Grenergy

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]

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]

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

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]

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).

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]