solar and 1.1 gigawatt hours of BESS to DIF and for an enterprise value, including earn-outs of close to USD 475 million. The multiple of the transaction was 1.8x invested capital and the asset will be delivered in the first half of 2026. And hopefully, we believe it will be operational in as early as Q1, and we will achieve COD in Q2 next year, right?

The plant is performing well, the construction is performing really well, and we are very close to mechanical completion already. With this operation, we -- as you know, we would have sold Phases 1 to 4 of Oasis Atacama for an Enterprise Value close to $1.4 billion, which, as we have stated, it represents close to 33%, 34% of the total of the project size. Let me highlight once again that we are selling 100% interest in the projects. It's not a participation in all the projects. But if we consider the projects we have rotated, they account for just 33% of the total amount of megawatts in the project.

And with this transaction, and that's one of our main KPIs, we have achieved 55% of the target of asset rotation proceeds. Remember, we were talking about EUR 800 million as we outlined in the Capital Markets Day 3 months ago. And it's a very important KPI for us. I would say that together with the -- our CapEx target is the most important -- those are the most important KPIs we keep in mind now. And it's very relevant for us that we are achieving more than 55% already 2.5 years ahead of the target.

We also -- and this is a very important milestone. We recently announced 2 weeks ago, we closed the financing for 3.5 gigawatt hours of BESS. This is the largest BESS plan we've made so far in one single location and it's Phase 6 of Oasis of Atacama, what we call Elena. And we raised USD 270 million from a syndicate of 4 banks, right? We are -- as you know, we will explain to you later, but we are expecting this plant to be operational in the first quarter of next year, which is at least 2 quarters earlier than initially expected. We are -- and I think that's very important for us.

As you know, we introduced Greenbox in our Capital Markets Day. We are advancing very well. It's maybe the most exciting project we have ahead, right? As you know, it's going to be divided in 6 countries. And it's our stand-alone division for Europe. And as you know, we are developing one of the biggest pipelines -- stand-alone pipelines in Europe currently with 32 gigawatt hours. And we are advancing. You will see many of these projects, as I will explain now in early stage, but that projects move faster than PV projects normally. So you will -- in the next update, you will see that some of these projects already moved to advanced development.

And as you know, we have our flagship project in Spain, which is Oviedo with a capacity of 150 megawatts, and we are aiming to install 4 hours. So altogether will be 600-megawatt hours. And we expect to announce very soon tolling agreement. And also, we will announce which banks we are mandating for this project.

Regarding our financial highlights, and Daniel will give you a lot more information, right? I think we've got a pretty good set of results. It's impacted very positively by the M&A deals of Oasis de Atacama in the first half of the year, revenues grew by 128% year-on-year. EBITDA reached EUR 86 million. And out of this, EUR 76 million came from the M&A deal. And net income reached EUR 35 million. Gross CapEx reached EUR 421 million. That's very, very important KPI for us. It's nearly 127% higher than the same period last year. We are close to EUR 0.5 billion in one semester, right? So that gives you the idea that we are really reaching the cruise speed we are really targeting, like minimum EUR 1 billion of new CapEx per year. If you remember, our target was EUR 3.5 billion for the next 3 years, including 2025. So I think we are nearly there. And I guess that we will accelerate in the second semester.

Going to the net debt, it's EUR 815 million, in line with the increase of net CapEx in the quarter and well, just what we -- basically what we expected. The total leverage is 3.8x versus 6.6x in the same period last year, and the corporate leverage was down to 1.3x EBITDA.

And lastly, there was a redemption of 2.44% of share capital after the last share buyback we executed during the first part of this year. And just to finish with this slide on ESG, I think Rocio will later explain in more detail. We are very proud to mention that we published our biodiversity policy. We achieved an A- in CDP 2024 supply engagement assessment, and we enter the IBEX ESG Index, which I think is great news. We are top ranked in our industry in most of -- the most relevant ESG ratings such as Standard & Poor's, MSCI and Sustainalytics, as you know.

Moving to Slide #4, this is -- we display our platform overview for solar, hybrid and then in the next slide, stand-alone projects what we unveiled in the last Capital Markets Day. And before diving into details, I'd like to start by sharing some context. We have conducted a very in-depth review of our entire pipeline, and this has led to some adjustments. As you know, we really want to optimize our investment allocation. And I think it's very essential that we focus on these projects where we really believe we have high chances of success, right? And we have a high degree of confidence.

