Grenergy has reached an agreement to sell nearly 300 MW from two solar plants located in Spain to Allianz Capital Partners on behalf of Allianz insurance companies and further institutional investors for €270.6 million (enterprise value). Allianz Capital Partners is one of the asset managers of Allianz Group, which is one of the world’s leading insurers and asset managers.
Closing of the transaction, which is subject to the satisfaction of customary conditions, is expected to take place on June 30, 2025. This is Grenergy’s largest operation to date.
The COD of both plants is expected to be in the second half of 2024, and all energy revenues until the closing date will accrue to Grenergy. In addition, Grenergy will also carry out the operation and maintenance activities, as well as the management of the asset during the useful life of the plants.
Another important milestone in Valkyria
The sale of these assets is part of the Valkyria project, which began to be structured at the beginning of the year and is progressing at a good pace. The company recently announced the closing of the first milestone of the Valkyria plan, which has been structured in different phases in order to meet the needs of investors and maximize the value of the assets.
This transaction underscores Grenergy's ability to generate value. At the same time, the proceeds from the Valkyria transaction will enable Grenergy to finance the strong growth expected in the coming years. On November 21, the company plans to update its strategic plan at its first Capital Markets Day.
"We are delighted to announce our first major agreement with Allianz Capital Partners, which underscores the trust placed in us by leading companies. We hope that this is the beginning of a cooperation that can be extended to other markets," said David Ruiz de Andrés, CEO of Grenergy.
About Grenergy Renovables
Grenergy Renovables is a Spanish company created in 2007, an independent producer of energy from renewable sources, mainly wind and photovoltaic, which has been listed on the Spanish stock exchange since 2015. Its business model covers all project phases, from development, through construction and financial structuring to plant operation and maintenance. The company has a global pipeline of more than 11.7 GW in various stages of development in the ten countries where it operates in the European (Spain, Italy, Germany, Poland and the United Kingdom), North American (United States) and Latin American (Chile, Peru, Mexico, Argentina and Colombia) markets.
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