Greenalia Secures $200 Million for Expanding Renewable Energy in ERCOT Region

Greenalia, a prominent Spanish renewable energy developer, has made significant strides in the U.S. market by securing $200 million in three-year credit facilities. This funding marks the company's first major financial venture in North America, signifying its ambition to become a key player in the renewable energy sector in the United States.

The financing, led by Nomura Securities International, Inc., will primarily support Greenalia's development of a diverse 1.9GW pipeline portfolio, which includes solar PV, energy storage, and wind projects within the Electric Reliability Council of Texas (ERCOT) transmission network. This move aligns with the recent surge in renewable energy generation within ERCOT, which achieved a record-breaking 16.7GW peak in solar electricity generation on February 13th, highlighting a transformative period in Texas' power mix.

Antonio Fernández-Montells, CFO of Greenalia, emphasized that this operation is a cornerstone in the company's expansion in the U.S., where they are currently developing a broad 3GW portfolio across various technologies including solar, wind, and batteries. The company's ambitious plans in the U.S. are an extension of its robust presence in Spain, where it manages a portfolio of 40 projects.

Nomura's role as the sole underwriter, lead arranger, and bookrunner of these facilities reflects a strategic decision to back Greenalia’s impressive growth trajectory in renewable power generation. Vinod Mukani, Head of Nomura Infrastructure & Power Business, expressed excitement in partnering with Greenalia, recognizing the potential of this collaboration in advancing Greenalia's project development platform in the U.S.

PEI Global Partners, serving as the exclusive financial advisor to Greenalia, played a pivotal role in structuring this innovative financing. Schuyler Fabian, a partner at PEI, highlighted that their pre-NTP capital solution is tailored to meet Greenalia’s extensive development needs across various technologies, positioning the company to significantly enhance its project pipeline in the coming years.

The financing is set to catalyze Greenalia's operations within the ERCOT region, especially noteworthy is the 695MW MISAE II solar project in northern Texas, currently under construction. This project is a part of Greenalia’s U.S.-focused portfolio, which is concentrated in Texas, consisting predominantly of late-stage development projects operated through its subsidiary, Greenalia Power US.

As ERCOT continues to set new records in renewable energy generation, Greenalia's entry into the market with this substantial financial backing is a clear indication of the shifting landscape in Texas' power mix and the growing prominence of renewable energy in the U.S. energy sector.

Source Link: https://greenalia.es/en/articles/greenalia-secures-200-million-of-3-year-credit-facilities/