COFIDES will support the expansion into the US market of Greening, a global, vertically integrated renewable energy company which operates in Europe and North America’s main markets. To this end, it has granted the company a joint venture loan of €3M from the Fund for Foreign Investments (FIEX), which will finance the engineering, construction, operation and maintenance of photovoltaic installations (3 MWp) for self-consumption at the plant that its client Opmobillity (formerly Plastic Omnium), a French multinational in the automotive sector, owns in the city of Adrian (Michigan).
This project, which envisages a total investment of $4.3M, is articulated through a 15-year Power Purchase Agreement.
Previously, COFIDES had already financed the group's commercial establishment in this country, with the start-up of an office in Miami. It has also contributed to its expansion in Mexico, Italy, Germany and France.
The corporate director of COFIDES' Investment Department, Miguel Ángel Ladero, stated: "Sustainability is a priority value for our company, which is why we are committed to business initiatives that promote renewable energies and encourage a sustainable energy transition."
For Greening, Manuel Mateos, Director of Institutional Relations, points out: "This is a further step in our collaboration towards a greener and more sustainable future in a market as relevant as the US market."
CONTRIBUTION TO THE SDGs
This project contributes to the achievement of Sustainable Development Goal 13, "Climate Action", by contributing to climate change mitigation. The company's activity, based on the construction of photovoltaic installations for self-consumption, contributes to energy savings by improving supply and lowering energy costs.
ABOUT GREENING GROUP
Greening is a global, vertically integrated renewable energy company that not only generates and markets its own green energy, but does so through a diversified portfolio of technologies: photovoltaic, wind, biogas and energy storage (BESS). With a presence in major markets across Europe and North America, Greening is at the forefront of the energy transition to lead a greener, more sustainable future, reducing the global carbon footprint and facilitating the adoption of clean energy solutions.
ABOUT COFIDES
COFIDES is a state-owned trading company that manages state funds, as well as its own resources and those of third-party institutions. COFIDES's mission is to support the internationalization of the Spanish economy, attract foreign investment into strategic sectors in Spain, promote the impact economy, and contribute to global economic development. COFIDES is also instrumental in strengthening the solvency of Spanish companies, particularly in response to challenges such as the COVID-19 pandemic. COFIDES’s shareholders include the Spanish State, Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell, and CAF-Development Bank of Latin America.
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