Spanish group Greenalia SA (BME:GRN) has acquired a US renewable energy company holding a 670-MWp solar PV project in Texas to enter the US market, and announced plans to explore further acquisitions in the country.
The expansion to across the pond is part of Greenalia’s strategic plan to diversify risk, add another currency and branch out into new technologies, the Spanish renewables group said.
In native Spain, Greenalia currently operates onshore wind farms and a biomass-fired power plant, but has several solar PV and floating wind projects in various stages of development.
The acquisition of the unnamed US company hands Greenalia a ready-to-build solar project with grid access permits in place, and a possibility to install 170 MW of battery storage, the group said.
Construction of the solar project will begin in 2022. If the storage project materialises, the two would represent an investment of over USD 450 million (EUR 381.5m), according to Greenalia.
The company said it recently set up two subsidiaries in the US to handle the future business in the country -- Greenalia Power US Inc and Greenalia Solar Power US Inc.
Greenalia Solar Power Inc was the one that completed the announced acquisition, the group said in a bourse filing.
Greenalia added that it plans to start the permitting process for new PV, wind and storage projects in the US, and “will continue to study the purchase of other companies in the sector”.
“The strong commitment and drive of the US Administration for renewable energies has opened an attractive window that we must take advantage of,” said Greenalia CEO Manuel Garcia.
(USD 1.0 = EUR 0.848)
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