Grenergy seals deal to sell 174 MW of solar, wind assets in Peru

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Grenergy Renovables, a Spanish renewables company has announced two deals for the sale of two of its wind and solar assets in Peru, continuing to shed off certain holdings to fund growth plans

Locations of the assets

These consisted of 77MW wind assets located in the department of Cajamarca, in Perú, to ENGIE Energía Perú and 97MW of solar assets, located in the department of Arequipa, also in Perú to Yinson Renewables making it a total of 174MW of wind and solar energy.

Total deal value

The total value of the Grenergy 174MW Peru deal transactions is worth USD 150 million, which could rise to USD 154 million mostly depending on fulfillment of certain operational milestones

Grenergy said it had finalised the sale of its 97MWp Matarani solar project with an annual production capacity of 260GWh to Malaysian green power producer Yinson Renewables for USD 90 million. This particular deal included a turnkey contract for the construction of the solar farm and an earn out of roughly USD 1 million contingent upon the plant’s power production revenues until December 31, 2024.

Located in a desert in the Arequipa department, the Matarani solar farm stands to produce around 260GWh annually. Part of its annual production will generate revenues under a 15-year power purchase agreement (PPA) with Enel Generacion Peru.


The plant is expected to commence commercial operation in the first half of 2024. The deal also stipulates that Grenergy will provide operation and maintenance services for the Matarani solar farm for the first two years.

The Spanish renewables company also announced the sale of its 37MW Duna Huambos operational wind farm complex and the Naira I and II still under development wind projects totaling 40 MW. Engie Energia, a Peruvian power producer is the buyer and had earlier disclosed this deal late last year (2023) without giving details.

This transaction was valued at USD 60 million, with a possibility of an additional USD 3 million earn out. According to Grenergy this transaction is pending the approval of the Peru National Institute for the Defence of Competition and Protection of Intellectual Property which is expected to be finalized by within the first half of 2024.

Grenergy has exhibited a solid track record in the Peruvian market where it has been in existence since 2016. The company has a strong portfolio of projects at different stages of development of more than 700MW of solar power.

Strong ability to generate value

Duna and Huambos wind farms. Image by Grenergy Renovables.

These transactions are in addition to the company’s recent operations, mainly stemming from the Valkyria project in Spain. It also highlights its successful asset rotation model, which has enabled Grenergy to create value through various operations.

The deals are in line with plans announced by Grenergy at its Capital Markets Day to sell between 350MW and 450MW of installed solar capacity annually, which will contribute to the company’s growth plans.

To achieve the objectives of the plan, the company has announced an investment of €2.6 billion until 2026: €1.5 billion will be allocated to the development of its portfolio of solar projects and €800 million to boost battery storage.

CEO David Ruiz de Andres said that deals such as these will allow Grenergy to obtain resources to continue growing backed by own financing.

About Grenergy Renewables:

Grenergy Renovables is a Spanish company created in 2007, an independent producer of energy from renewable sources, mainly photovoltaic and storage, listed on the Spanish stock exchange since 2015. Its business model covers all project phases, from development, through construction and financial structuring to plant operation and maintenance. The company has a global platform of more than 15GW of solar in various stages of development in the eleven countries where it operates in the European (Spain, Italy, Germany, Poland and the United Kingdom), North American (United States) and Latin American (Chile, Peru, Mexico and Colombia) markets.

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