Genneia, a leading Argentine renewable power producer, filed an F-1 for an initial public offering of Class B shares, including ADSs, in the United States. The company has applied to list its ADSs on the NYSE under the ticker GENN and its Class B shares on BYMA in Argentina. Proceeds will support expansion of its wind, solar, and storage portfolio and potential acquisitions in Argentina.

Business Description

Genneia is Argentina’s leading independent renewable power producer, owning and operating 2,128 MW of gross installed capacity, including 1,765 MW of wind and solar and 363 MW of thermal peaking plants. The portfolio spans high‑quality resource corridors in Patagonia and Buenos Aires for wind, and San Juan and Mendoza for solar, with assets supported by long‑term, U.S. dollar‑denominated PPAs under the RenovAr/Resolution 202/GENREN programs and private MATER contracts with large industrial users.

The company’s model is a full‑cycle, develop‑to‑own and operate approach, combining disciplined project origination, standardized construction platforms, and 24/7 operations via a centralized control center that enables predictive maintenance and yield optimization. Nearly all revenues are contracted in U.S. dollars, and Genneia complements renewables with thermal peakers that provide availability‑based remuneration to help stabilize the grid. As of the filing date, Genneia had a visible growth pipeline that includes projects under construction (20 MW solar and 40 MW BESS), 175 MW ready‑to‑build, and more than 4.9 GW across development, pre‑development and prospection stages.

Market Overview

  • Total addressable market: Argentina generated approximately 143 TWh in 2025 with renewables at ~19% of supply and ~18% of installed capacity.
  • Market growth: Renewables grew rapidly under RenovAr and MATER; 2025 renewables output increased by 3.8 TWh year over year.
  • Market position: Genneia operated about 23% of Argentina’s wind and solar installed capacity as of April 2026.
  • Key competitors: Central Puerto, Pampa Energía, YPF Luz, AES Argentina Generación.
  • Industry trends: High wind/solar capacity factors, lowest LCOE for new build power, tight reserve margins (~5.6% in 2025), supportive frameworks (MATER, RenovAr), and emerging grid-scale storage.

Operational Metrics

  • Customers: More than 70 large industrial users under firm MATER contracts.
  • Locations: 2,128 MW across multiple provinces, including Chubut, Río Negro, Buenos Aires, San Juan, and Mendoza.
  • Geographic presence: Argentina-wide footprint; ~23% share of national wind/solar installed capacity as of April 2026.
  • Partnerships: Long-term O&M and service agreements with Vestas, Nordex and Goldwind; IDB Invest facility; expected 13.2% indirect stake in Transener via a consortium.
  • Other key metrics: Q1 2026 availability factors—Wind: 95.8%; Thermal: 93.7%; Solar performance ratio: 70.4%.

Financials Highlights

  • Revenue (current): LTM ended Mar 31, 2026: $376.8 million
  • Revenue growth: 2025 revenue up 16.1% year over year ($361.3M vs. $311.1M in 2024)
  • Gross profit: 2025: $220.4 million (61.0% margin)
  • Net income: LTM ended Mar 31, 2026: $97.2 million

IPO Structure

  • Issuer: Genneia S.A.
  • Filing date: July 01, 2026
  • Proposed ticker: GENN
  • Exchange: NYSE
  • Lead underwriters: Morgan Stanley; BTG Pactual; BofA Securities; J.P. Morgan; Latin Securities
  • Use of proceeds: General corporate purposes, including expansion in Argentina through project development and/or acquisitions

Original SEC Filing:

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