Spanish RE Company Forays Into US Market

• Grenergy has entered the US market via 40% acquisition of Sofos Harbert Renewable Energy
• It sees the US as a high growth market that's likely to install more solar than Europe and Latin America combined
• Sofos has a solar pipeline of 1.9 GW and 3 different electricity markets of the US along with 600 MWh of energy storage projects under development

Spanish renewable energy producer Grenergy has expanded its geographical footprint and forayed into the US market after acquiring 40% stake in Alabama based solar PV and battery energy storage project developer Sofos Harbert Renewable Energy.

Sofos was set up as a joint venture Between CEO of American construction company BL Harbert and CEO of Spanish renewable energy developer Sofos Energy, Juan Mayoral in 2017. It operates in the European and American markets.

The US company comes to Grenergy with a solar pipeline of 1.9 GW in 3 different electricity markets of Southeast, PJM and MISO, along with 600 MWh of energy storage projects under development. It has developed and connected over 560 MW of solar PV projects for 3^rd parties.

Grenergy sees the acquisition and investment in an operational platform as a positive for the company to enter one of the world's largest and booming solar markets that aims to deploy 1,000 GW PV by 2035 (see US Wants 40% Electricity From Solar By 2035).

"This strategic acquisition allows us to accelerate our growth in the United States, a market that will install more solar capacity in the coming years than Europe and Latin America combined," said Grenergy CEO David Ruiz de Andrés.

Active in the space of mainly wind and solar PV, the Spanish company counts its global pipeline as exceeding 10 GW at various stages of development. In December 2021, it announced having secured an Iberian electricity utility as the offtaker for its 150 MW Belinchon Solar Project in Spain's Cuenca (see Solar PPA For Grenergy's Bifacial Project).