At DOMINION we always say that "it is not what we do but how we do it". When we began our journey in the renewable energy industry in 2016, we did so by being faithful to our essence and "industrial" character: rigorous in execution and always maintaining our financial discipline.
We are a company that executes services and projects in a comprehensive way. We seek a 360° and innovative approach that has always allowed us to have a broad vision of the processes to improve operational efficiency. For this reason, in the case of renewable projects, we integrate into our model from the selection of locations, development, engineering, purchases and construction to subsequent operation and maintenance.
That same 360° approach leads us to seek financing solutions for each project, with the aim of ensuring our industrial margins and seeking long-term permanence through our operation and maintenance services. Sometimes through the incorporation of financing from bilateral organizations and other times by taking minority stakes in the capital. In the case of renewable projects, we have seen fit to take capital shares in order to guarantee the viability of all the projects that we currently have in our portfolio and play a leading role in the sustainable energy transition that the different regions are experiencing.
Therefore, after years of experience in Latin America -where we have positioned ourselves as a leading player in the sector-, and the development of a wide portfolio of projects in Europe, we have completed one more step in our strategic plan, incorporating into our model ownership of renewable infrastructure and power generation by taking a majority stake in our associate BAS Corporation.
This strategic commitment, together with the financial discipline that we mentioned, has led us to look for partners in shared management or regional "equity partners". In Latin America we have already reached an agreement with Corporación Multi-Inversiones (CMI) that will take a 50% stake in all projects carried out in the region and that provides us with its institutional knowledge and local experience. In the case of Europe, we propose the same strategy, reaching an agreement with a partner with whom we will share the management of the assets.
On the other hand, to complete our commitment to hidden value in this business, we have acquired the minority stake that Incus Capital took in December 2021. The evolution of our strategic plan and a portfolio of projects that has doubled in one year -going from 1GW to 2GW- translates into a greater real value in this business than reflected in the purchase option on said stake.
A 2GW portfolio under construction until 2026
Another characteristic that defines our model is our ability to diversify both geographically and technologically. Throughout the last 7 years we have developed and executed solar, wind and biomass energy projects in Argentina, Ecuador, Mexico and the Dominican Republic. And in Europe we are already developing greenfield photovoltaic projects in Spain, Portugal and Italy.
Throughout these years we have managed to consolidate an important portfolio of projects in operation, 170MW (79MW attributable) at the end of 2022, and a portfolio of assets under construction and development, which will mean more than 2GW executed by 2026. Only in Europe we have accumulated more than 60 projects, which guarantees us a recurring construction business of 350-500MW per year.
From DOMINION we are firmly committed to this business at a time of strong growth and high demand for renewable generation installations throughout the world, as one of the key elements of the energy transition, decarbonization and energy independence that they are pursuing. the economies.
We will disclose more details about the plans and expected evolution for this business in the next DOMINION Strategic Plan, which we will present this year. For now, we continue to take on the challenge of managing and adding value to our assets while continuing the important work of origination, development and construction of new projects.