We want to focus on developing projects which can achieve really ready to build in the next 2, 3 years with good returns and real opportunities for securing PPAs, right? And in parallel, we are relocating some resources, moving some development resources from purely solar PV to more hybrid and stand-alone storage projects where we are definitely making higher returns at the moment, right?

In September 2025, our platform is 12.5 gigawatts of solar and 72 gigawatt hours of BESS. I think that's a very important figure, which -- of which 35 gigawatt hours relate to hybrid projects and 40 gigawatt hours for stand-alone. Let me remark that's a very impressive pipeline for BESS in total of more than 70 gigawatts. On the right-hand side of the slide, you can see our three main geographies. You can see LatAm, where Chile is a very high percentage, is the one that needs the power of solar and hybrid plants. And Europe is living the stand-alone with our Greenbox platform.

Moving on Slide #5, we -- I don't want to stop here very long. We are very transparent. We update the details by geography and by country. And as you can see here, we keep advancing in our hybrid projects in Chile with Oasis of Atacama and Central Oasis and in Spain with Escuderos. We really keep being very optimistic on Chile. We see very strong appetite for offtakers to contract energy and well, I think there's room for further development and there are fantastic M&A opportunities as we showed with the project we purchased from Repsol and Ibereólica last year.

And well, the market seems really, really good. I believe that Chile is starting a very, very good cycle with strong investment in new mining projects and a very promising data center industry booming in the country, and they need plenty of energy, right? So we see that the growth in energy consumption in the country is very, very promising.

Moving to Slide #6, just very quick update. Well, this is the pipeline I was announcing. You can see the 600 gigawatt hour, right that we launched to Oviedo project. And then we have the rest close to 40 gigawatts and it's -- they are advancing in the 6 geographies in Europe, mainly where we are, right? And as I anticipated, I think when we update the pipeline in November, you will see that some of these projects are already moved to advanced development. And I think we're a very consistent business plan between 2026 and 2028 in stand-alone in our Greenbox platform.

On Slide #7, we would like to show the main data and planning of the total Oasis Atacama. As you know, it's a total capacity of 2,000 megawatts, 2 gigawatts and 11 gigawatt hours. Remember, when we first announced this project in the first Capital Markets Day we made 2 years ago, nearly 2 years ago, it had initially a capacity of just 1 gigawatt and 4 gigawatt hours. And currently, the platform doubled the size of 2 gigawatts of solar and triple the size of storage to close to 11 gigawatt hours.

And well, we are performing and executing very well. As you know, we have rotated Phases 1 to 4 of the project. And Quillagua 1 and 2, the first 2 phases are connected in operation and both platforms are performing very well. And Victor Jara is really well on track. All the batteries are already installed, and we expect the interconnection very, very soon and COD before the end of the year.

And Gabriela is advancing also above expectations that all the batteries in this case from CATL are already at the site, and we expect the connection in the first quarter of 2026. We're very happy. We are executing and arriving and reaching COD of this very large assets above initial expectations, right? If you compare to PMGDs, the type of projects that we were mainly doing before, we are executing earlier. Everything is on as. The problem we had before with the small distribution assets is that we have to rely on distribution companies for interconnection. But in case of large projects, everything is on as. So we are performing really well. We are delivering ahead of estimated dates at least in the first 4 phases.

Regarding Elena, Phase 6, we will deploy it in 2 stages, right? It's a plant that had an interconnection already built and substation interconnection line. There were 77 megawatts of solar already in operation. And we are performing initially the capacity for batteries for 3 gigawatt hours in order to improve the time to market. And that's, I think, very important, and that's why we have signed this financing for USD 270 million. It's -- let's call it, this bridge to PPA. We have like a 3-year financing. We are working very intensively on the PPAs. The moment we sign the final PPAs, I think during this year, we will approach the refinance of this project, and we will build the pending PV part, right? So that's the plan. And I think it's the right strategy for this large asset.

Phase #5, Algarrobal, we are advancing on the PPAs. I think we might announce them very soon. We believe it will be a basket of 2, 3 PPAs -- and well, I think before -- definitely before the end of the year, we will announce the PPAs for this plant, and we will -- we are mandating the project finance. So only Phase 7 will remain, not mandated at the end of this year.

Moving to -- well, Slide #8, we saw main achievements. I think you're very familiar with most of them. So I don't want to spend a lot of time. But again, as I mentioned, Quillagua 1 and 2 are connected. They're selling energy at nice. We sold Gabriela, we closed the financing for Phase 6. We are advancing of PPAs for Phases 5 and 6. We are very soon mandating financing for Phase 6. So everything is running pretty well.

