52/25 From Classroom to Clean Power: How a Spanish Spin-Off Became a Global Renewable Heavyweight?

On a crisp January morning in 2011, three engineering alumni from the University of Granada pooled their modest savings, just a few thousand euros, to found what would become Greening Group. Today, that small spark has grown into an international force in renewable energy, with operations stretching from Europe to the Americas and Africa. 
 

A Vertically Integrated Vision

Greening’s distinguishing strength lies in its vertically integrated model, a rare feat in a fragmented industry. The company manages every step of the energy value chain: designing and constructing photovoltaic and biogas facilities, operating and maintaining them, and even marketing clean energy directly through its retail arm. 

The company's business is structured across several specialized units including:

1. Greening Investments – financing and managing renewable installations

2. Greening Solutions, O&M, and Relive – engineering, maintenance, and solar recycling

3. Greening Products – manufacturing photovoltaic support structures

4. Greening Energy – retailing renewable electricity

5. Greening Aqua – water infrastructure projects 

Steady But Impressive Growth

Greening’s financial trajectory reflects its strategic momentum. Revenue soared from €60 million in 2022 to over €100 million in 2023, more than doubling in a year. Meanwhile, EBITDA tripled, reaching over €10 million, and pre-tax profit climbed by nearly 80%. 

Its forward-looking portfolio is equally eye-catching: as of 2023, signed project revenue approached €235 million, with 76 percent attributed to international operations. 

Going Global: A Strategic Expansion

Since its early days, Greening has laid roots across continents. In 2023, the company rebranded to Greening Group Global, a move that not only signaled its rising global footprint but also reflected its strategic expansion and diversification. It launched operations in France, entered the biogas space, and completed its listing on Spain’s BME Growth stock exchange. 

Support from COFIDES, the Spanish development bank, helped fund commercial expansion in the U.S. (Miami) and Germany via co-investment loans of €500,000 each in 2023, underpinning its international push. 
 

Latin America’s Solar Frontier

In Mexico, Greening is gaining significant traction. A strategic plan spanning 2024–2026 targets the country’s abundant solar potential. The company is executing projects across multiple states, notably one of the largest solar installations at the TSM Estadio Santos Laguna stadium. Backed by €32 million in funding for photovoltaic systems and battery storage, Greening is positioning itself as a major renewable pivot in Latin America. 
 

Market Presence & Challenges Ahead

Greening’s international operations, which account for around 76% of revenue, are a key part of its strategy. The company aims to contribute 70% of Earnings before Interest, Taxes, Depreciation, and Amortization (EBITDA) from these operations, demonstrating a clear strategic intent to balance market exposure and leverage its global presence. 

A Story of Bold Vision and Measured Growth

Greening Group’s rise from a university spin-off to a multinational energy player is a story of foresight, resilience, and adaptability. The founders’ early decisions to build a full-stack renewable enterprise, enter diversified energy technologies, and carry out steady international expansion—set the company on a trajectory few emerging players achieve.

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