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Grenergy

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Grenergy
Company typepublic
ISINES0105079000
IndustryRenewable Energy
Founded2007
FounderDavid Ruiz de Andrés
HeadquartersMadrid, Spain
Area served
Europe, Latin America, United States
Revenue€400 M (2023)
Number of employees
600 (2023)
Websitehttps://grenergy.eu/en/

Grenergy is a Spanish company founded in 2007. It is an independent renewable energy producer and a specialist in the development, construction and operation of photovoltaic and storage projects.[1] It is present in 10 countries in Europe, Latin America and the United States. In 2023, with more than 600 employees,[2] it posted a net profit of €51 million, a fivefold increase compared to 2022. In terms of total revenue, it rose to €400 million, 37% higher than in 2022.[3][4]

History

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Grenergy was founded in Spain by economist David Ruiz de Andrés. It started its first projects in Spain (2008-2012) with solar farms in the provinces of Cuenca, Toledo, Sevilla, Granada and Ávila.[5][6][7] The company chose Chile for its Latin American expansion, which began in 2014, after incentives for the sector were curbed in Spain.[8]

In 2016, it was awarded the construction and development of two wind farms in Cajamarca (Peru),[9] and continued with the construction of two solar plants in Colombia and Mexico.[10]

It began operating in Italy,[10] and the United Kingdom in 2020,[11] and began operating in Germany in 2022.[12] It entered the United States by acquiring a 40% stake in Sofos Harbert Renewable Energy, a photovoltaic and battery project developer.[13][14] A year later, it succeeded in acquiring 100% of the company, which has been renamed Grenergy US.[15]

IPO

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In 2015, the company began trading on the Mercado Alternativo Bursátil (MAB - now known as BME Growth) of the Spanish Stock Exchange.[16] In 2019, it made the jump to the continuous market.[17] In 2021, the company registered its first green bond program, a debt issuance aligned with the International Capital Market Association's (ICMA) Green Bond Principles 2021 and the Loan Market Association's (LMA) Green Loan Principles 2021.[18] The company signed the first green financing linked to sustainability in Spain with Banco Santander in 2023.[19]

Pipeline

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It has a portfolio of 15.9 gigawatts (GW) of solar PV and 21.7 GWh of storage in various stages of development:[20]

Oasis de Atacama

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Located in the Atacama Desert (Chile), it is made up of 2 GW of solar and 11 gigawatt hours (GWh) of storage.[21][22] In September 2024, Grenergy acquired a solar portfolio from Repsol and Ibereólica for $128m to expand the project. The portfolio included a 77MW photovoltaic plant, 923MW of projects under development and a 1GW interconnection facility.[23][24]

Grenergy has an agreement with BYD - a Chinese battery manufacturer - to supply large-scale storage systems with a total capacity of 3 GWh.[25] It has power purchase agreements with companies such as EMOAC in Chile.[21][26]

In December 2024, Grenergy sold 23% of the assets from the projects to ContourGlobal for $962 million. The assets include 451 MW of solar and 2.5 GWh of storage.[27][28]

GranTeno

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It has a capacity of 241 MWp and is located in the Maule region, in south-central Chile. Its construction, with sustainable financing from BNP Paribas and Société Générale, amounted to 136 million euros ($148 million).[29] A long-term Power Purchase Agreement (PPA) signed with an international utility company will provide 140 GWh per year for 12 years.[30] It is Grenergy's largest PV plant in operation to date (2024).

Other projects

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The portfolio includes the Escuderos photovoltaic plant (Cuenca). It has a capacity of 200 MW and will supply energy to Galp.[31] With financing from KFW and Bankinter, the company secured 110 million euros for the construction.[32]

The Tabernas Plant (Almería), with a capacity of 250 MW and an estimated annual production of 466.6 GWh, will sell its energy to Amazon.[33] It is operating with green financing of 175 million euros. In addition, it has signed an agreement with Ingeteam for the supply of 70 state-of-the-art inverters.[34]

There are another 80 Grenergy photovoltaic plants in Chile.[35]

