Grenergy

Grenergy is a Spanish independent renewable-energy producer founded in 2007 by economist David Ruiz de Andrés. The company develops, constructs, owns, operates and sells renewable-energy assets, with a particular emphasis on utility-scale solar photovoltaic generation and energy storage. Its activities span the project life cycle: identifying sites, securing permits and grid access, arranging financing, building facilities, entering into power-purchase agreements and, in selected cases, selling interests in operating or development assets to infrastructure investors. The company began with solar projects in Spain. Between 2008 and 2012 it developed solar farms in provinces including Cuenca, Toledo, Seville, Granada and Ávila. After policy incentives for renewable energy were reduced in Spain, Grenergy pursued international expansion, choosing Chile as its initial Latin American platform in 2014. It subsequently broadened its regional activity through wind development in Peru and solar projects in Colombia and Mexico. Italy and the United Kingdom were added in 2020, Germany in 2022, and the United States through the acquisition of Sofos Harbert Renewable Energy, a photovoltaic and battery-project developer that was later renamed Grenergy US. Grenergy's public-market history began in 2015, when its shares started trading on Spain's Mercado Alternativo Bursátil, now called BME Growth. In 2019 it moved to Spain's continuous market. The company also developed a financing platform for renewable infrastructure, including a green-bond program registered in 2021 and sustainability-linked green financing arranged with Banco Santander in 2023. Storage has become central to the company's strategy. Its most prominent development is Oasis de Atacama in Chile, a large solar-and-battery complex in the Atacama Desert. The project combines approximately 2 GW of solar capacity with 11 GWh of storage and includes commercial arrangements with battery supplier BYD and Chilean power purchaser EMOAC. In 2024, Grenergy expanded the project through a portfolio acquisition from Repsol and Ibereólica, and later sold a minority interest in selected project assets to ContourGlobal. Other reported assets include GranTeno in Chile (described as the company's largest operating photovoltaic plant at the time), the Escuderos project in Cuenca and the Tabernas plant in Almería. The company's reported development portfolio includes solar photovoltaic projects and storage capacity at various stages of development across Europe, Latin America and the United States. In 2023, Grenergy reported more than 600 employees, revenue of approximately €400 million and net profit of €51 million. These financial figures refer to fiscal year 2023 and should not be treated as current performance.

Grenergy was established in Spain in 2007 by economist David Ruiz de Andrés. Its first operating phase was centered on domestic solar development. From 2008 through 2012, the company worked on solar farms in several Spanish provinces, including Cuenca, Toledo, Seville, Granada and Ávila. This early portfolio gave Grenergy experience in permitting, construction and operation of photovoltaic assets. The company began looking outside Spain after renewable-energy incentives in its home market were curtailed. Chile became its first major Latin American expansion market in 2014. The country offered a strong solar resource and became the base for Grenergy's subsequent emphasis on large-scale photovoltaic generation and storage. In 2016, the company received contracts to develop and construct two wind farms in Cajamarca, Peru. It also continued developing solar plants in Colombia and Mexico, broadening its regional presence beyond Chile. Grenergy expanded into additional European markets in the following decade. It began operations in Italy and the United Kingdom in 2020 and entered Germany in 2022. The company later established a presence in the United States by acquiring a 40% interest in Sofos Harbert Renewable Energy, a developer of photovoltaic and battery projects. It subsequently acquired the remaining interest, and the business was renamed Grenergy US. The company's financing and listing history developed alongside its geographic expansion. Grenergy began trading in 2015 on Spain's Mercado Alternativo Bursátil, which was later renamed BME Growth. In 2019, it transferred to Spain's continuous market. In 2021 it registered its first green-bond program. The program was aligned with the International Capital Market Association Green Bond Principles and the Loan Market Association Green Loan Principles, as described in the cited reference. In 2023, Grenergy arranged sustainability-linked green financing with Banco Santander. A major strategic development was the increasing integration of battery storage with solar generation. Oasis de Atacama, located in Chile's Atacama Desert, became the company's most prominent storage-led project. The complex is described as combining about 2 GW of solar capacity with 11 GWh of battery storage. Grenergy agreed with BYD to supply large-scale storage systems totaling 3 GWh and entered power-purchase arrangements with customers including EMOAC. In September 2024, Grenergy acquired additional solar assets from Repsol and Ibereólica for $128 million. In December 2024, it sold a 23% interest in selected project assets to ContourGlobal for $962 million, retaining exposure while bringing in an infrastructure partner. Other projects illustrate the company's broader portfolio. GranTeno, in Chile's Maule region, has reported capacity of 241 MWp and was financed with support from BNP Paribas and Société Générale. A long-term power-purchase agreement with an international utility was reported to cover 140 GWh annually for 12 years. In Spain, the 200 MW Escuderos photovoltaic plant in Cuenca was associated with a power-purchase agreement with Galp and financing from KfW and Bankinter. The 250 MW Tabernas plant in Almería was reported to have an estimated annual production of 466.6 GWh, an agreement to sell power to Amazon, €175 million of green financing and an inverter-supply agreement with Ingeteam. By 2023, the company reported more than 600 employees, approximately €400 million in revenue and €51 million in net profit. The reported development portfolio included 15.9 GW of solar photovoltaic capacity and 21.7 GWh of storage at varying stages, with activities across Europe, Latin America and the United States. These figures describe the company at the time of the cited sources and may change as projects are commissioned, sold or expanded.

