1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Valuation
Discussion
Symbol
GENN
Sector
Utilities
Subsector
Electric Utilities
Offer Range
—
Shares Offered
—
Shares Outstanding Pre-IPO
103.64M
103.64M
—
Implied Upside vs Midpoint
Description
We are the leading renewable energy platform in Argentina, operating the country’s largest utility-scale wind and solar assets, complemented by strategically located thermal capacity. As of the date of this prospectus, we own and operate 2,128 MW of gross installed capacity, including 1,765 MW from renewables (wind and solar), and 363 MW from thermal generation. In May 2026, the San Rafael and Lincoln solar projects achieved full commercial operation, adding 180 MW and 20 MW of installed capacity, respectively. In June 2026, the San Juan Sur solar project achieved full COD for 129 MW of installed capacity. As of April 30, 2026, we operated approximately 23% of Argentina’s wind and solar installed capacity, according to CAMMESA. In May 2026, we were awarded a 13.2% indirect equity interest in Transener, Argentina’s principal high-voltage electricity transmission company, pursuant to a public tender process through which the Argentine government divested its equity interest in CITELEC, Transener’s controlling shareholder (the “Transener acquisition”). The acquisition was structured through Transmisión Eléctrica S.A., a special-purpose vehicle formed jointly with our consortium partner Edison Transmisión S.A. We believe this expected acquisition represents a strategically significant step that broadens our participation across the power value chain and reinforces our role in Argentina’s energy infrastructure. --- Our business model is built on a disciplined “develop-to-own and operate” approach, leveraging in-house project origination, rigorous construction management, and advanced data-driven operations. Nearly all our revenues are generated under long-term, U.S. dollar-denominated power purchase agreements (“PPAs”), including contracts with CAMMESA (under the RenovAr program and Resolution 202/2016) and with C&I customers through the MATER framework. As of the date of this prospectus, we have a pipeline of non-conventional renewable assets focused on wind and solar generation with existing transmission interconnection capacity, and also of battery energy storage systems (“BESS”). This portfolio includes 60 MW under construction (Junín and BESS Maschwitz projects), 175 MW ready to build, 2,491 MW in development, 1,273 MW in pre-development and 1,200 MW in prospection. We define non-conventional renewable assets as power generation assets that use the following natural resources to generate energy: solar, wind, biogas, biomass, small hydro (less than 50 MW). Our mission is to deliver reliable, sustainable electricity to Argentina’s largest energy consumers by developing, constructing, and operating high-efficiency, low environmental impact assets. Since 2017, we have invested over U.S.$1.8 billion, adding more than 1.6 GW of new renewable capacity developed by Genneia. Our track record includes delivering projects on time and on budget, even during challenging macroeconomic cycles, supported by robust off-take agreements, strong relationships with global original equipment manufacturers (“OEMs”) and lenders, and a centralized Control and Operations Center (“CECO”) that enables predictive maintenance and real-time optimization. Our portfolio is concentrated in Argentina’s most attractive renewable corridors—the southern Patagonia region and the southeast of Buenos Aires for wind, and San Juan and Mendoza in the northwest for solar—with thermal peaking units near demand hubs to support grid stability. As of the date of this prospectus, we have under construction one small utility scale solar project (Junín with 20 MW of total capacity) and a BESS project (BESS Maschwitz project with 40 MW of total capacity) along with a pipeline of additional projects. Since 2016, we have experienced significant growth in renewable energy generation, positioning ourselves as the leading player in Argentina’s energy transition. During the period from 2016 through the LTM ended March 31, 2026, our annual renewable energy generation increased at a compound annual growth rate (“CAGR”) of 38%, while our Adjusted EBITDA with Joint Ventures from our wind and solar segments grew at a CAGR of 28% during the same period. The figures in this paragraph take into account our consolidated portfolio of assets and the ownership-adjusted figures for our joint ventures. --- Frameworks supporting our contracted cash flows. The RenovAr and Resolution 202/2016 programs provide long-term, U.S. dollar PPAs with CAMMESA, supported by the FODER and, for select power plants, World Bank/IBRD guarantees. The MATER framework enables direct PPAs with C&I customers and allocates transmission interconnection capacity (called “prioridad de despacho” in Argentina’s power sector regulation), including mechanisms for transmission expansion under Resolution 360/2023. Transmission interconnection capacity in Argentina refers to a regulatory and operational designation that grants a power generation project that produces energy from the use of a natural resource that cannot be stored (run-of-river hydraulic, wind, solar, among others) preferential and prioritized access to interconnection capacity within the national grid above other generation technologies. The concept of transmission interconnection capacity applies to power plants that operate under the MATER, Resolution 202/2016, GENREN and RenovAr frameworks. As opposed to other markets, this concept is not tied to economic dispatch curves or marginal cost-based dispatch; instead, it functions as a reservation mechanism for transmission capacity, ensuring that projects with transmission interconnection capacity can inject energy into the grid once operational. The RenovAr, Resolution 202/2016, GENREN and MATER frameworks, which grant us transmission interconnection capacity for the substantial majority of the installed capacity of our assets operating under these frameworks, underpin our resilient, dollar-denominated contracted portfolio and support continued growth as C&I customers seek to decrease their energy supply costs and to meet renewable supply goals, which has been encouraged by Law No.27,191. --- Our principal executive offices are located at Nicolás Repetto 3676, 3rd Floor, Olivos (1636), Province of Buenos Aires, Argentina. Our telephone number is +54 (11) 6090-3200, our fax number is +54 (11) 6090-3201, and our email address is investors@genneia.com.ar. Our website is www.genneia.com.ar.