Grenergy has agreed the sale of 100% of its Spanish 150MW Belinchón solar PV plant in Cuenca to an unnamed European IPP.
Net proceeds for Grenergy amount to €83m (equity value).
The deal, which is expected to be completed before the year-end and is subject to the fulfilment of certain, unnamed conditions, represents the first milestone of its Valkyria Project.
This includes the sale of up to 1.1GW of solar assets in Spain.
The company has decided to structure the operation in different phases, with the aim of adapting to the needs of investors and maximizing value creation.
Grenergy plans to use the proceeds obtained to continue promoting its strategic growth plan in the three regions in which it is present – Europe, the US and Latin America. That includes energy storage.
The company’s pipeline has increased substantially from 12.5GW of wind and solar capacity in 2022 to 14GW in 1Q23, of which 1.8GW is already in operation or under construction, and from 7.7GWh of storage capacity in 2022 to almost 10GWh as of today.
Grenergy chief executive David Ruiz de Andrés said: “The sale of Belinchón represents a key milestone for the company. Besides reducing the indebtedness, the first step of our Valkyria Project crystallizes the value of the company’s assets and recycles equity to invest in new projects and increase the size of our operations in the markets in which we operate.”