Slide #9, we are very proud of this. We raised already we consider Elena. We have already raised $1.2 billion in project financing with 12 top international banks. I think the big names are there. The latest news with incorporation of -- in the syndicate of more banks for Gabriela for Phase 4. We -- those include the Rabobank, ICO, Bank of America, BBVA, JPMorgan, KFW. So I think we're very proud of what we are achieving and we are bringing most international banks active in project finance are already in Oasis Atacama. And there is a very high interest from most of these lenders to work with Grenergy in new projects. So I think it's very good news.

Slide #10, well, we included, I think, was relevant is a new slide, and we include more details of the asset rotations we have accomplished for Phases 1 to 4, bringing an enterprise value of $1.4 billion. And altogether, they implied 723 megawatts of solar and 3.6 gigawatt hours of BESS, right? The latest sale implied a ratio of 1.8x Enterprise Value with invested capital and Quillagua, we achieved 1.5x, Victor Jara 1.7x. This is way higher than our guidance of 1.3x we gave at the Capital Markets Day, which we believe it was conservative. It was good, but it was conservative. So we are proving that we are getting way higher ratios.

Just a quick review on Central Oasis. It's like a new -- well, it's not new, but it's the platform we outlined in the Capital Markets Day. The size is similar to the size that had initially Oasis of Atacama at the beginning. We are looking at M&A opportunities to make it even bigger. It's really -- there is a very high demand of energy in Central Chile, and we believe it has to be approached with projects in the center, right?

So what we show here the main data and most of the platform is already contracted. And I think the next mandate after Elena is already ongoing and it's Gran Teno, Tamango where we are hybidating this plant plus Planchon, which is next to plant to Gran Teno. And the next mandate right after will be Algarrobal in Oasis of Atacama and Monte Águila Phase 4 here, right? So it's an ongoing process, as you can see. And again, we are raising -- there's a lot of appetite from lenders, and these projects are already contracted. So it's going very well.

Just wrapping up, well, again, we show I don't stop here a lot, but we've covered all the points, but the main achievements of Oasis of Atacama.

On the next slide and to conclude, just we display our first flagship Greenbox project in Oviedo. It's a region in the north of Spain for all those that are not familiar, and it has a capacity of 150 megawatts and 600 megawatt hour. It will be, we believe, the first large stand-alone project in Spain. And again, we are expecting to announce the tolling agreement very soon, and we are about to mandate with a syndicate of banks. There is a very high interest in financing this first large project in Spain.

So I think we will be once again pioneers and signing a tolling agreement for stand-alone batteries in a country like Spain. And regarding construction, we are expecting to start construction as early as Q1 next year. We are already securing some of the main components and Trafos is something we do very often that before the official NTP, we already secured some of the longest delivery materials, right? So thank you very much. I turn the call to Daniel for the financial review. Thank you.

Thank you, David. Now let's take a look at the company's operational performance for H1 2025. The decrease in total installed capacity was 4% from 950 megawatts to 914 megawatts explained by the assets that were rotated in Chile, okay?

Then regarding production, we experienced a 36% increase in total output. This increase was mainly driven by Gran Teno, Elena, 77 megawatts and to a lesser extent to PMGDs and Tamango. Contracted volumes increased by 62% and represented 87% of our total electricity production. So we have a conservative business model approach by closing PPAs for most of our production. Realized prices decreased slightly to EUR 44 per megawatt hour from EUR 45 megawatt hour impacted a little bit by ForEx dollar-euro difference.

And on the right-hand side, you can see the summary of the key financial KPIs, which we will review in the next slides.

So moving to Slide 15. Total revenue in the first half of 2025 amounted to EUR 438 million, representing an impressive increase of 128% year-on-year. This growth was largely fueled by the successful M&A transaction through asset rotation in LatAm, as you know, which significantly contributed to a plus 149% growth in Development and Construction division.

Regarding energy revenue grew plus 33%, mainly driven by Chilean asset. GR Power division showed an increase of 103% organic growth and then a small decrease in Service division of 8%. The EBITDA for first half 2025 was EUR 86 million, reflecting an impressive growth of 176%, demonstrating our ability to successfully rotate assets while we keep growing our portfolio.

Then moving on to Slide 16, CapEx. As David said, this is impressive. Last year, we had EUR 186 million in the first semester. That was almost the same amount we did in 2023. And in this first half of the year, we are reaching EUR 421 million, that is more than double and mainly driven by the construction of hybrid project in Chile, proving that the execution is well on track to achieve the business plan we presented in May.

