Grenergy has successfully completed an accelerated capital increase of €90m to boost its growth plan.
Chief executive and largest shareholder of the company, David Ruiz de Andrés, has participated with €4m.
Ruiz de Andrés said: “This extension shows us the support of the investment community in the company, and allows us to establish ourselves as a relevant European player in renewable energies and new storage technologies.”
It will also allow the company to strengthen its balance sheet and own funds to undertake the investments of the strategic plan, Grenergy said.
Grenergy has given entry to its shareholder base to new qualified investors, mainly international, as well as important national accounts with an interest in the company’s growth prospects.
Citi has acted as senior global coordinator and Caixabank joint bookrunner, Berenberg and RBC have acted as joint global coordinators and joint bookrunners.
With this capital increase, the company intends to accelerate its growth in Europe and the United States, as well as strengthen its leadership capacity in storage.
This boost comes to support the financing needs to maintain the company’s growth rate at a time when Europe urgently needs to promote the energy transition with the development of renewable energies and storage.
Grenergy has already launched its plans to enter Germany, develop solar plants in 2023 and be able to have a minimum of 3GW of pipeline under development before 2025.
This country is designing an accelerated growth strategy for renewables in the face of possible problems of shortages they may face next winter due to their dependence on Russian oil and gas.
As for storage, the company has already launched divisions of this technology in the three platforms where it operates, the US, Latam and Europe.
The goal is to make storage an essential element in the energy transition and a fundamental tool for the electricity system, Grenergy said.
Here the operation carried out last March by Grenergy in the US with the purchase of 40% of the developer of photovoltaic and battery projects Sofos Harbert Renewable Energy (“Sofos Harbert”) based in Birmingham -Alabama- plays a prominent role.
The United States foresees an increase in the deployment of solar photovoltaic energy that will go from the current 61GW to an estimated 1000GW in 2035.