Jencore has signed its first disclosed contract outside Audax, an agreement with Heliades Energy to develop around 5 MW in Italy. Four former OHLA executives will lead the expansion, which targets 150 MW for outside clients by 2027.
Jencore has signed an agreement with Heliades Energy to develop around 5 MW in Italy. The contract is the first disclosed work outside the Audax network.
For five years, Jencore worked only for the group led by José Elías. It is now preparing to build renewable energy facilities for other companies. The 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 president and main shareholder of Audax.
Audax’s El Rebollo photovoltaic plant in Yunquera de Henares covers 5.96 hectares and uses 7,482 solar modules mounted on single-axis trackers. Construction has been completed and the 4.12 MWp facility was undergoing final tests before commissioning.
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. According to elEconomista.es, all four previously held senior positions at the listed construction group.
The new business has already secured its first outside contract. Jencore's agreement with Heliades Energy covers around 5 MW in Italy. No external details have been disclosed about its value, schedule or contractual structure.
That is the first step.
Italy and Spain will be the initial focus markets. Portugal is also under consideration. Mexico is a possible medium-term destination. Jencore plans to work on photovoltaic and wind farm construction, along with battery installations.
Audax reported 329 MW of installed capacity, an energy portfolio of 16.8 TWh and approximately 482,000 supply points for the first half of 2026. Its 2030 targets include 500 MW of installed capacity, 25 TWh and EBITDA of €350 million; these figures indicate potential long-term demand for renewable construction and hybridisation, but do not establish that Jencore will execute all of those projects.
Jencore will continue working for Audax as it seeks new customers.
Around 100 MW is now under construction for the listed company based in Badalona. Jencore is also expected to support Audax's move 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 while it pursues outside orders. Audax still has several projects ahead. Rebollo in Guadalajara has a capacity of 4.12 MW, while Navalmoral in Cáceres has 21.88 MW. Both were scheduled to begin operating in the third quarter of 2026, according to the timetable cited in the source material.
Separately, pv magazine España reported that construction at El Rebollo had been completed. The plant was undergoing final tests before entering service.
More projects are planned.
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 planned for the first quarter of 2027. A battery called Zarzuela in Toledo is also expected to enter service during that quarter. It will have 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 is above 180 MW. Every completed project so far has been for Audax.
The work has covered fixed structures, single-axis and dual-axis tracker complexes, medium- and high-voltage evacuation systems and connection infrastructure.
That experience gives the expansion a working base. Jencore is not entering the market with only a commercial promise. It has experience from more than 180 MW of completed projects.
The first outside contract is small beside the 150 MW target. The 5 MW Italian agreement still establishes the company's first disclosed move beyond Audax.
The ownership structure keeps the new venture closely tied to José Elías. It also gives the incoming OHLA team a direct stake in its performance. Audax projects provide immediate work, while outside contracts are beginning in Italy.
The numbers are clear: 26 plants delivered, around 100 MW under construction for Audax and a target of 150 MW for third parties by 2027.
Audax's investment capacity will matter. So will project execution.
Europa Press reported that Audax recorded net profit of €23.9 million in the first half of 2026, down 12% year on year. That result does not directly link the earnings change to Jencore's plans. It does provide financial context for the pace at which Audax may develop or fund future projects.
