Spain’s Greenalia Forays Into US Renewable Energy Space

• Greenalia has acquired a renewable energy generation company in the US
• It brings to the Spanish company's fold a solar power project pipeline of 670 MW
• Greenalia aims to start building this capacity in 2022 and also add 170 MW of battery storage

Independent power producer (IPP) from Spain, Greenalia has entered the US renewable energy market with the acquisition of a renewable energy generation company which it did not identify.

Greenalia has secured 670 MW worth of solar PV project pipeline that's currently in ready-to-build phase in Texas state. It expects construction of this capacity to begin in 2022. Greenalia said it plans to add another 170 MW of battery storage to this capacity. All of this is expected to cost an investment worth $450 million.

Explaining the rationale behind entering the US market, Greenalia's CEO Manuel Garcia said, "The strong commitment and drive of the US Administration for renewable energies has opened an attractive window that we must take advantage of. 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."

Under its strategic plan, Greenalia aims to have 2 GW in construction by 2025.

In the US, it plans to further expand its renewables portfolio to process additional solar, wind and storage projects in the medium term. Its current portfolio of onshore wind, offshore wind, solar PV and biomass technologies adds up to 3 GW. Storage will be added soon.

Greenalia entered solar PV domain in 2018 when it acquired a portfolio of 230 MW (see Greenalia Acquires 230 MW PV In Spain).