Spain-based renewable energy company Greenalia is making a bold move in the U.S. by developing a substantial portfolio consisting of solar, wind, and battery storage projects in Texas, totaling 1.9 gigawatts (GW). With an eye toward further growth, the renewable power expansion is a significant infiltration into the American market for the Spanish firm.
Financial Boost to Accelerate Growth
Greenalia’s vision for rapid expansion has recently been fueled by securing $200 million through three-year credit facilities, marking the company’s first major financial milestone in the U.S. This influx of capital is set to catapult its operational capabilities, primarily directed at late-stage development projects within the Texan solar and battery storage sectors.
A Glimpse into Greenalia’s Future Ambitions
The Chief Financial Officer of Greenalia, Antonio Fernández-Montells, highlights the significance of their U.S. ventures, detailing a strategy to develop a diverse 3 GW portfolio. The company aims to balance its portfolio by investing across three different types of renewable technologies: solar, wind, and battery storage, signaling robust growth and commitment to sustainable energy.
Strategic Entry into the U.S. Market
Greenalia’s journey into the U.S. energy sector began in July 2021 with the acquisition of the sizeable 695 MW Misae II solar project, situated in northern Texas. The company attributes its decision to enter the U.S. market to the Biden administration’s supportive stance on renewable energy, aspiring to harness the favorable conditions driven by the federal government’s clean energy agenda.
Domestic and International Projects
While Greenalia’s current U.S. presence is predominantly in Texas, it has an extensive renewables portfolio back home in Spain. This includes 40 diverse projects, featuring pioneering endeavors such as the nation’s first floating wind farms. Greenalia’s broad portfolio underscores its dedication to innovation and leadership in the renewable energy sector, both locally and abroad.
