Grenergy eyeing stake sale in 1-GW photo voltaic portfolio in Spain – report

Spanish renewables firm Grenergy Renovables SL (BME:GRE) is working to promote a 49% stake in a 1,094-MW photo voltaic PV portfolio it has in Spain, in a transfer that mirrors latest divestment efforts of energy utility Iberdrola SA (BME:IBE), which has been shedding non-controlling stakes in sure property.

Spanish enterprise information outlet Growth reported on Tuesday, citing unnamed market sources, that Grenergy had employed skilled companies agency PwC to assist it discover a purchaser. The transaction may result in Grenergy pocketing between EUR 500 million (USD 543m) and EUR 600 million, the report states.

The property within the portfolio are lined by long-term energy buy agreements (PPAs) starting from 12 to fifteen years, the sources informed Growth.

Moreover, Grenergy’s alleged sale was timed in order that it doesn’t coincide with Iberdrola’s deal to promote a 49% stake in a 1,265-MW wind and photo voltaic portfolio in Spain, Growth studies. Iberdrola introduced Norges Financial institution Funding Administration (NBIM) as the buyer for the bundle final week, months after rumours of the stake sale first surfaced.

Similar to Iberdrola, Grenergy can also be seeking to retain management of the property and stay accountable for mission growth and operation and upkeep, Growth mentioned.

Grenergy has one operational photo voltaic farm in Spain, the 200-MW Los Escuderos, one 150-MW plant under construction and 1,847 MW of photo voltaic tasks in numerous levels of growth, in response to its earnings report for the primary 9 months of 2022.

(EUR 1.0 = USD 1.09)

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