Spanish renewable energy company Grenergy has expanded its geographical footprint to Germany where it targets to grow a minimum of 3 GW of solar power plant portfolio under development before 2025.
Grenergy sees this as the right time to expand within Europe as the region seeks energy independence and promote renewable energies with the Russian war against Ukraine making it all the more urgent. The German government is also promoting reforms to make land availability norms flexible and permitting easier for solar and wind projects.
Germany is the largest solar market in Europe, and the country aims to have renewable energy represent 80% of its total electricity production by 2030 with solar providing 215 GW (see German Government Agrees On Higher 2030 Solar Goal Of 215 MW).
The Spanish company will participate in public auctions and also opt for the private power purchase agreement (PPA) route in this market. It will use its experience of working in both utility scale, and small & medium sized plants with a maximum capacity of 20 MW under a Country Manager to strengthen itself in Germany.
"Europe is facing high energy prices and potential energy supply problems. At Grenergy we will work to develop solar plants and batteries that reduce the dependence on gas in the European energy mix," said Grenergy CEO David Ruiz de Andrés.
In Europe, Grenergy is already present in Italy, the UK and Poland apart from Spain. In times of REPowerEU – the European Commission's plan to make the EU independent from Russian fossil fuel imports, it eyes further expansion to Hungary, Romania, the Czech Republic and Austria (see EU Announces 600 GW AC Solar Target By 2030).
Earlier this year, it also expanded to the US market after picking up a 40% stake in Sofos Harbert Renewable Energy (see Spanish RE Company Forays Into US Market).