• 2024

  Oasis de Atacama expansion and asset sale

  [1]Grenergyen.wikipedia.org

  Grenergy expanded Oasis de Atacama through a portfolio acquisition from Repsol and Ibereólica and sold a 23% interest in selected assets to ContourGlobal.

• 2023

  Reported financial growth and sustainability-linked financing

  [1]Grenergyen.wikipedia.org

  The company reported €400 million in revenue and €51 million in net profit for 2023 and signed a sustainability-linked green-financing arrangement with Banco Santander.

• 2022

  Entry into Germany

  [1]Grenergyen.wikipedia.org

  Grenergy began operating in Germany.

• 2021

  First green-bond program

  [1]Grenergyen.wikipedia.org

  Grenergy registered its first green-bond program under principles associated with the ICMA and LMA green-finance frameworks.

• 2020

  Entry into Italy and the United Kingdom

  [1]Grenergyen.wikipedia.org

  The company began operating in Italy and the United Kingdom.

• 2019

  Move to Spain's continuous market

  [1]Grenergyen.wikipedia.org

  Grenergy moved from the alternative market to Spain's continuous market.

• 2016

  Peruvian wind contracts

  [1]Grenergyen.wikipedia.org

  Grenergy was awarded development and construction work for two wind farms in Cajamarca, Peru.

• 2015

  Initial public-market listing

  [1]Grenergyen.wikipedia.org

  The company began trading on Spain's Mercado Alternativo Bursátil, now known as BME Growth.

• 2014

  Expansion into Chile

  [1]Grenergyen.wikipedia.org

  Grenergy entered Chile as its first major Latin American expansion market after Spanish renewable-energy incentives were reduced.

• 2008

  Initial Spanish solar development

  [1]Grenergyen.wikipedia.org

  The company began developing solar farms in Spain, with projects reported in Cuenca, Toledo, Seville, Granada and Ávila during the 2008–2012 period.

• 2007

  Company founded in Spain

  [1]Grenergyen.wikipedia.org

  Grenergy was founded in Spain by economist David Ruiz de Andrés.

Independent renewable-energy developer, producer and asset operator focused on utility-scale solar generation and large-scale energy storage.

