EDITO

This report marks a pivotal moment in our financial trajectory: 2024 is the first year where all EBITDA comes from power revenues.

Founded in Ireland in 2013, Amarenco is an independent and innovative company specialising in renewable energy, with a core focus on photovoltaic solar power and a strategic expansion into energy storage. Why this expansion : because the future of solar is storage.

It has taken us four years to successfully complete our own energy transition, shifting from a business model based on providing services to institutional and industrial partners, to one fully centered on energy sales.

During this period, we reduced the number of external stakeholders that were no longer aligned with our evolving model, while significantly strengthening our internal foundations, our teams and expertise.
Between 2020 and 2022, we experienced rapid growth, at a time when the company was not yet fully prepared to absorb its magnitude.

Yet such growth demands robust absorption systems: solid governance, a clear culture, coherent integration, and shared purpose. These pillars were not yet in place.
As in nature, growth that is too rapid can threaten the long-term viability of an organism.

Some invasive plants like kudzu, water hyacinth, or bamboo go through explosive growth phases. But by depleting their local ecosystems, they sometimes end up self-destructing.
Similarly, bacterial or yeast colonies can proliferate rapidly in a favorable environment… until the buildup of toxins and resource exhaustion trigger a sudden collapse.

In human organisations, uncontrolled growth can saturate internal systems, HR, IT, etc., and generate its own “toxins”: tensions and conflicts, cultural misalignments, operational overloads, unsustainable debt, and more.

Conversely, in nature, sustainable growth is gradual, adaptive, and resilient. Ancient forests grow slowly, build complex root networks, adapt to environmental stresses… and stand the test of time.

This is why, in 2023, and even more in 2024, we have strengthened our living soil.
We have also learned that growth sometimes requires human adjustments. Some individuals have chosen different paths, in search of environments more aligned with their aspirations, and we fully respect these choices.

A healthy ecosystem does not seek uniformity, but alignment and coherence. Each species thrives when it is perfectly attuned to its environment, and, in turn, contributes to the vitality of the ecosystem that hosts it. As in the natural world, some paths naturally find their place, others do not. A lion only thrives on the savannah; it could not flourish in the ocean. This is neither a judgment of the animal nor the environment: it is simply the recognition that to thrive sustainably, one must be in the right place, freely chosen, aligned with one’s values, aspirations, and true self.

We do not believe in linear and infinite growth. We believe in regenerative growth, where the strength of the roots matters just as much as the speed of the canopy.