Spanish renewables developer Grenergy has agreed to sell a 297 megawatt (MW) portfolio consisting of two solar photovoltaic projects to a fund owned by German insurer Allianz SE.
Clifford Chance has advised Grenergy Renovables on the sale, which amounts to €270.6 million (enterprise value). Closing is subject to the satisfaction of certain conditions and is expected to take place in 2025.
Both plants are expected to start operations in the second half of 2024, and all energy revenues up to the closing date will accrue to Grenergy. In addition, it will carry out the operation and maintenance activities, as well as the asset management during the useful life of the plants.
Larger Spanish energy companies such as Iberdrola or Repsol have also been raising cash to invest in new projects by selling more advanced ones.
