Grenergy enters US market with stake buy in solar developer Sofos Harbert

Spanish renewable energy producer Grenergy Renovables SL (BME:GRE) today announced the purchase of a 40% stake in US solar project developer Sofos Harbert Renewable Energy with an option to take full control of the company after three years.

The transaction marks Grenergy’s entry into the US renewable energy market and provides it with access to Sofos Harbert’s solar pipeline of 1.9 GW along with 600 MWh of energy storage projects under development.

Birmingham, Alabama-based Sofos Harbert has solar schemes under development in three different electricity markets in the US – the Southeast, PJM and MISO. Its team has successfully developed and hooked to the grid over 560 MW for third parties, the announcement says. The firm’s leading partner is the main shareholder of construction company BL Harbert International, local businessman Billy Harbert.

Grenergy noted that it has now established presence in three distinct regions, namely Europe, Latin America and the US.

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