Grenergy agrees the sale of 150MW of solar assets in Spain

  • The listed entity reduces debt and recycles capital to continue advancing with its strategic growth plan
  • The company divides the Valkyria project into several phases to adapt to the needs of investors and maximize the value creation

Madrid, 15 June 2023.-Grenergy, the listed renewable energy player specialised in the development, construction and management of photovoltaic, wind and storage projects, has agreed the sale of 100% of its 150MW Belinchón solar PV plant located in Cuenca (Spain) to a European IPP. Net proceeds to Grenergy amount to €83m (equity value). The deal represents the first milestone of its Valkyria Project.

As reported today to the Spanish market regulator (CNMV), the deal is expected to be completed before the year-end subject to the fulfilment of certain conditions.

Grenergy plans 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.

The company's pipeline has increased substantially from 12.5GW of wind and solar capacity in 2022 to 14.0GW in 1Q23, of which 1.8GW are already in operation or under construction, and from 7.7 GWh of storage capacity in 2022 to almost 10.0GWh as of today.

A key milestone

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, with the aim of adapting to the needs of investors and maximizing the 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 the Grenergy' CEO David Ruiz de Andrés.

About Grenergy Renovables

Grenergy Renovables, a Spanish company created in 2007, is an independent producer of energy from renewable sources, mainly photovoltaic, wind and storage, that has been listed on the Spanish stock market since 2015. Its business model covers all phases of the project, from development to the construction, financial structuring, operation and maintenance of the plants. The company has a global platform of more than 14.0GW in various stages of development in the eleven countries where it operates in Europe (Spain, Italy, Germany, Poland and United Kingdom), North American (United States) and Latin America (Chile, Peru, Mexico, Argentina and Colombia).

More information:

Grenergy Renovables Daniel Lozano comunicacion@grenergy.eu Tlf. +0034 917 08 19 70 www.grenergy.eu

Ion, Imagen y Comunicación Carolina Morales/Eduardo Lobillo carolina@ioncomunicacion.es eduardo@ioncomunicacion.es Tlf. +00 34 915 76 07 70 Vwww.ioncomunicacion.es

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Grenergy Renovables SA published this content on 15 June 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 June 2023 15:56:00 UTC.