Grenergy, an independent solar and wind power producer, agreed to sell two solar projects of nearly 300 MW capacity in Spain to Allianz Capital Partners on behalf of Allianz insurance companies and further institutional investors for €270.6 million (~$284.61 million).
The closing of the transaction, subject to the satisfaction of customary conditions, is expected to take place on June 30, 2025. The projects are expected to reach commercial operation by the second half of 2024, and all energy revenues until the closing date will accrue to Grenergy. In addition, Grenergy will also carry out the operation and maintenance activities, as well as the management of the assets during the useful life of the plants.
“We are delighted to announce our first major agreement with Allianz Capital Partners, which underscores the trust placed in us by leading companies. We hope that this is the beginning of a future cooperation that can be extended to other markets,” said David Ruiz de Andrés, CEO of Grenergy.
According to Mercom’s recently released 9M and Q3 2023 Solar Funding and M&A Report, in the first nine months (9M) of 2023, there were a total of 166 project acquisitions for 31.6 GW compared to 207 projects acquired for 52.1 GW in 9M 2022.
OX2, a Sweden-based renewable energy company that develops, funds, and manages large-scale projects, signed an agreement to sell 23 MW of AgriPV project located in the Loiret region, France, to CVE, a France-based independent renewable energy power producer. The construction of the solar plant will be carried out by CVE, and the commissioning is expected to be during the first quarter of 2026.