Grenergy acquires 100% of the American Sofos Harbert after buying the 60% it lacked

MADRID, 14 Feb.

Grenergy acquires 100% of the American Sofos Harbert after buying the 60% it lacked


Grenergy has acquired 100% of the American company Sofos Harbert after buying the remaining 60% of this developer of photovoltaic and battery projects based in Birmingham (Alabama), as reported by the company to the National Energy Commission on Tuesday. Stock Market (CNMV).

This acquisition has occurred in advance of the three years provided for in the initial contract, which was signed in February 2022, when Grenergy bought 40% of the American company.

With this operation, Sofos Harbert becomes the subsidiary of Grenergy in the United States and is renamed Grenergy US.

Sofos Harbert is currently developing a portfolio of 1.9 gigawatts (GW) of solar power in the country, as well as storage projects, in three different electricity markets (Southeast, PJM, MISO).

With the purchase of 60% of this company, Grenergy completes its investment plans in the United States through a platform that is already operational.

In addition, the Spanish company has highlighted that this operation allows it to strengthen itself "in the largest energy market in the world", where the Government of Joe Biden plans to undertake a historic investment of 340,000 million euros in the renewable energy sector, which will mean the installation of 100 photovoltaic GW per year from 2030.

The operation, which has received legal advice from Clifford and Dentons and financial advice from RS Corporate Finance, is part of Grenergy's growth plans in the three markets in which it operates, Europe, Latin America and the United States.

The Spanish company has set itself a goal in the United States of having an installed capacity of 5 GW in solar and wind power, and for the first time it has set a goal in storage, where it intends to reach 1 GW per hour between operation and construction in 2025.

"This strategic operation allows us to take a further step in our accelerated growth in the United States, a market that will install more solar capacity in the coming years than Europe and Latin America combined. And we will do so by controlling all of Sofos Harbert, a company that has a highly qualified local team", highlighted David Ruiz de Andrés, CEO of Grenergy.