As you can see in the chart, almost half of the amount invested belong to Oasis of Atacama, first 3 phases already sold and then another EUR 155 million in hybrid project in LatAm. The remaining CapEx is invested mainly in Spain, in the project we are building and additional EUR 18 million was dedicated to development initiative in our 3 main geographies.

Then in Slide 17, cash flow. Well, as of June 2025, our cash position reached EUR 283 million. So we have a solid cash balance position, while we are increasing the CapEx doubling it compared with last year. So CapEx, as you can see, has been the main outflow, EUR 421 million. However, there was some CapEx that we are investing that has been previously agreed to be sold for Phase 1, 2, 3 of Oasis of Atacama.

Then we have more financial debt, mainly project financing coming from the deals we are successfully closing and some corporate minor impact in ForEx impact of EUR 42 million. So with the current cash position together with expected project finance that should come M&A deals already signed such as Tabernas, Jose Cabrera should come in coming months and the sale of Gabriela, well, we have enough cash to keep self-funding our business plan.

Then finally, in Slide 18, total leverage, okay? Well, net debt stood at EUR 815 million. As a result, reported leverage ratio of net debt to EBITDA remained at a level of 3.8x and corporate leverage at just 1.3x. However, considering the deal we have already agreed and pending to have an impact in the cash flow. On pro forma basis, this ratio will drop to 0.2x and corporate even positive to minus 0.3x. So this shows how quickly we can reduce this ratio after good asset rotation we are doing, while we are increasing our pipeline, more opportunities, more projects to come and providing good news every time. Okay. So that's all from my side.

Rocio is going to explain the main messages about ESG.

Thank you, Daniel. Good morning, everyone. I invite you all to follow the details of the progress in sustainability matters during the first semester of 2025. We are immersed in the second phase of the ESG road map '24-'26, and I am pleased to announce the goals that we have successfully accomplished so far. Regarding both climate change and environmental dimensions, the climate change and biodiversity policies were elaborated and approved by the Board of Directors, consisting of holistic framework where objectives, key principles as well as implementation and monitoring mechanism were established.

Regarding the governance dimension, the annual sustainability report according to TCRT was published earlier this year. Apart from that, I would like to mention an important milestone achieved. A corporate sustainability social management plan was approved by the Management Board, establishing the guidelines to be followed when any voluntary social or environmental initiative is implementing with the communities near our projects.

In this context, we are proud to mention that during this year, we invest approximately EUR 200,000 so far in vulnerable communities in Chile.

Now moving on to the next slide. Regarding our position in ESG ratings, I would like to emphasize the fact that Grenergy consolidated once again its leadership position in the most prestigious ESG ratings. During the second quarter of 2025, some scores were updated, providing us with better results than our peers and also on our serves last year, which is the case of Sustainalytics that keeps on considering us in its low-risk area and also S&P that after having improved score this year, recognized us as the top 16% global in the electric utility sector, above sector average.

Moreover, it's also highly remarkable that this year, we were recently listed in the IBEX ESG Index. Additionally, Grenergy got an A- score in CDP 2024 Supplier Engagement Assessment.

Last but not least, just mention that some other ratings such as EthiFinance, CDP Climate and MSCI have not been updated yet. So we will give you further information about them along this year. So that's all from my side. Thank you very much all for your attention.

Okay. Thank you very much Rocio. Now we are moving to the Q&A session. [Operator Instructions]

First question from Alexandre Roncier, Bank of America.

Thanks for the question. I think what I'm perhaps a little bit puzzled this morning and some of the conversation with investors regarding the stock reaction is ultimately some expectations perhaps that we would have some announcement regarding tolling agreements today. And I know you guys have been obviously working very hard to accelerate the pipeline, move things into advanced development, but everyone is kind of waiting for those to happen. So I think any color on progress there.

I think in some of the mention that you made regarding the pool of PPAs for some of the other hybrid projects before year-end in the market before year-end is a long time actually, but I know you guys are working really hard. So any color on that end regarding tolling agreements, if you think any kind of new structure could be struck, if you're already thinking about geographies beyond Spain on stand-alone would be super interesting.

Thank you, Alexandre. Yes, I was looking at the screen. And yes, somebody maybe might be was expecting a big announcement or -- but I don't know, I think we are really on track. And for us, once again, it's extremely important to be on track to what we promised concerning CapEx figures, execution, right, and asset rotation, right? That's mostly linked to Oasis of Atacama. Let's not forget that -- and correct me if I'm wrong, Daniel, but I think out of the EUR 3.5 billion, more than 60% or even 70% would be coming from the large Chilean platforms.

