Greening has reached an agreement with Capital Energy for the acquisition of a solar project in Cuenca, with a total capacity of 7.95 megawatts (MW) in an advanced construction phase, the company listed on BME Growth reported.
This agreement is structured through a Special Purpose Vehicle (SPV), and the transaction has been formalized at a purchase price of €2.4 million for the company, of which €0.6 million corresponds to the purchase of shares and €1.8 million to the purchase of project materials from Capital Energy.
The remaining materials and construction works had already been disbursed and initiated by the Greening Group.
The total investment in the plant is estimated at €6.4 million, and the project is expected to be operational between the second and third quarters of 2025, contributing to Greening Group’s own generation and consolidating €0.51 million annually to the group’s consolidated EBITDA once the parks are operational.
Italy and Mexico for Greening
In addition, the renewable energy company has signed the sale of a photovoltaic project in Italy corresponding to 91 MW in the development phase for €2.87 million to Canadian Solar.
The transaction also includes a project development agreement valued at €0.32 million. Greening Group estimates a contribution of €2.47 million to the group’s consolidated EBITDA, to be recognized in fiscal years 2025 and 2026.
Likewise, in Mexico, it has agreed to sell part of its industrial self-consumption portfolio in the country, corresponding to 15.13 MW, with total asset value of MXN 229 million (approximately €10.34 million), and a project finance debt position of MXN 144.04 million (€6.50 million). Therefore, an equity value of MXN 81.21 million (around €3.8 million) to Energía Real.
The deal also includes an earn-out valued at MXN 10 million (approximately €0.5 million), subject to the expected generation performance in 2025.
Of the projects included in the transaction, 10.6 MW are already operational, and the remainder will complete construction in the first quarter of 2025. The parks will be transferred once they reach COD (Commercial Operation Date).
Greening Group estimates a contribution of €2.2 million to the group’s consolidated EBITDA in 2024 with this operation, equivalent to €146,000 per MW.