Grenergy looking to raise US$95m to accelerate growth in Europe and storage development

Spanish developer Grenergy has launched a €90 million (US$94.8 million) accelerated capital increase to fuel growth in Europe and develop its energy storage capacity.

Grenergy welcomed the entrance of international investors that will help maintain the pace of its growth in Europe and the US after announcing earlier this year it was eyeing to enter into five new countries in wake of the REPowerEU plan.

Germany will be the first among the countries the company is expanding to, with the first solar PV developments starting in 2023 and with a pipeline of more than 3GW under development by 2025.

Meanwhile, the developer has already set up storage divisions in the three main markets it is located – The US, Latin America and Europe – with the goal to make energy storage an “essential element” in the energy transition. The purchase of 40% of solar PV and battery storage developer Sofos Harbert Renewable Energy in the US will play an important role for the company’s growth in the US, both for solar and storage projects.

David Ruiz de Andrés, CEO and founder of Grenergy, said: “This capital increase shows the support of investors in the company and allows us to consolidate as a relevant European actor in renewable energy and in new storage technologies.”

Furthermore, its maximum shareholder, David Ruiz de Andrés, has committed to subscribe for new shares up to 10% of the capital increase.

Earlier this month PV Tech Premium spoke with David Ruiz de Andrés about the company’s expansion growth in Europe and its vision on co-located projects as the future for solar PV.