References

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  1. ^ Eduardo Inmedia Cano "Grenergy Renovables" Renta4 Banco (September 15, 2015)
  2. ^ "Grenergy quintuplica su beneficio en 2023, hasta 51,1 millones, con ingresos récord de 400 millones" El periódico de la energía (February 28, 2024)
  3. ^ Sustainability Report 2023. Grenergy.
  4. ^ "Grenergy posts five-fold profit boost in 2023" Renewables Now (Marche 8, 2024)
  5. ^ Advisory, Probuen (2022-03-15). "GRENERGY RENOVABLES: Fuerte crecimiento en el pasado, expectativas futuras". Probuen | Actividad corporativa & inmobiliaria (in Spanish). Retrieved 2024-10-08.
  6. ^ Radomir Ralev "Grenergy Renovables launches 2 MW in rooftop PV plants" Renewabkes Now (March 25, 2013)
  7. ^ Ivan Sumkov "Grenergy sells 4 MW of PV in Spain" Renewables Now (Jan 26, 2016)
  8. ^ Diana Hristova "Grenergy Renovables seeks to build 40-MW solar park in Chile" Renewables Now (May 21, 2014)
  9. ^ "Grenergy se adjudica dos parques eólicos en Perú con 36 MW". www.expansion.com. Retrieved 2024-10-08.
  10. ^ a b Sánchez Molina, P. "Grenergy sale al mercado italiano" Pv Magazine (November 15, 2020)
  11. ^ Sánchez Molina, P . "Grenergy busca seguir creciendo en Europa y entra en almacenamiento" pv Magazine (July 19, 2021)
  12. ^ Alba Pérez "Grenergy entra en Alemania con el objetivo de 3 GW de 'pipeline' antes de 2025" El economista.es (June 16, 2022)
  13. ^ Alba Pérez "Grenergy entra en Estados Unidos con la compra del 40% de Sofos Harbert". El economista.es (August 28, 2022)
  14. ^ Yuen, Simon (2023-02-14). "Grenergy bolsters business in US by taking full control of Sofos Harbert". PV Tech. Retrieved 2024-10-17.
  15. ^ DÍAS, CINCO (2023-02-14). "Grenergy se consolida en EE UU con la compra del 100% de Sofos Harbert". Cinco Días (in Spanish). Retrieved 2024-10-08.
  16. ^ Fariza, Ignacio (2023-11-21). "Grenergy construirá en Chile la mayor batería del mundo para almacenar energía solar". El País (in Spanish). Retrieved 2024-10-08.
  17. ^ "Grenergy protagonizará el 13 de diciembre la única salida a Bolsa del año". EXPANSION (in Spanish). 2019-12-03. Retrieved 2024-10-08.
  18. ^ Sanchez Molina, P. "Grenergy registra el primer programa de pagarés verdes en España por 100 millones de euros" pv Magazine (September 16, 2021)
  19. ^ "Grenergy firma con Banco Santander una financiación corporativa verde asegurada por Cesce de 147 millones". Europa Press. 2023-11-13. Retrieved 2024-10-08.
  20. ^ Pepe García "Grenergy aumenta un 27% su beneficio a seis millones de euros en el arranque del año" El economista.es (May 23, 2024)
  21. ^ a b DÍAS, CINCO (2024-09-23). "Grenergy invierte 128 millones para duplicar su generación de fotovoltaica en el Oasis de Atacama". Cinco Días (in Spanish). Retrieved 2024-10-08.
  22. ^ "Grenergy secures PPA for 260 MW-1,100 MWh of solar-plus-storage in Chile". pv magazine International. 2024-01-25. Retrieved 2024-10-17.
  23. ^ Ellichipuram, Umesh (2024-09-23). "Grenergy to acquire 1GW solar portfolio in Chile". Power Technology. Retrieved 2025-05-15.
  24. ^ "Grenergy expands Chile battery project by 1GW". reNEWS. 2024-09-23. Archived from the original on 2024-09-24. Retrieved 2025-05-15.
  25. ^ "Grenergy y BYD amplían su acuerdo de baterías hasta los 3GWh para Oasis de Atacama" El periódico de la energía (September 13, 2024)
  26. ^ Djunisic, S.: "Grenergy signs PPA for solar storage power in Chile" Renewables Now (Nov 17,2023)
  27. ^ "Spain's Grenergy shares jump after $962 mln Chile assets sale to KKR". Reuters. 2024-12-18. Retrieved 2025-05-15.
  28. ^ Hall, Max (2024-12-19). "Grenergy sells stake in Chile's Oasis de Atacama project for close to billion dollars". Energy Storage. Retrieved 2025-05-15.
  29. ^ "Grenergy cierra la financiación verde de dos parques solares de 300 MW en Chile por 136 millones de euros". Europa Press. 2023-07-03. Retrieved 2024-10-08.
  30. ^ Estratégica, Energía (2023-06-30). "Grenergy firma un PPA en Chile para su planta solar Gran Teno de 241 MW". Energía Estratégica (in Spanish). Retrieved 2024-10-08.
  31. ^ "Emiliano García-Page pone la primera piedra del parque solar de Escuderos de Grenergy – SOLARNEWS" (in Spanish). Retrieved 2024-10-08.
  32. ^ "Grenergy cierra la financiación verde de su parque solar en Cuenca por 110 millones" El economista.es (December 23, 2020)
  33. ^ Gómez, Iván (2024-06-25). "El gigante fotovoltaico de Grenergy avanza en Tabernas: energía verde para 126.300 hogares". Diario de Almería (in Spanish). Retrieved 2024-10-17.
  34. ^ Gómez, Iván (2024-06-25). "El gigante fotovoltaico de Grenergy avanza en Tabernas: energía verde para 126.300 hogares". Diario de Almería (in Spanish). Retrieved 2024-10-08.
  35. ^ "Grenergy estrena en Chile su mayor planta fotovoltaica sostenible, de 241 megavatios". La Información (in European Spanish). 2024-03-13. Retrieved 2024-10-08.
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