Grenergy Renovables, an independent power producer that designs, develops, and implements large-scale solar, wind, and storage projects, closed the sale of three solar distributed generation projects totaling 32.5 MW in Chile for €41.3 million (~$44 million).

The name of the acquirers was not disclosed. The projects are located across Dolores, Buenaventura, and Zaturno in Chile.

All three solar projects are PMGDs, meaning they are covered by a special regulatory regime for small-scale DG plants and are entitled to sell electricity at stabilized prices.

Grenergy Renovables’ business model covers all phases of the project, from development, through construction and financial structuring to operation and maintenance of the plants. The company has a global renewable pipeline of more than 13 GW across Europe and the U.S.

The sale is part of Grenergy’s build-to-sell strategy, which enables it to generate cash to support the financing of its goals as an independent power producer, the company said.

Commenting on the news Grenergy’s CEO, David Ruiz de Andrés, said, “With this transaction, Grenergy continues to demonstrate the value per MW of its assets under construction and the ability to generate cash from these assets to continue to grow.”

According to Mercom Annual and Q4 2022 Solar Funding and M&A report, 268 large-scale solar project acquisitions were recorded in 2022 compared to 280 in 2021. In 2022, about 66 GW of solar projects were acquired, with project developers picking up the most, reaching 35.7 GW. Solar project acquisitions in terms of GW were at the second-highest level ever. SOWITEC  a German wind and solar energy project developer – has recently signed contracts to sell three solar development projects in Mexico with a total capacity of 570 MW to an international utility.