So we are really, really focused executing there, right, and rotating the assets. And I think this is being great news, and we have made these very important announcements in the last few weeks. And believe me, we will make announcements concerning tolling agreements. We are working very hard, and we have several options, but some of them are very advanced. Unfortunately, sometimes when you have on the other side of the table, large utilities or large corporates, they are not -- they cannot move as fast as we can move. And we only make announcements when we have something really binding. Even if we have a term sheet signed, we don't feel that that's fully binding, we don't announce that to the market.

Asking me about other geographies, I think we have already stated that together with Spain, Germany will be the next market. And we also have been working for a very long time in negotiations for large tolling agreements. I think before the end of the year, at least one of these announcements will be made in Germany. It could be like a large framework where we could later allocate projects. And we will make the announcement for Oviedo, for Asturias and also for the first hybrid project in Spain, which will be Escuderos plant and as we have explained, we have several possibilities there because we are talking to the current staker, which is Galp. They have 7 years remaining of PPA. So -- and they're interested, they might be interested in converting that, extending that and converting to a hybrid PPA or we could close and tolling that will coexist with the current PPA, financial PPA for solar.

So that's all we're working very hard. I'm sure that in our next presentation in November, we will -- there will be -- we will announce something. If not, for sure, before the end of the year.

The next question from Fernando Garcia, RBC.

So I noticed that you are separating Atacama Phase 6 Elena project with the batteries part expected to start 1 quarter earlier and the remaining solar delayed 3 quarters for an asset that you are still in advanced negotiation for the PPA. So it looks like that you are going to operate this asset in probably quasi stand-alone battery for around 1 year. So I wanted to check here what is the strategy that you have for this asset specifically.

And David, let me ask you on your asset rotation strategy. After the agreement to sell Elena, as you say well, you are exceeding your asset rotation targets -- so I guess you have here two main options or higher gains and have lower debt at the end of the plan or use these proceeds and invest more. So I wanted to check here. And I know that it's just 4 months since the CMD, but I would like to check here what -- and listen your thoughts about it?

Okay. Thank you, Fernando. It's true that, okay, in Elena, we could have done to different strategies. We could have waited until the PPA -- it's a very large project, right? Let's keep in mind, it's Elena alone, and Elena alone, it's more than 2x bigger than any of the previous projects like Gabriela. So it's like putting together Quillagua 1, Victor Jara and slightly more, right? So we're talking about big project. It will not be a single PPA. I mean there will be a large anchor PPA. That's the way we're approaching that we have been negotiating for very long with a big name. But it will be a basket of several PPAs and also retail unit will buy part of the energy. So it's a more complex deal, right, but it will take a few months.

And okay, so we spoke to the banks and we say, okay, well, there is the opportunity of executing a fast track with the best because there is a great opportunity if we connect the best earlier, we have like a year of upside having the plan connected and benefiting from high prices at night, right? And they offer us this product like, okay, let's close a project finance, which instead of a mini perm that normally is 5 years. In this case, it's been 3 years. And well, we have a lower leverage level, but still we have borrowed more than USD 250 million, which is what we basically needed.

And then we have 3 years we are not going to need 3 years, but to bring in the PPAs and refinance. And at that time, we will build the PV plant. Currently, the prices are very low during the day or even there is curtailment at north of Chile. But with the introduction of many more batteries, we are expecting those prices to go up also during the day. So I think eventually, it's wise to have your generation -- your factory of energy next to your battery as early as 2027.

So in the long term, in countries like Chile, we definitely prefer hybrid PV BESS instead of being just stand-alone. So that's kind of the strategy for Elena. And I think we can start getting revenues as early as February next year. I mean the sooner the better, right? There's a big incentive. It's -- only this plant by itself will be close to $100 million EBITDA. Just Elena once it's operational PV BESS. So the sooner it gets connected, every month really counts.

About your question, well, after the rotation of Gabriela, it's true that we are getting really on track on the target of rotations, right? Let's see. Yes, there are more projects -- there are more rotations to be announced, not as big as Gabriela, but it's true that we might reach this target earlier than expected. And well, next year, eventually, if it's not in February, it will be May, we will give visibility on our targets for 2028, right, as we do every year.

