Jencore has signed an agreement with Heliades Energy to develop around 5 MW in Italy, its first disclosed project outside the Audax network.
For five years, Jencore worked only for the group led by José Elías. Now it is preparing to build renewable energy facilities for other companies. Its stated target is around 150 MW for outside clients in 2027, with revenue of about 50 million euros in the medium term.
The new management team will hold 25% of Jencore's capital. José Elías will retain the remaining 75% through the company he controls as Audax's president and basic shareholder.
Carlos Cuadros will become chief executive after leading OHLA's industrial division. Carlos Saiz joins as technical director, Ved Pandit will oversee procurement, and Mario Ruiz will direct operations. Information from elEconomista.es, all four previously held senior positions at the listed construction group.
Jencore's agreement with Heliades Energy covers around 5 MW in Italy. The companies have disclosed no external details about its value, schedule or contractual structure.
Italy and Spain will be the initial focus markets. Portugal is also under consideration, while Mexico could be a medium-term destination. Jencore plans to work on photovoltaic and wind farm construction, as well as battery installations.
Jencore will keep working for Audax as it looks for new customers. Around 100 MW is now under construction for the listed company based in Badalona. Jencore is also expected to support Audax's shift toward hybrid renewable parks with battery storage.
Jencore's website lists photovoltaic projects under construction in Yunquera de Henares in Guadalajara, Navalmoral de la Mata in Cáceres, Talavera de la Reina in Toledo and Carmona in Seville.
The existing pipeline gives the new business work to rely on as it pursues outside orders. Audax still has several projects in development. Rebollo in Guadalajara has a capacity of 4.12 MW, while Navalmoral in Cáceres has 21.88 MW. The cited timetable had both scheduled to begin operating in the third quarter of 2026.
Separately, pv magazine España reported that construction at El Rebollo had been completed. The plant was undergoing final tests before entering service.
Madroño in Toledo has a capacity of 5.5 MW and is expected to start operating in the fourth quarter of 2026. Sezze 1 in Italy has 3.6 MW and is scheduled for the first quarter of 2027. A battery called Zarzuela in Toledo is also expected to enter service that quarter, with 2.5 MW and two hours of duration.
Jencore has built and commissioned 26 photovoltaic plants across the Iberian Peninsula since its creation five years ago. Their combined capacity exceeds 180 MW. Every completed project so far has been for Audax.
The work has included fixed structures, single-axis and dual-axis tracker complexes, medium- and high-voltage evacuation systems, and connection infrastructure.
The first outside contract is small compared with the 150 MW target. Still, the 5 MW Italian agreement marks the company's first disclosed move beyond Audax.
The ownership structure keeps the new venture closely tied to José Elías and gives the incoming OHLA team a direct stake in its performance. Audax projects provide immediate work, and outside contracts are beginning in Italy.
Audax's investment capacity will matter, along with Jencore's ability to execute projects.
Europa Press reported that Audax recorded net profit of €23.9 million in the first half of 2026, down 12% year on year. The report does not directly connect the earnings change to Jencore's plans, but it provides financial context for the pace at which Audax may develop or fund future projects.
