Grenergy Plans $2.8 bln Expansion in US
Spain’s Grenergy Boosts US Solar Power Generation
Spain’s Grenergy is set to double its U.S. solar project pipeline within three years, part of a €2.6 billion investment strategy. The firm is one of many Spanish energy companies, including Iberdrola and Repsol, pivoting towards the US to leverage subsidies from the Inflation Reduction Act.
“The U.S. is, right now, the most desirable market… It provides long-term visibility,” said Grenergy’s operations chief, Pablo Otin, highlighting the company’s confidence in the U.S. market.
In pursuit of 10GW capacity by 2026, Grenergy’s pipeline includes renewable projects with potential for 4.7GW of capacity, with a goal of 1.1GW operational or under construction.
As part of its growth strategy, the firm aims to increase installed solar capacity to 5GW and renewable energy storage capacity to 4.1GWh by 2026. This expansion will be partly funded through asset sales, aiming to yield over €600 million by 2026.
Grenergy’s CEO, David Ruiz de Andrés, noted that mergers and acquisitions have been a consistent part of the company’s strategy, and that “we have plenty more projects to build and rotate”.
Grenergy’s strategy is to move towards a solar plus battery model, providing flexibility to sell electricity during peak hours and achieve more stable long-term cash flows.
($1 = €0.9168)
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