GreenYellow strengthens its position as a key player in the global energy transition. With a 2024 marked by record-breaking results, the French company presents a solid report and reaffirms its commitment to making Europe its main growth market while continuing to accelerate the decarbonization of the commercial and industrial sectors.

With a strong presence in France, Spain, Portugal, Italy, Hungary, Slovakia, and Poland, GreenYellow is preparing to reinforce its leadership in decentralized solar energy and energy efficiency, particularly within the Commercial & Industrial (C&I), logistics, and retail sectors.

As part of this strategy, the company will identify new acquisition targets in Germany to expand its network and deployment capabilities in Europe’s most dynamic markets.

“We are entering a new phase of maturity and acceleration, with a clear vision: to support corporations on their path to energy independence without compromising their competitiveness,” states Otmane Hajji, founder and president of GreenYellow, in a conversation with Strategic Energy Europe.

By 2025, the company aims to triple its energy efficiency investments to reach €100 million, in addition to deploying 300 MWh of energy storage capacity by 2027.

“We want to strengthen our financing models and financial resources to accelerate decarbonization and the competitiveness of large multi-site companies. We prove that a sustainable and competitive energy transition is possible,” Hajji affirms.

The Italian market in particular was marked by the launch of a €100 million investment plan by GreenYellow, set to run through 2027, aimed at financing solar energy projects, energy efficiency programs, and storage solutions.

A year of operational and financial milestones

In 2024, GreenYellow reached a cumulative solar capacity of 1.7 GWp, equivalent to the annual electricity consumption of more than 870,000 people. Its operational portfolio closed the year at 1.1 GWp, including 370 MWp commissioned and 423 MWp in newly signed contracts.

The portfolio consists of 1,704 solar photovoltaic plants, either operational or under construction as of December 2024. The company specializes in decentralized solar installations, including rooftop, carport, ground-mounted, and floating solar systems, focusing on the industrial, public (education, healthcare, office buildings), and retail sectors.

In parallel, the group has implemented 3,500 energy efficiency agreements since 2007, generating annual energy savings of 1.25 TWh. In 2024 alone, 98 new sites were launched and 102 GWh of additional savings were secured, backed by a €33 million investment.

On the storage front, GreenYellow added 38.5 MWh of installed or under-construction energy storage capacity. “GreenYellow completed landmark projects, including a 25 MWh BESS project with Stellantis Spain—the largest battery energy storage system in Europe,” noted the company’s executive.

Projects developed by GreenYellow in 2024 helped avoid the emission of 545,700 tonnes of CO₂ equivalent.

Financially, normalized EBITDA reached €99 million, far exceeding the €55 million from 2023. Its investment capacity increased from €250 to €450 million, while the creation of a YieldCo raised an additional €68 million in capital for GreenYellow’s operations in Asia.

High-impact partnerships and strategic projects

GreenYellow has focused its strategy on the C&I, logistics, and retail segments, with notable partnerships including:

• Carrefour (France): Installation of solar carports at 400 sites, covering 180,000 parking spaces, under a 20-year PPA.
• Fruehauf (France): A 30-year PPA project involving 11 MWp of shading systems, generating 12.7 GWh annually and avoiding 621 tonnes of CO₂ emissions.
• Compagnie des Alpes: Installation of 18.6 MWp of solar carports at three leisure parks, including 440 EV chargers and 2 MWh of energy storage, covering approximately 25% of the sites’ self-generated power needs.
• Biedronka (Poland): In 2024, GreenYellow acquired Grow Energy Management (GEM), incorporating a portfolio of nearly 120 MWp in decentralized solar projects across Poland and Portugal. This includes a major 110 MWp project with Biedronka, Poland’s largest supermarket chain and part of the Jeronimo Martins Group.
• France: GreenYellow announced a €70 million capital raise to develop 133 solar plants in the country.
• Brazil: The company issued a €14 million bond to support decentralized energy production in South America.

In 2024, GreenYellow continued its transformation in coordination with its majority shareholder ARDIAN (90%), along with Bpifrance and Tikehau Capital, implementing a strategy to realign its activities and geographic presence:

• Two-thirds in France and Europe
• One-third in Asia and Latin America

A financing model that removes barriers

GreenYellow’s success is anchored in its zero upfront investment model: as-a-service contracts that fund 100% of projects and keep them off clients’ balance sheets.

“Many companies face budget constraints; we eliminate that obstacle with turnkey contracts—from design to operation—with no Capex,” explains Hajji.

The company offers solutions through:

• PPA (Power Purchase Agreement)
• Energy Efficiency as a Service (EEA)
• Utility-as-a-Service (UaaS)
• Battery-as-a-Service (BESS/BaaS)

It also offers specific contractual structures that ensure off-balance-sheet treatment, easing compliance with complex financial criteria.

GreenYellow identifies the main financial barriers it helps overcome as:

• Lack of capital (Zero Capex)
• Off-balance-sheet compliance
• Cash flow constraints
• Lack of internal technical expertise

“Many companies are constrained in launching renewable energy or efficiency projects. GreenYellow rapidly deploys capital expenditure (CapEx) to accelerate energy transitions, offering third-party-financed projects with no upfront investment,” adds the CEO.

Turnkey project management and #SHIFTProduction approach

Using its DBOOT model (Design, Build, Own, Operate, Transfer), GreenYellow manages the entire lifecycle of a project—from initial site studies and permits to construction, commissioning, and ongoing real-time monitoring and maintenance.

Its #SHIFTProduction program promotes decentralized solar production for behind-the-meter self-consumption, including rooftop solar, carports, ground-mounted systems, and floating PV. This enables clients to reduce costs and consume clean local electricity, even under variable climate conditions.

To address the intermittency of solar energy, GreenYellow deploys fully financed Battery Energy Storage Systems (BESS). These systems allow customers to store power during off-peak hours and use it during peak demand or planned outages.

EV charging infrastructure for sustainable mobility

GreenYellow has expanded into electric mobility infrastructure (EVCS), offering end-to-end services: engineering, procurement, installation, payment management and maintenance of EV chargers at client sites.

Since signing the “Target: 100,000 Charging Stations” commitment in 2020—alongside French retailers like E.Leclerc, Lidl, and Système U—GreenYellow has installed or is developing 1,400 fast and ultra-fast charging points.

A flagship project is the partnership with AccorInvest, deploying 200 EV chargers across 36 hotels in France, including 2 MWh of storage at 10 of the sites. The acquisition of RunCharge also cemented its leadership in charging infrastructure on Réunion Island.

With a clear roadmap, strong financials, and a zero-investment value proposition, GreenYellow is positioning itself as the preferred partner in Europe’s corporate energy transition. Its model shows that competitiveness and sustainability can go hand in hand, setting a new benchmark in global decarbonization.