The Galician renewables producer Greenalia leaps forward in its entry into the U.S. renewables market, accelerating its COVID Resilience Plan
The Galician renewables producer Greenalia leaps forward in its entry into the U.S. renewables market, accelerating its COVID Resilience Plan presented last March in which the goal of expanding the business across the Atlantic to the US was communicated. “The strong commitment and drive of the US Administration for renewable energies has opened an attractive window that we must take advantage of”, Manuel García, Greenalia’s CEO explained. He also stressed that, “with this strategic decision, the company diversifies its risk via its presence in two continents and, at the same time, increases its stability and certainty to achieve the objectives set out in our Strategic Plan”.
Greenalia’s CEO highlighted that the US is a priority market for the company and in which the company, due primarily to its structure and way of doing things, is certain it will be able to undertake great projects, as it is demonstrating now with this transaction. “The U.S. is a country that adapts perfectly to our work philosophy, and so I am convinced that we will be able to have rapid growth in this market.”
With this acquisition, already communicated to BME Growth, Greenalia plans to start construction of 695MWp of solar photovoltaic in the state of Texas. A project for which it already has the required permissions to access and connect to the grid and it’s ready to build. The company also plans to install 170MW of battery storage. Thus, between the two projects, the investment will be over 450 million dollars.
The transaction, coordinated by Greenalia’s International Expansion Director, Alberto Expósito, had Orrick Herrington & Sutcliffe and Agere Energy & Infrastructure Partners as the buyer’s legal and financial advisors, respectively; and AtZ Advisors as the seller’s financial advisor.
In addition to this acquisition, Greenalia plans to start processing additional solar, wind and storage projects in the medium term, for which it will continue to study the purchase of other companies in the sector with the aim of boosting its expansion in a sector on the rise in the US while also being part of the decarbonization process in which we are immersed worldwide.
A diversified pipeline
Currently, Greenalia has a portfolio of over 3 GW, diversified into four technologies (onshore wind, offshore wind, solar photovoltaic and biomass), to which it now adds storage. During 2020, amidst the pandemic, it began the processing of the first floating offshore wind farms in Spain, which will be developed in Gran Canaria, while also starting operation of the largest biomass plant in Southern Europe.
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