GS Inima

What GS Inima does

GS Inima Environment, S.A.U. is a Madrid-headquartered water infrastructure operator with over 60 years of experience in the water sector, delivering integrated solutions across the full water cycle — desalination (reverse osmosis), wastewater treatment, drinking water treatment, industrial water management, integral water cycle management, and photovoltaic renewable energy. The company's installed base includes 171 MIGD of desalination capacity, 2.6 million m³/day of wastewater treatment capacity, and 50 active projects across 10 countries spanning Spain, Portugal, Brazil, Mexico, Chile, USA, Oman, UAE, Algeria, Tunisia, and South Korea. Technology differentiation rests on proprietary systems including the B.E.S.T. pre-treatment (an XPRIZE Water Scarcity Track A semifinalist), the Programox energy/resource recovery plant, and a real-time intelligent discharge detection system developed in partnership with AQUACORP for digitalization of the integrated water cycle.

The business model centers on long-term government concessions (20-25 year terms) complemented by EPC project delivery and recurring operation & maintenance revenue. Concession contracts represent 96% of the company's EUR 10.44 billion (2024) backlog, providing over two decades of revenue visibility. The company generated EUR 389 million in 2024 revenue (+11% YoY), EUR 106 million EBITDA (27%+ margin), and a record EUR 38 million net profit, with 2025 turnover projected to exceed EUR 500 million. Customers are predominantly sovereign and municipal — including Nama Power and Water Procurement (Oman), Águas do Algarve and the Portuguese Environmental Agency, CESAN (Brazil), and Spanish municipal consortia — alongside a developing industrial water reuse base led by a Vale partnership in Brazil. Distribution is via competitive tenders and PPP consortia with regional partners (Aljomaih in Saudi Arabia, SOGEX in Oman, Aquapor in Portugal, SAID in Brazil).

In August 2025, TAQA (Abu Dhabi National Energy Company, 90% UAE government-owned) signed an agreement to acquire 100% of GS Inima from GS Engineering & Construction for approximately USD 1.2 billion, with closing expected in 2026. The transaction positions GS Inima within TAQA's global water platform while preserving operational independence, and follows the company's BBB-/Stable investment grade rating from Scope Ratings. The portfolio is increasingly diversified across geographies and into adjacent verticals — solar PV generation (El Fenazar 30.12 MWp in Spain, Boco Solar 8.7 MWp in Chile), industrial water reuse (Vale), and microplastics capture (Captoplastic alliance).

Name

GS Inima

Legal name

GS Inima Environment, S.A.U.

Website

https://inima.com

Company type

Private

Founded year

1960

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

GS Inima is a Madrid-headquartered global water infrastructure operator delivering desalination, wastewater treatment, drinking water, industrial water, and renewable energy solutions across 10 countries via long-term government concessions (20-25 years) and EPC contracts.

Ownership category

akta.pro rank

Product category

Water Treatment and Desalination Services

NAICS

Water Supply and Irrigation Systems (221310), Water Supply and Irrigation Systems (22131), Solar Electric Power Generation (221114)

SIC

Water Supply (4941), Water, Sewer, Pipeline, Comm & Power Line Construction (1623)

akta.pro primary industry

Desalination Plant EPC, O&M & Performance Optimization (EUANAFAK)

akta.pro secondary industries

Construction Management & Delivery (EPCM/CMAR/Design-Build Oversight) (EUANALAE), Water Supply & Wastewater Utilities Administration (BPAIACAG), Energy & Water Efficiency Programs (Corporate Resource Management) (EUAHAJAG)

Keywords

• Seawater desalination services
• Water treatment operations
• Wastewater treatment plants
• Industrial water management
• Photovoltaic renewable energy

Headquarters

HQ city

Madrid

HQ country

Spain

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Technology or R&D, Supply Chain

