Grenergy has recently reached an agreement to sell its entire stake in the Belinchón solar photovoltaic (PV) plant located in Cuenca, Spain. The buyer, an unnamed European Independent Power Producer (IPP), will acquire the 150MW facility, marking a significant development for Grenergy's ambitious Valkyria Project. The transaction, expected to be finalized by the end of this year, is contingent upon the fulfillment of undisclosed conditions.
The sale of the Belinchón plant will generate net proceeds of €83 million for Grenergy, representing the equity value of the deal. This divestment forms the initial phase of the Valkyria Project, which entails the potential sale of up to 1.1GW of solar assets throughout Spain. Grenergy has opted to structure the operation in multiple stages, enabling flexibility to meet investor requirements and maximize value creation.
The funds obtained from this transaction will be utilized by Grenergy to further advance its strategic growth plan across three key regions: Europe, the United States, and Latin America. This plan includes a focus on expanding their presence in the energy storage sector. By leveraging the proceeds, Grenergy aims to initiate new projects and enhance the scale of its operations in the markets it serves.
The company's project portfolio has witnessed substantial growth, with a rise in wind and solar capacity from 12.5GW in 2022 to 14GW in the first quarter of 2023. Among this capacity, 1.8GW is already operational or currently under construction. Additionally, Grenergy's storage capacity has experienced a notable increase from 7.7GWh in 2022 to nearly 10GWh at present.
Commenting on the sale of the Belinchón plant, Grenergy's Chief Executive, David Ruiz de Andrés, expressed the significance of this milestone for the company. He stated, “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.”
The completion of this transaction will not only allow Grenergy to strengthen its financial position but also reinforce its commitment to sustainable energy development. As the company moves forward with its strategic plans, it is expected to make further advancements in renewable energy projects, contributing to the global transition to a cleaner and more sustainable future.
