Grenergy seeking to raise US$ 95m to speed up growth in Europe as well as storage space advancement

• Spanish developer Grenergy has launched a EUR90 million (US$ 94.8 million) accelerated capital boost to fuel development in Europe and develop its power storage space capacity.

Grenergy welcomed the entry of worldwide investors that will aid keep the pace of its development in Europe and the US after announcing earlier this year it was considering to enter into 5 new nations in wake of the REPowerEU plan.

Germany will be the first among the countries the firm is expanding to, with the initial solar PV growths starting in 2023 as well as with a pipe of more than 3GW under development by 2025.

On the other hand, the developer has already set up storage departments in the 3 major markets it is located-- The United States, Latin America and Europe-- with the objective to make power storage space an "essential element" in the energy change. The acquisition of 40% of solar PV and battery storage programmer Sofos Harbert Renewable resource in the US will certainly play a crucial role for the firm's growth in the United States, both for solar and storage projects.

David Ruiz de Andrés, chief executive officer and also founder of Grenergy, said: "This capital increase shows the assistance of investors in the company as well as permits us to combine as a pertinent European actor in renewable resource and in new storage space technologies."

Moreover, its maximum investor, David Ruiz de Andrés, has devoted to subscribe for new shares up to 10% of the capital boost.