Grenergy, a solar, wind and storage project developer, has agreed to sell its 150 MW Belinchón solar project in Spain to a European IPP. Net proceeds to Grenergy amount to €83 million (~$90.75 million) (equity value). The deal is expected to be completed before the year-end, subject to the fulfillment of certain conditions.

The sale of 100% of its Belinchón solar PV project is the first milestone of the Valkyria Project, which includes the sale of up to 1.1GW of solar assets in Spain. The company has decided to structure the operation in different phases, aiming to adapt to the needs of investors and maximize value creation.

“The sale of Belinchón represents a key milestone for the company. Besides reducing the indebtedness, the first step of our Valkyria Project crystallizes the value of the company’s assets and recycles equity to invest in new projects and increase the size of our operations in the markets in which we operate”, stated Grenergy’ CEO David Ruiz de Andrés.

Grenergy plans to use the proceeds obtained to continue promoting its strategic growth plan in the three regions in which it is present -Europe, the US, and Latin America that includes energy storage.

According to Mercom’s Q1 2023 Solar Funding and M&A Report, there were 67 large-scale solar project acquisitions in Q1 2023, compared to 61 transactions in Q4 2022.

In a recent transaction, Ib vogt, a renewable energy project developer, agreed to sell the 149 MW Garnacha solar project in Spain to ERG, a renewable energy independent power producer. The transaction for the 100 % stake of Garnacha Solar SL is expected to close by the third quarter of 2023 and represents an enterprise value of $188 million. The project has signed a 12-year pay-as-produced power purchase agreement (PPA) with a multinational corporation for seventy percent of the electricity generated. It covers an area of 224 hectares of land on low-quality soil and will consist of more than 270,000 of the latest-generation bifacial solar modules. Ib vogt has selected a single-axis tracker system with a north-south orientation for optimal performance. Augusta & Co provided financial advice, and Pinsent Masons provided legal advice for the transaction.