So if we have met this financial target of rotation before, there is a possibility that if we see the right opportunities, we accelerate CapEx. And -- but as long as we believe that the other alternative is what you say, okay, we reduce debt and we take a more conservative approach, and we keep investing what we said we were investing. But it will depend a lot on how quick we can execute in Greenbox. Let's not remember that the figures for Greenbox are very demanding in CapEx. And for us, it will be very interesting to diversify in other European markets.

Okay. Next question from Anna Webb, UBS.

I've got a question on the overall pipeline. I think there was a kind of smallish reduction in the -- particularly in the stand-alone BESS pipeline. I'm just wondering kind of what the key drivers there? I mean, I know you said that you're keen to take a kind of conservative approach and only have projects in the pipeline you think have a realistic -- real good chance of being realized. But what are the kind of specific challenges you're seeing with some of the projects you're taking out or not challenges, but where do you see -- what makes you think those projects are less likely? Is it grid connections, the market outlook prices? What is it that's driving those projects coming out of the pipeline?

Thank you, Anna. It's a very good question indeed. It's because I think the profile of the company is changing a little bit, right, because we were -- only a few years ago, we were targeting 90% on our own staff, our projects developed greenfield from scratch by us. And I think now that we've moved a lot to the best space and in particular, stand-alone space, time to market is everything, right? So we want to make sure we have the right staff, but even more important at the right time. And that's something that we want to be -- so whatever we develop, we will love to be sure that is really going to make it, but it's really going to make it at the right time because if -- in PV, I believe we could wait 4, 5, 6 years, some plants we building in Spain took us more than 6 years to develop, like Ayora plant has been 7 years. I don't think we like that with BESS.

So the opportunity is huge and it's great, but the next 3, 4 years, we have visibility in the next 3, 4 years. So what we are doing is we are recycling some of the projects that we don't foresee that will happen. And our buy side, our M&A team is working very hard also to find opportunities to increase. Just an example, our flagship project, Asturias, Oviedo it is 150, 100 was developed by us and the 50 extra that was in neighbor that had this 50. We put it together with 100, and we made 150. We're doing something similar now for our first large project in Germany.

So there will be a lot of buy-side component in our pipeline coming ahead. So -- and that's been the case also in Chile. Some of the large -- our largest project now Elena, as you know, was initially developed and built as a purely PV project by Repsol and Ibereólica. So it's just the -- don't think that we will be executing is just coming from what we have in our pipeline. Some projects will come from external sources as well.

Okay. Next question from Beatrice, Mediobanca.

I wanted to have an update on Central Oasis platform. You discussed about the PPAs that you have more or less negotiated all over there. But I wanted to understand a bit more about the realization of the platform. How is that proceeding and the timing about that?

Thank you, Beatrice. Let me jump to yes, Central Oasis. It's -- I think it's quite simple to explain. Well we have -- Central Oasis was born like is already with the first Phases 1 and 2 were to projects that are operational, Gran Teno, Tamango as purely PV projects, right? They were financed well, slightly more than 2 years ago by BNP and SocGen, the French banks. And like everywhere else, we believe there's a business case for hybridization. So that's the first mandate. And we have already mandated, right? We normally don't give when we mandate, we don't really make it public only when we close the financing. But I think after Elena, the next large financing we are working in will be the hybridization of Gran Teno, Tamango and Planchon. Planchon is a new plant, but it's next door to Gran Teno.

So altogether, these 3 are under a single mandate. And I think it should be -- should get closed in Q4 before the year-end, right? And then Phase 4 will be following, and it's very, very similar. It's further south. It's quite a large plant. But in fact, we are starting construction very, very soon. We have already ordered Traffos. And it will have a similar PPA structure, right? Phases 1 to 4 will -- they have PPAs that we signed some time ago, right, with a large utility. So let's say that around 40% -- between 30% and 40% of revenues are coming from those PPAs, investment grade, just solar.

Then we have capacity payments, which is like 25% approach here if we are considering 4 or 5 hours for BESS. And then all the night energy will be purchased by our retail unit, which is GR Power and mostly to serve the energy we need for Codelco and other large PPAs we have. So that's approach. And Monte Aguila, I don't want to call it a copy paste, but it's very, very similar approach to Phases 1 and 3. We are mandating -- we have already mandated Phases 1 and 3. That's the first closing Q4 and Monte Aguila will follow. We are expecting financial close in Q1. But it doesn't mean we don't start some works of construction.