• Solar photovoltaic and battery storage project

  Oasis de Atacama

  Oasis de Atacama is Grenergy's flagship solar-and-storage development in Chile's Atacama Desert. The project is described as comprising approximately 2 GW of solar photovoltaic capacity and 11 GWh of storage. Its commercial structure includes a 3 GWh storage-supply agreement with BYD and power-purchase arrangements with customers including EMOAC. Grenergy expanded the project in 2024 by acquiring additional solar assets and later sold a minority interest in selected assets to ContourGlobal.

• Solar photovoltaic plant

  GranTeno

  GranTeno is a photovoltaic plant in Chile's Maule region with reported capacity of 241 MWp. Construction was supported by sustainable financing from BNP Paribas and Société Générale. The project has a long-term power-purchase agreement with an international utility covering 140 GWh of annual generation for 12 years. The cited material identifies GranTeno as Grenergy's largest operating photovoltaic plant at the time of publication.

• Solar photovoltaic plant

  Escuderos

  Escuderos is a 200 MW photovoltaic project in Cuenca, Spain. Its output is associated with a power-purchase agreement with Galp. Construction financing was reported from KfW and Bankinter, supporting the development of the plant as part of Grenergy's Spanish solar portfolio.

• Solar photovoltaic plant

  Tabernas

  Tabernas is a 250 MW photovoltaic plant in Almería, Spain. The project has reported estimated annual production of 466.6 GWh and an agreement to sell its energy to Amazon. It operates with €175 million of green financing and includes a supply agreement with Ingeteam for 70 inverters.

• Renewable-energy development platform

  Grenergy US

  Grenergy US is the renamed United States business formerly known as Sofos Harbert Renewable Energy. Grenergy first acquired a 40% interest in the photovoltaic and battery-project developer and later completed the acquisition of the remaining interest.

• 2024

  Acquisition of additional Oasis de Atacama assetsM&A

  Background

  Grenergy sought to enlarge its large-scale solar-and-storage platform in Chile.

  Action taken

  It acquired a portfolio from Repsol and Ibereólica for $128 million, including a 77 MW photovoltaic plant, 923 MW of projects under development and a 1 GW interconnection facility.

  Aftermath

  The transaction increased the scale and development potential of Oasis de Atacama.

  Acquisition value. $128 million (September 2024)

  Source

• 2024

  Sale of a minority interest in Oasis de Atacama assetsM&A

  Background

  Grenergy used a project-partnering structure to monetize part of its Chilean solar-and-storage portfolio while retaining an interest.

  Action taken

  The company sold 23% of selected Oasis de Atacama assets to ContourGlobal for $962 million.

  Aftermath

  The transaction brought ContourGlobal into part of the project portfolio and provided a reported value realization for Grenergy's Chilean platform.

  Transaction value. $962 million (December 2024)

  Source

• 2021

  Registration of a green-bond programOther

  Background

  The expansion of renewable generation and storage required access to project and corporate financing aligned with environmental objectives.

  Action taken

  Grenergy registered its first green-bond program under the cited ICMA and LMA green-finance principles.

  Aftermath

  The program broadened the company's financing toolkit for renewable infrastructure.

  Source

• 2019

  Transfer to Spain's continuous marketStrategy

  Background

  After beginning trading on the Mercado Alternativo Bursátil in 2015, Grenergy pursued a move to Spain's main continuous market.

  Action taken

  The company transferred its listing to the continuous market.

  Aftermath

  The move marked a further step in the company's development as a publicly traded renewable-energy producer.

  Source

• 2014

  International expansion into ChileStrategy

  Background

  Reduced renewable-energy incentives in Spain encouraged Grenergy to seek growth outside its domestic market.

  Action taken

  The company selected Chile as its first major Latin American expansion market and subsequently developed a wider regional portfolio.

  Aftermath

  Chile became a central market for the company's solar and storage strategy, including the Oasis de Atacama project.

  Source

1. 1Grenergyen.wikipedia.org
2. 2Grenergy corporate websitegrenergy.com