Spanish independent power producer Grenergy has secured €175 million (US$190 million) in green financing for the construction of a 300MW Spanish solar portfolio.
The portfolio comprises two PV projects, with a capacity of 250MW and 47MW, respectively. The first project – called Tabernas – will be located in the southern region of Andalusia, while the 47MW José Cabrera project will be located in northern Spain, in Castilla-la Mancha.
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Both projects are part of a solar portfolio sale reached last year with asset management company Allianz Capital Partners for €270.6 million, with the assets expected to be transferred in the first half of 2025.
The green financing agreement was signed with Spanish bank Banco Santander, Japanese financial group Mitsubishi UFJ Financial Group (MUFG) and investment entity Natixis.
Aside from its home country of Spain, Grenergy operates in ten other countries, including Chile – where it recently signed what has been claimed as the world’s largest’ solar-plus-storage power purchase agreement, the US with the acquisition of energy developer Sofos Harbert, Germany, and Poland. It currently has a renewable portfolio of over 15.5GW in different phases of development.
Late last year the company unveiled its plan to invest US$2.6 billion in expanding its solar PV and energy storage portfolio to 5GW and 4.1GWh respectively by 2026.
