Grenergy looking to raise US$95m to accelerate growth in Europe and storage development

Germany will be the first country of which Grenergy will expand its European presence with a projected pipeline of 3GW by 2025. Image: Grenergy.

Spanish developer Grenergy has launched a €90 million (US$94.8 million) accelerated capital increase to fuel growth in Europe and develop its energy storage capacity.

Grenergy welcomed the entrance of international investors that will help maintain the pace of its growth in Europe and the US after announcing earlier this year it was eyeing to enter into five new countries in wake of the REPowerEU plan.

Germany will be the first among the countries the company is expanding to, with the first solar PV developments starting in 2023 and with a pipeline of more than 3GW under development by 2025.

Meanwhile, the developer has already set up storage divisions in the three main markets it is located – The US, Latin America and Europe – with the goal to make energy storage an “essential element” in the energy transition. The purchase of 40% of solar PV and battery storage developer Sofos Harbert Renewable Energy in the US will play an important role for the company’s growth in the US, both for solar and storage projects.

David Ruiz de Andrés, CEO and founder of Grenergy, said: “This capital increase shows the support of investors in the company and allows us to consolidate as a relevant European actor in renewable energy and in new storage technologies.”

Furthermore, its maximum shareholder, David Ruiz de Andrés, has committed to subscribe for new shares up to 10% of the capital increase.

Earlier this month PV Tech Premium spoke with David Ruiz de Andrés about the company’s expansion growth in Europe and its vision on co-located projects as the future for solar PV.

Read Next

August 15, 2022
German energy company RWE’s onshore renewables business has undergone a dramatic change in fortunes on 2021, with 1H 2022 seeing the unit return to profitability following a poor H1 2021 performance, while during the first half of the year the company invested €2 billion (US$2.04 billion) in the expansion of its green portfolio.
August 15, 2022
US solar developer Korsail Energy has secured a development capital commitment from renewables investment fund SolRiver Capital.
August 12, 2022
Massachusetts governor Charlie Baker has signed on Thursday a climate bill that will bolster the growth of renewables project.
August 11, 2022
EDF Renewable Energy has reached full power operation of its 457MW ‘Palen Solar Project’ located on public lands in the south of California.
August 8, 2022
Despite an initial selection of 15 bidders, Chile’s latest power auction awarded only two companies contracts, with 777GWh of solar PV co-located with energy storage and wind secured.
August 2, 2022
US developer, owner and asset manager Longroad Energy has secured a US$500 million equity investment to support its business model shift from a “develop to sale” strategy to the ownership of renewable projects in the US.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
September 7, 2022
15:30 AEST (UTC +10)
Solar Media Events
September 14, 2022
Solar Media Events
October 4, 2022
New York, USA
Solar Media Events
October 11, 2022
Virtual event