Grenergy eyeing stake sale in 1-GW solar portfolio in Spain - report

Spanish renewables company Grenergy Renovables SL (BME:GRE) is working to sell a 49% stake in a 1,094-MW solar PV portfolio it has in Spain, in a move that mirrors recent divestment efforts of power utility Iberdrola SA (BME:IBE), which has been shedding non-controlling stakes in certain assets.

Spanish business news outlet Expansion reported on Tuesday, citing unnamed market sources, that Grenergy had hired professional services firm PwC to help it find a buyer. The transaction could lead to Grenergy pocketing between EUR 500 million (USD 543m) and EUR 600 million, the report states.

The assets in the portfolio are covered by long-term power purchase agreements (PPAs) ranging from 12 to 15 years, the sources told Expansion.

Furthermore, Grenergy’s alleged sale was timed so that it does not coincide with Iberdrola’s deal to sell a 49% stake in a 1,265-MW wind and solar portfolio in Spain, Expansion reports. Iberdrola announced Norges Bank Investment Management (NBIM) as the buyer for the bundle last week, months after rumours of the stake sale first surfaced.

Just like Iberdrola, Grenergy is also looking to retain control of the assets and remain in charge of project development and operation and maintenance, Expansion said.

Grenergy has one operational solar farm in Spain, the 200-MW Los Escuderos, one 150-MW plant under construction and 1,847 MW of solar projects in various stages of development, according to its earnings report for the first nine months of 2022.

(EUR 1.0 = USD 1.09)

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