On the 30th December 2015, GRENERGY formalized the sale of its two last solar photovoltaic plants in Spain, both producing under decree 9/2013 of July 12 which establishes the new remuneration system for renewable energy replacing decrees RD 661/2007 and 1578/2008.
The € 11,55 Million were paid on Friday 22nd January by the buyer, a prominent North American investment fund.
The solar plants are located in the provinces of Avila (2MW) and Murcia (2MW), and were developed, built and connected by GRENERGY at the end of 2011. GRENERGY has also operated these plants until the sale.
With this operation, GRENERGY has cancelled practically all of its bank debt and has a strong cash flow position, which will be used to accelerate the development of its pipeline in Latin America, where GRENERGY is currently present in Chile, Mexico, Peru and Colombia, countries where renewable energy projects are sustainable and profitable without the need of subsidies or other financial aid.
GRENERGY ends its investment cycle in renewable energy plants under the FiT (Feed in tariff), consolidating its business model without subsidies and concentrating its efforts in the development of large plants to compete with traditional energy sources (merchant, PPA, auctions, etc)