🚨Exclusive: Tetrace merges with Magma and brings Enhol on board as shareholder, creating a leader in renewable project execution and maintenance
The integration of Magma completes the service portfolio of the Navarre-based company, adding full-service wind contracts, PV maintenance and self-consumption, and grid execution
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The merger of Magma into Tetrace gives rise to one of the leading ISPs in renewable asset execution and maintenance
Our main sponsor Tetrace has integrated Magma into its structure, a company owned by Grupo Enhol and founded by Elisa Manero and Javier Otano, specialised in renewable asset maintenance and management, photovoltaic and self-consumption systems, and medium-voltage grid execution.
This marks a significant step in the evolution of the Navarre-based company, especially at a time when the renewable energy sector is demanding increasingly comprehensive and specialised service providers. The resulting company will operate under the Tetrace brand.
According to Ciro Larrañeta, CEO of Tetrace, the operation responds to a clear need identified some time ago: “At Tetrace, we were looking to incorporate strategic and specialised services such as full-service wind contracts, photovoltaic maintenance and self-consumption, and electrical grid execution, which are increasingly essential in the sector.” The integration of Magma completes the service map of the Navarre-based company.
As part of this integration, Grupo Enhol becomes a key shareholder in Tetrace alongside Ciro Larrañeta and Comansa, maintaining an active commitment to the project, participating strategically in its development and supporting growth through its own projects and new business opportunities.
Greater capacity in solar and execution, without losing focus on wind
One of the main outcomes of the integration is the strengthening of the value proposition in photovoltaics, an area in which Tetrace had so far had little direct presence. “The strategy changes because we are now entering a sector where we were practically absent, such as photovoltaics,” says Larrañeta.
At the same time, the company maintains and reinforces its core business lines in wind, where it already offered various types of services. In photovoltaics and self-consumption, the integration consolidates capabilities in project execution and maintenance, drawing on Magma’s technical expertise.
After the operation, Tetrace is structured into four business verticals that reflect the group’s actual scope of activity:
Engineering, which maintains its wind and industrial base and is now complemented by photovoltaic capabilities.
Project execution, including the assembly and dismantling of renewable projects, medium-voltage grid execution, and photovoltaic projects.
Operation and maintenance (O&M), with full service, preventive, minor and major corrective maintenance, wind blade services, and distribution of spare parts and consumables, applicable to wind, photovoltaic, and hydro assets.
Asset management, incorporated as an additional in-house service.
According to Larrañeta, this structure allows the company to take on larger and more complex projects: “What we are doing is completing Tetrace’s service map. The addition of these specialized services will put us on the map for increasingly larger projects.”
Scale, team, and structure
The combination of teams and portfolios places the new Tetrace in a strong starting position. The group currently manages close to 1.5 GW of capacity and has a growing commercial pipeline, which is expected to significantly increase this figure in the short term.
In terms of personnel, Tetrace grows from around 500 employees to nearly 600, after incorporating over 80 professionals from Magma, primarily based in Spain.
As for revenue, the combined turnover of both companies stands at approximately €45 million at the close of 2025, with additional growth expected in 2026.
An integration with industrial logic
The company emphasises that the operation goes beyond simply adding services. The integration also brings industrial vision, organisational experience, and project development know-how, elements that, according to Larrañeta, “add tremendous value both from a services standpoint and from the shareholders’ perspective.”
At the shareholder level, Tetrace maintains a simple structure with three partners. “We are three partners, with a shared business vision, a strong drive to grow, and a similar market outlook,” Ciro notes.
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Disclaimer: The opinions presented in Windletter are mine and do not necessarily reflect the views of my employer.