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Grenergy sells its wind and solar assets in Peru for 139 million euros


12/16/2019 David Ruiz de Andrés, founder and CEO of Grenergy, on the Madrid Stock Exchange ECONOMY SPAIN EUROPE MADRID GRENERGY

Grenergy has agreed to sell 100% of its wind and photovoltaic assets in Peru for a combined amount of 150 million dollars (about 139 million euros), as reported this Tuesday by the company, which specified that the final figure of the The transaction could amount to 154 million dollars (142.4 million euros) depending on the fulfillment of certain milestones. The assets subject to sale have no associated financial debt and include, on the one hand, the sale of the Matarani photovoltaic park, of 97 megawatts (MW), to Yinson Renewables, an independent producer of renewable energy, for an amount of 90 million dollars (83.2 million euros). The value of this operation, which includes the turnkey contract for the construction of the plant, could rise by an additional million dollars (almost 925,000 euros) depending on the fulfillment of a milestone linked to energy sales until December 31. December 2024. The photovoltaic park is expected to come into operation in the second quarter of 2024 and that Grenergy will carry out the operation and maintenance service of the plant during the first two years, as indicated by the company in a communication sent to the Commission National Securities Market (CNMV). Secondly, Grenergy has agreed to sell its wind assets in Peru, which amount to 77 MW, to local producer Engie Energía Perú. These assets include both the Duna and Huambos parks in operation (37 MW) and the Nairas projects in the development phase (40 MW). The amount of this transaction amounts to 60 million dollars (55.5 million euros), although it could increase by another 3 million dollars (2.77 million euros) if certain milestones are met. The transfer of said wind assets, which is conditional on the approval of the National Institute for the Defense of Competition and the Protection of Intellectual Property, is expected to take place in the first half of this year.



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