[indiscernible] is more end of 2026, 2027 project, and we are working several offtake opportunities. There are many process now in Chile with mining. There are very important opportunities with data center. We are approaching through our retail unit. I think there are a lot of opportunities in -- for offtake opportunities in Chile, especially in Central Chile. I would expect that if we find the right projects and we are analyzing some projects this platform might grow slightly further. But that's something that we will inform as soon as we have something in hand.

Next question from Henry Tarr, Berenberg.

I had a couple. So one was just can you talk a little bit more about the economics of the Greenbox BESS projects that you're looking at and how that would break down? And then sort of what do you see as the main risk for you looking at these sort of tolling agreements? I guess, is it just the physical usage of the batteries? Or are there other risks that we should be thinking about? And then just sticking on sort of pricing, I guess, looking at the sort of PPA pricing and environment, obviously, you're going through the discussions now with further phases about Atacama, et cetera. How is the appetite and how are the sort of pricing and returns that you're seeing on those projects as we sit here today?

Thank you. I think I will reply Oasis of Atacama, and I might leave Daniel to reply on the economics of Greenbox, right? Because I think you're very familiar. And I have to say every tolling agreement is different, and the revenue stacks from one market to another is slightly different, right? So we might take a different approach, let's say, in Germany from what we might take it in Spain or definitely the U.K. So -- but anyway, there are many things in common. I'm sure Daniel can give you more visibility.

And about Chile, again, I'm pretty optimistic. It's -- well, we don't expect similar IRRs in Central Oasis compared to Oasis of Atacama, mainly because the yield of the northern plant is close to 3,000 hours. So it means you have a perfect cycling. We managed to get some PPAs at the right time. And then CapEx went down quite a lot. I think the CapEx, and we might talk in other questions about -- we feel that the CapEx for BESS is currently have kind of reached some bottom at the moment, right? We are not expecting to go up, but we are not expecting to go further down, at least now in the next couple of months. And I think the CapEx for solar is going slightly higher, 10%, 15% up, yes.

So putting these two things together, we still are getting definitely double-digit returns and in Central Oasis projects, right? But in the new PPAs in the north, even if the PPA prices will not be in mid-80s like they were at the beginning, even if they're in the high 60s, low 70s, CapEx has gone down quite a lot. So we are pretty happy with the returns, right, we will be getting.

And I leave you, Daniel, with the economics of Greenbox and just some visibility on the economics.

Okay. Thank you, David. I mean, Henry, the revenue stream for stand-alone business model depends on every single market regulated revenue, ancillary services, capacity payment and the spread day and night. But the reality is that for us, and we try to make it simple and especially banks are requesting us to make it simple to have it financed. We -- as you know, we are going to try to sign tolling agreements for 8 to 10 years. And remember, be in mind that for Oasis Atacama, Central Oasis, as we are doing just 1 cycle per day charging the charging, lifetime of the asset might be 25 years. But if you are doing 1.5 cycles, 2 cycles, if you're doing 2 cycle lifetime will be half of it, so 12 years.

So if you are closing in Germany, tolling agreement of, let's say, 8 to 10 years. And starting first year, normally, we like to have it mentioned. So starting 1 year after the mission period while you are connecting in order to avoid any production risk. That means that you are going to have a fixed payment during 90% or even more percent of the lifetime of the battery. And it's going to be really easy to modelize it.

We are guiding to more than 12% project IRR in Spain, even capacity payments are not regulated, that is an upside. However, whenever we close the tolling agreement, hopefully, going to be soon, before the year-end, we are going to let you know the way to modelize it. But remember, it's a fixed payment. They are operating the battery. We are selling not energy. We are selling the service of that battery to our customer that might be an [indiscernible] trading company.

Okay. Next question from Flora Caixa Bank.

On the CapEx you've just mentioned, I was just wondering if you have any negotiations post the summer increase in lithium. So the CapEx in BESS, you mentioned that we're probably at a bottom. Can you just explain us how do you see this evolving considering this volatility in lithium prices? And then just to manage expectations, to be clear, do you expect to announce anything on tolling agreements in November release? And secondly, do you have any range of potential level of the tolling agreements? Because I think there have been some discussions, we do mention some numbers that I'm not sure are within the investor base. So just to manage expectations when this result?.

Thank you, Flora. I think about the -- I'm not sure if we have made an update on -- well, in this presentation. But it's -- lithium prices, they do have obviously an impact on the price of battery packs, right? But that's not -- I think that's not higher than 15%. So it's -- even if the price of lithium skyrockets that I don't think it will happen, right? We have seen some increases. I think even the Chinese government directly or through CATL or other players, they were shutting down temporarily some mining activity, right? That's not by chance. I mean they're looking at increasing the price of lithium because it was so depressed.

