Grenergy considering stake sale in 1-GW solar portfolio in Spain - report

Jan 24, 2023 01:51 PM ET
  • Spanish renewables firm Grenergy Renovables SL (BME: GRE) is functioning to market a 49% stake in a 1,094-MW solar PV portfolio it has in Spain, in a step that mirrors recent divestment efforts of power utility Iberdrola SA (BME: IBE), which has actually been shedding non-controlling stakes in certain assets.
Grenergy considering stake sale in 1-GW solar portfolio in Spain - report
Imagy: Grenergy

Spanish service news outlet Expansion reported on Tuesday, citing unnamed market resources, that Grenergy had hired professional services strong PwC to aid it locate a buyer. The purchase could lead to Grenergy stealing in between EUR 500 million (USD 543m) as well as EUR 600 million, the report states.

The assets in the portfolio are covered by long-term power acquisition arrangements (PPAs) varying from 12 to 15 years, the resources informed Expansion.

Additionally, Grenergy's supposed sale was timed so that it does not accompany Iberdrola's offer to market a 49% stake in a 1,265-MW wind and also solar portfolio in Spain, Expansion reports. Iberdrola announced Norges Bank Investment Management (NBIM) as the buyer for the bundle last week, months after rumours of the stake sale first appeared.

Similar to Iberdrola, Grenergy is also aiming to preserve control of the assets and continue to be in charge of project development and also operation and upkeep, Expansion claimed.

Grenergy has one operational solar farm in Spain, the 200-MW Los Escuderos, one 150-MW plant unfinished and 1,847 MW of solar projects in numerous stages of development, according to its earnings report for the very first 9 months of 2022.

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