UPDATE - Grenergy confirms stake sale in Spanish solar assets

January 25 (Renewables Now) - Spanish renewables firm Grenergy Renovables SL (BME:GRE) on Tuesday addressed media reports that it was planning to sell a minority stake in a 1.1-GW solar portfolio in Spain, stating that the news was true but the outcome of the sale process was uncertain.

“In relation to the news published in some media today, regarding the minority stake sale of 1,1 GWp of solar projects in Spain, Grenergy confirms the sale process, not being able to guarantee, to this date, neither the precise terms nor the probability of its success. In the event of a satisfactory agreement, Grenergy will communicate such information to the markets “ the company said in a bourse filing.

Spanish business newspaper Expansion reported on Tuesday, citing unidentified sources, that Grenergy was looking to sell a 49% stake in the solar portfolio and had already hired PwC to help it land a buyer. The company's plan was to keep control over the assets and remain in charge of project development and operation and maintenance, the report stated.

The transaction would be too similar to a deal that Spanish utility Iberdrola SA (BME:IBE) secured for its renewables portfolio in Spain, and Grenergy allegedly did not want its sale process to be happening at the same time, according to Expansion.

Grenergy has more renewable energy projects in Latin America than in Spain. Its Spanish solar portfolio consists of one operational 200-MW plant and 1,997 MW of projects under construction and in various stages of development, according to a September 2022 update.