HomeBussinessSpain's Grenergy to invest 2.6 bln euros through 2026

Spain’s Grenergy to invest 2.6 bln euros through 2026


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Solar panels are pictured at a solar energy park in Saelices, Spain, May 11, 2022. Picture taken May 11, 2022. Picture taken with a drone. REUTERS/Guillermo Martinez/File Phtot Acquire Licensing Rights

MADRID, Nov 21 (Reuters) – Spanish renewable energy group Grenergy (GREG.MC) said on Tuesday that it will invest 2.6 billion euros ($2.84 billion) in the next three years to expand its solar power generation and battery storage projects.

The company expects to raise its solar capacity at 5 gigawatts (GW) by 2026 and its renewable energy storage capacity will reach 4.1 GWh.

It plans to sell part of the new assets at a pace of roughly 350-450 megawatts (MW) per year, for about 600 million euros by 2026.

Grenergy is aiming for earnings of around 250 million euros or 300 million euros in 2026 from its energy business.

Earlier this month, the company reported its net profit over the first nine months of the year jumped six-fold from the same period a year ago, thanks to sales of assets and growing energy production.

($1 = 0.9168 euros)

Reporting by Pietro Lombardi, editing by Inti Landauro

Our Standards: The Thomson Reuters Trust Principles.

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