EiDF undergoes leadership and governance changes amid stock suspension and strategic acquisitions
EiDF, the Galician energy group focused on photovoltaic projects, has announced a fresh round of leadership and governance moves following a four‑month trading halt imposed by the stock market operator last year over earlier accounting concerns. The latest filing shows that the company has terminated the contract of chief executive officer Joaquín Galí just three months after he had signed his agreement. The disclosure was made to BME Growth, the market where EiDF is listed, this week. Earlier announcements had indicated that Galí would be replaced by Joan Gelonch as CEO during the current month, though at the time some company sources stated that Galí would continue in his role. The market responded with a sharp reaction during the subsequent trading session, with the stock retreating by as much as 11 percent on the day.
Galí’s appointment into the renewable energy group occurred at the start of October, marking a strategic moment as EiDF prepared to address the dual pressures of rapid growth and the broader energy transition that shaped the industry in the 2022 financial year. The board had already signaled in August its intent to bring in a new chief executive capable of steering the organization through the sector’s expansion and the shifting regulatory and market environment that come with large-scale photovoltaic deployment. This set of changes aligns with EiDF’s ongoing focus on strengthening governance and executive leadership in the face of heightened project activity and ambitious targets across the solar segment.
In related developments, the company has reported a significant acquisition tied to its portfolio expansion. A purchase and sale agreement was signed to acquire all shares of Sociedad de Explotación Fotovoltaica, a move that enlarges EiDF’s asset base and development footprint. The acquired entity owns a 19.5 megawatt photovoltaic project located in La Rioja, a strategically important region for solar deployment. Prior to finalizing the acquisition, EiDF and the seller had already entered into a development contract for photovoltaic projects, with several additional contracts executed in 2022 and 2023 that laid the groundwork for the integration of this new project into EiDF’s pipeline. This sequence of agreements underscores EiDF’s intention to accelerate its growth trajectory through targeted project takeovers in key solar markets. (Source: EiDF corporate filings and market communications.)
Strategic context and outlook
These moves come as EiDF navigates a period of rapid scaling in the renewable space, with leadership stability and project accretion playing central roles in maintaining investor confidence and ensuring execution against stated targets. The leadership transition is framed as part of a broader governance refresh intended to strengthen financial oversight, project delivery, and commercial execution. Analysts observing the company note that the combination of a new CEO and a growing project backlog could position EiDF to capitalize on favorable solar market dynamics in Spain and neighboring regions. While governance transitions carry short-term volatility for the share price, the long-term impact is often judged by whether the new leadership can align strategy with the company’s development plan and debt management, while sustaining execution across multiple development stages.
As EiDF advances its development agenda, the company remains focused on integrating newly acquired assets into its operating portfolio and leveraging existing partnerships to accelerate project completion. The La Rioja project, in particular, represents a meaningful expansion of the firm’s geographic footprint and a tangible step toward achieving stated production capacity goals. Market participants will be watching closely how the new leadership team manages integration risks, capital allocation, and project ramp-up in the coming quarters. (Corporate disclosures and market notices provided to BME Growth.)