Grenergy has agreed to sell its two solar plants in Spain to Allianz Capital Partners in a deal valued at €270.6m ($285.7m).

Allianz Capital Partners, an asset manager for Allianz, is acquiring the two plants, with a total capacity of 300MW, on behalf of Allianz insurance companies.

The transaction will close by the end of June 2025.

The estimated commercial operation date is the second half of 2024.

Until the transaction is concluded, Spanish energy company Grenergy will receive all the revenues generated from the projects.

Following closure, the company will carry out operation and maintenance activities along with asset management during the life of the solar farms.

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Grenergy CEO David Ruiz de Andrés stated: “We are delighted to announce our first major agreement with Allianz Capital Partners, which underscores the trust placed in us by leading companies. We hope this is the beginning of a future cooperation that can be extended to other markets.”

In September 2023, the company signed a long-term power purchase agreement with Enel Generación Perú, a subsidiary of Italian power company Enel, to supply electricity from its 97MW Matarani solar park in Arequipa, Peru.

In June 2023, Grenergy agreed to sell 100% of its stake in the 150MW Belinchón solar plant to an undisclosed European independent power producer for €83m.

The project is made up of three 50MW solar plants and occupies a total land area of 259 hectares. It can generate 315 gigawatt-hours of clean energy annually while avoiding 116.8 tonnes of CO₂ equivalent emissions every year.