And it's happening, but even if the lithium goes up by 10%, 20%, 30%, the impact is quite limited on the price of battery packs, let's say, between 5% and 10%. There are other factors. It's basically supply and demand that could move the price of batteries higher. And I think EV, electric vehicles are -- demand is surging, and that's a factor finally and mainly in Europe and China, other regions, not as quick as they were expected. But we see a lot of oversupply or overcapacity in many factories in China. And also the gains in productivity are quite impressive. Only I think the day before yesterday, BYD announced their new product there will be a battery of altogether 14-megawatt hours that putting 2 containers together. I think CATL is more betting on the two layers that it will be a product of 12-megawatt hour.

Remember, the first batteries only 1.5 years ago were batteries of 6 megawatt hours. So it's -- everything is happening very fast, and they're putting more capacity in the same space, and that drives the price down as well. So I see this -- we have seen a sharp decrease in price. I believe the prices will be stable or even could go slightly further up. But I think we will see a further decline. I think it's a similar story to what we lived what we lived in PV, right? It's a bumpy road. It's been going down, but it's been going up, down again. And look, at the same panels, we were paying $3, now we're paying $0.08, right, only 15 years later.

So I think it's a similar story and about the tolling agreements, Flora, we are working -- we were -- the sooner we have a binding agreement and we are, I think, quite close, we will announce. And I think the first one will be definitely Elena, and we are advancing very well in one of -- we have 3 large negotiations in Germany. I think also we might expect that at least one of these will be announced before the end of the year, right? So we will definitely give some visibility, and we'll try to make an effort to explain you guys how the economics works. And again, every tolling will be slightly different geography by geography and project by project, and we will really make an effort to explain you.

Next question from JB Capital, Ignacio.

I have two questions. The first one is on the tolling agreements in Spain. Daniel was mentioning that capacity payments in Innovia would be on top of that 12% project IRR, which I would assume it would be quite a significant upside. I don't know if you could quantify this. And then if you can give us some color on any regulatory developments that we -- or that you are expecting in Spain in order for this technology to take off, okay?

And the second question is just related with the evolution of power prices in Chile. We saw a decline in the second quarter, I believe, mostly related with the PMGDs. So if you can also give us some color on what's the latest situation there? And maybe how are we heading into the second half of the year, okay?

Thank you, Ignacio. Sorry, your second question about Chile, were you asking about PMGDs in particular or?

No, the prices, maybe. If you want, I can jump on it. There has been an effect on Chilean prices, both because, first of all, we have a more diversified solar PV metrics, portfolio, that means that PMGDs that in the past were more important. Now it's not as important as it was before. And you know that PMGD, they have a very pretty high price of around $65, $70. So on average now with more projects selling energy at full price or PPA, that means lower on average price in Chile, okay? And then...

And I guess the FX, yes, Daniel?

Exactly. So -- and then we have agreements in dollar, our accountancy is in euro. Our investments are in dollars, but the currency we have is euro. So there has been an impact of ForEx exchange.

Okay. And about the tolling again agreements, the capacity market. Yes, some -- I think some of the large utilities, in particular, are saying that there's no regulation in Spain for BESS and they're waiting on capacity payments. But I don't think that's a good way of approaching my opinion -- the guidance we've given on IRR is completely excluding any capacity payments.

I think finally, we will see that mechanism published in the next few weeks, at least, I don't know, I think our regulation team is telling me every time I find regulation manager is telling me, okay, next week, next week. But finally, it seems that we are nearly there, and there will be an auction at the end of the year, we believe. But don't expect very great upside coming from capacity market. That's our expectation, right? It will be lower than many people think. So for us, it might be like 10%, maximum 15% upside, right? And that's similar to what we are going to see in other markets, like Italy and Poland and nothing to do with the auctions 2 years ago and 1.5 years ago for storage where most of the revenues were coming from capacity payments. But now it's going to be a lot more contenders. And I think the auction that the prices offer will be way lower.

So we believe that capacity should account for 10%, 15%. In Chile, in some cases, it's in the north, it's 15%. And it's an automatic mechanism, but it's 15% north, 20% maximum in centralizes. So this is the way we see it.

Okay. Thank you very much. There are no more questions. So thank you very much for attending and see you in a couple of months in our Q3 results presentation. Thank you very much.

Thank you. Have a great week. Bye.

Bye.