Grenergy closes EUR-90m capital raise to fuel growth
The solar plant El Olivo in Chile. Source: Grenergy Renovables SA
June 29 (Renewables Now) - Spanish renewable power producer Grenergy Renovables SL (BME:GRE) has successfully concluded a EUR-90-million (USD 95m) capital hike to support its growth plan.
The company said in a regulatory filing on Tuesday that the transaction has attracted strong demand for the new shares, with almost three times the initial demand.
David Ruiz de Andres, the CEO and largest shareholder of Grenergy, has taken part in the accelerated capital increase with a EUR-4-million investment. The company has also welcomed new qualified investors, mainly international.
Grenergy intends to use the fresh capital to speed up its growth in both Europe and the US. Earlier this month, the company said it has entered the German market where it hopes to achieve a solar project development pipeline of at least 3 GW by 2025. It also has storage divisions in the US, Latin America and Europe.
Overall, Grenergy has a global pipeline surpassing 11.5 GW of projects in various stages of development.