Revenue model

1. Concession Contracts: Long-term concession contracts (typically 20-25 years) for water and sanitation services providing recurring, stable cash flows. These contracts represent 96% of the company's backlog and guarantee revenue generation for over 20 years with low risk profiles.
2. EPC (Engineering, Procurement, Construction): Design, construction, and commissioning of water treatment and desalination plants. Revenue recognized through project execution, including Barka V (EUR 128 million), Ghubrah III (USD 370 million), and other plant projects.
3. Operation and Maintenance Services: Ongoing operation and maintenance contracts for desalination plants, wastewater treatment facilities, and water supply systems. These provide recurring revenue streams from existing installed base.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels7 records

Core offering

GS Inima provides integrated water cycle management services including desalination (seawater reverse osmosis), wastewater treatment, drinking water treatment, industrial water management, and photovoltaic renewable energy. The company operates across the entire project lifecycle from financing, engineering, procurement, construction (EPC) through long-term operation and maintenance under concession contracts typically spanning 20-25 years with government and municipal clients.

Product overview

GS Inima is a global leader in sustainable water and environmental services, operating through six integrated business lines: Desalination (seawater and brackish water reverse osmosis), Wastewater Treatment, Drinking Water Treatment, Industrial Water Management, Integral Water Cycle Management, and Photovoltaic Renewable Energy. The company acts across all project phases from financing and engineering through construction, operation and maintenance. Key facilities include the Barka V Desalination Plant (100,000 m³/day in Oman), Ghubrah III Desalination Plant (300,000 m³/day in Oman), Boco Solar (8.7 MWp in Chile), El Fenazar solar park (30.12 MWp in Spain), and the Riberão Preto wastewater treatment system in Brazil.

Differentiator

Problem solved

Functional benefit

Brands

• Espírito Santo Saneamento: Water and sanitation public-private partnership managing services in 35 municipalities in Espírito Santo state, Brazil
• GS Inima Brasil

Products and services

• Desalination (Desalación)

Quantifiable outcome

• Record profit of EUR 38 million in 2024 (10% of turnover), up from previous years
• +4 more outcomes

Named customers8 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability1 record

Feature3 records

Partnerships

Ten partnerships are on record, tiered core, flagship and regional.

• CaptoplasticcoreStrategic or Co-development Partner · 26 March 2026Strategic alliance to advance microplastics capture and measurement in the water cycle. Collaboration reinforces both companies' commitment to environmental protection and development of innovative solutions to meet regulatory challenges associated with microplastic pollutants.
• ValecoreStrategic or Co-development Partner · 9 April 2025Partnership with Vale and CESAN for water reuse project in Vitória, Brazil. MoU signed to study supply of recycled water from Greater Vitória WWTP to Vale's Tubarão Unit. Estimated investment EUR 43.2 million (BRL 250 million), operations starting 2027.
• CESAN (Companhia Espírito-Santense de Saneamento)flagshipStrategic or Co-development Partner · 9 April 2025Partnership for 24-year sanitation concession in Espírito Santo, Brazil. GS Inima Brasil to manage wastewater collection and treatment in 35 municipalities, benefiting over 700,000 people. Historic investment plan consolidating company's leading position in Brazil.
• Nama Power and Water ProcurementflagshipStrategic or Co-development Partner · 10 March 2025Client for Barka V desalination plant (100,000 m³/day, EUR 128 million investment) and Ghubrah III project (300,000 m³/day) in Oman. Government of Oman entity responsible for power and water desalination project procurement. Plants delivered ahead of schedule with strong safety records.
• AQUACORPcoreTechnology or Integration · 15 January 2025Technology partnership for real-time intelligent discharge detection and characterization system for digitalization of the integrated water cycle. Pioneering solution for wastewater management.
• Aljomaih Energy and Water CompanycoreStrategic or Co-development Partner · 1 December 2024Partnership for Ghubrah III desalination project in Oman with 52% GS Inima, 24% Aljomaih, 24% SOGEX Oman. Saudi Arabian leading investor, developer, and operator of utility and infrastructure projects. USD 370 million project financing secured from international and local banks including KEXIM, Standard Chartered, and Bank Dhofar.
• SOGEX OmancoreStrategic or Co-development Partner · 1 December 2024Partnership for Ghubrah III desalination project in Oman with 52% GS Inima, 24% Aljomaih, 24% SOGEX Oman. Omani company that contributed remarkably in the development of Sultanate of Oman, playing critical role in liaising with government agencies, financial institutions, and key ministries.
• SAID (Constructora SAID)regionalChannel Partner/ Reseller/ Distributor · 19 November 2024Consortium partner (80% GS Inima, 20% SAID) for Brodowski sanitation concession in São Paulo, Brazil. Concession valued at EUR 11.2 million (BRL 69.6 million), benefiting over 25,000 inhabitants.
• Mancomunidad de La SagraregionalStrategic or Co-development Partner · 14 November 2024Partnership for expansion and modernization of Illescas-Yuncos-Numancia de la Sagra WWTP in Spain. EUR 5+ million investment, increasing capacity from 7,440 to 15,000 m³/day. Includes installation of 500 kW photovoltaic system and circular economy practices.
• AquaporcoreChannel Partner/ Reseller/ Distributor · 23 October 2024GS Inima led-consortium with Aquapor and Luságua signed EUR 107 million agreement with Águas do Algarve for design, construction, and operation of Portugal's first seawater desalination plant in Algarve.

