Spanish renewable energy company Greening Group finalized multiple solar asset deals in Italy, Mexico, and Spain before December 31, 2024, according to a stock market filing released Thursday.
Italy
Greening sold a 91-MW photovoltaic project in the development phase to a Canadian Solar Inc (NASDAQ: CSIQ) subsidiary for EUR 2.87 million (USD 2.95 million), along with a EUR 0.32 million development agreement.The project is expected to secure administrative approval in H1 2025 and begin construction by late 2026. Full asset transfer will occur upon achieving the first project milestone.
Mexico
The company sold 15.13 MW of its industrial self-consumption portfolio to Energia Real, a Mexican distributed generation firm, for MXN 229 million (USD 11 million/EUR 10.7 million). After accounting for MXN 114.04 million in project finance debt, the equity value stands at approximately MXN 81.21 million.The deal includes a conditional MXN 10 million earn-out based on meeting expected generation in 2025. Of the capacity, 10.6 MW is already operational, with the remaining portion to be completed in Q1 2025.
Spain
Greening acquired a 7.95-MW solar project in Cuenca, Spain, from renewables developer Capital Energy for EUR 2.4 million. This includes EUR 0.6 million for shares and EUR 1.8 million for project materials.The project, currently in an advanced construction phase, has a total investment of EUR 6.4 million and is expected to begin operations between Q2 and Q3 2025.
Financial Impact
The Spanish project is projected to add EUR 0.51 million annually to EBITDA once operational.
The Mexico deal will contribute EUR 2.2 million to EBITDA in 2024.
The Italian project sale is expected to generate EUR 2.47 million in EBITDA across 2025 and 2026.
These transactions are set to strengthen Greening's financial performance and expand its global portfolio.
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