To support its expansion ambition, Grenergy has successfully executed an accelerated capital raising of €90 million.
David Ruiz de Andrés, the company’s CEO and largest shareholder, has contributed €4 million.
Ruiz de Andrés said “This extension shows us the support of the investment community in the company, and allows us to establish ourselves as a relevant European player in renewable energies and new storage technologies.”
According to Grenergy, it will also enable the business to strengthen its balance sheet and internal resources to carry out the investments required by the strategic plan.
New eligible investors, primarily from outside, as well as significant national accounts interested in the company’s growth prospects, have been allowed access to Grenergy’s shareholder base.
Berenberg and RBC served as joint worldwide coordinators and joint bookrunners, while Citi served as senior global coordinator and Caixabank’s joint bookrunner.
The company wants to expand its position as the market leader in storage and accelerate growth in the US and Europe with this capital increase.
At a time when Europe urgently needs to promote the energy transition through the development of renewable energies and storage, this boost comes to assist the funding needs to maintain the company’s growth rate.
Grenergy has already begun to implement its goals to expand into Germany, build solar farms in 2023, and have at least 3GW of pipeline in development by 2025.
Due to its reliance on Russian oil and gas, this country is developing an accelerated growth strategy for renewables in response to potential issues with shortages they may see next winter.
Regarding storage, the business has already introduced divisions of this technology on each of its three operating platforms—the US, Latam, and Europe.
According to Grenergy, the objective is to make storage a crucial component of the energy transition and a crucial instrument for the electricity system.
Here, the operation carried out by Grenergy in the US last March with the purchase of 40% of Birmingham, Alabama-based Sofos Harbert Renewable Energy (“Sofos Harbert”), a developer of photovoltaic and battery projects, plays a significant role.
The United States projects that by 2035, the deployment of solar photovoltaic energy will have increased from its present level of 61 GW to an anticipated 1000 GW.