Grenergy’s Solar Deal: Allianz Acquires 300MW Solar Power in Spain for Over €270 Million

Representational image. Credit: Canva

In a significant deal, Grenergy, a leading player in the renewable energy sector, has finalized an agreement to sell approximately 300 MW of solar power capacity from two solar plants located in Spain to Allianz Capital Partners. Acting on behalf of Allianz insurance companies and other institutional investors, the transaction has been valued at an impressive €270.6 million. Allianz Capital Partners, a key asset manager within the Allianz Group, a globally renowned insurance and asset management company, has successfully secured this acquisition.


The completion of this transaction is contingent on customary conditions and is slated to take place on June 30, 2025. This sale marks a milestone for Grenergy, representing its largest operation to date.


Both solar plants are expected to achieve commercial operation dates in the second half of 2024, and all energy revenues generated until the closing date will accrue to Grenergy. Additionally, Grenergy will be responsible for the operation and maintenance activities, as well as the long-term asset management of the solar facilities.

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This transaction is a pivotal moment in the ongoing Valkyria project, an initiative initiated earlier this year that is progressing steadily. The Valkyria project has been structured in various phases to accommodate investor requirements and maximize asset value. Grenergy’s ability to create substantial value through such deals is underlined by this latest agreement.

The proceeds from the Valkyria transaction will provide Grenergy with the necessary funding to support its anticipated robust growth in the forthcoming years. Grenergy is set to unveil its updated strategic plan during its inaugural Capital Markets Day on November 21.

David Ruiz de Andrés, CEO of Grenergy, expressed his enthusiasm about the agreement, stating, “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 that this is the beginning of future cooperation that can be extended to other markets.”

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