Scale indicators12 records

Recent moves6 records

Expansion highlights7 records

Direct peers

• Acciona Agua: Acciona's water division operates desalination plants (reverse osmosis) and water treatment concessions worldwide — directly comparable to GS Inima in EPC, O&M, and PPP concession models across MENA, LATAM, and Iberia.
• Aqualia (FCC Environment): Spanish-headquartered water utility (FCC subsidiary) operating municipal concessions and treatment plants across Spain, LATAM, and MENA — direct Spanish competitor to GS Inima in concession management and integrated water services.
• Cadagua (OHL/Veltha): Spanish EPC contractor and operator of water treatment and desalination plants with strong presence in Iberia, MENA, and LATAM. Closely comparable in size, scope, and concession/EPC dual model to GS Inima.
• Tedagua: Spanish water EPC and concession company (SENER/ACS group) building and operating desalination and wastewater plants internationally — directly comparable to GS Inima in EPC delivery and PPP concessions, particularly in MENA and LATAM.
• IDE Technologies: Israeli desalination and water treatment specialist with proprietary thermal and RO technologies; comparable to GS Inima as a focused desalination EPC and O&M player serving municipal and industrial customers in water-stressed regions.
• Metito: UAE-headquartered water and wastewater treatment company with EPC, O&M, and concession operations across MENA, Africa, and Asia. Directly comparable to GS Inima in regional focus, EPC delivery, and integrated water cycle services.

Broad incumbents

• SUEZ: Global water utility and treatment giant with municipal concessions and EPC capabilities across Europe, MENA, and Asia. Overlaps with GS Inima in desalination EPC, wastewater treatment, and concession operations, but at much larger scale and broader portfolio.
• Veolia: World's largest water and wastewater services group with concession and O&M contracts globally. Comparable in integrated water cycle management and municipal PPPs, though substantially larger and more diversified than GS Inima.
• ACWA Power: Saudi-listed developer, investor, and operator of power and desalination plants including major SWRO projects in MENA. Comparable to GS Inima on large-scale desalination EPC and concession assets, with state-backing scale advantage.

Regional players

• Befesa: European environmental services group with water and waste management activities; comparable in environmental infrastructure services and concession experience, though with primary focus on recycling rather than desalination.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/GsInima
• YouTubeyoutube.com/@gsinimaenvironment
• LinkedInlinkedin.com/company/gsinima

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about GS Inima