Grenergy Sells Three Solar Farms in Chile for 41.3 Million Euros

Grenergy, the listed Spanish renewable energy producer, has sold three SSDG solar farms in Chile to the Spanish Securities and Exchange Commission (CNMV) for €41.3 million (about $44.2 million). Grenergy is specialized in the development, construction, and management of photovoltaic, wind and storage projects.

This transaction is in line with Grenergy's strategy of maintaining a recurring asset rotation and demonstrates the listed company's ability to realize the value of its renewable assets.

The sale of these three photovoltaic plants, Dolores (agreed in the last quarter of 2022), Zaturno and Buenaventura (both operations will be recognized in the first quarter of 2023), with a total installed capacity of 32.5 MWp, will reduce the company's debt and boost its growth in the three markets where it is currently present, Latin America, Europe and the US.

Chile is the main market for the listed company and it is the operator with the most plants built in the country. This is where it has installed its operations centre for the entire Southern Cone, where it is currently building 500 MW and developing 2.8 GW between solar and wind and 2.6 GWh of battery projects.

Capitalizing assets

The listed company, with a capitalization of close to 1,000 million euros and 1.4 GW of installed capacity, has a solar and wind pipeline of 11.4 GW, as well as 7.7 GWh of storage projects under development. It has also set a target of 5 GW of installed solar and wind projects by 2025. Additionally, it aims to reach 1 GWh of storage by that date for the first time.

As Grenergy's CEO, David Ruiz de Andrés points out, "with this transaction, Grenergy continues to demonstrate the value per MW of its assets under construction and the ability to generate cash from these assets to continue to grow".