Grenergy

Grenergy Renovables

http://grenergy.eu/en/

Overview

  • Organization TypeService Providers
  • Staff51-100
  • HeadquartersSpain
  • Founded2007
Grenergy Renovables is a Spanish Independent Power Producer (IPP) that designs, develops and executes renewable energy plants on a large scale. Grenergy was founded in 2007 by entrepreneur and investor David Ruiz de Andrés, with the aim of developing and building solar plants in Spain. In 2012, Grenergy expanded into Latin America, and currently has offices in Mexico, Chile, Peru and Colombia, though is still headquartered in Madrid, Spain. To date, it has developed and built over 100MW of solar and wind energy projects in Spain, and has a portfolio of over 1.000MW in Latin America. It has close to 100MW of solar projects in Chile either under construction or undergoing financial closing, mostly under the modality of PMGDs (Small Means of Distributed Generation). Grenergy connected its first PMGD project in Chile in November 2015, and currently has close to 30MW connected and under operation, with another 40MW currently under construction or undergoing financial closing in Q2 2017 and a pipeline in the country of over 350MWs. In February 2016, Grenergy was awarded 2 wind energy projects totaling 36MW in Peru, offering what, at the time, was the most competitive energy price in the continent at 36,7$/MWh. It was also awarded 30MW of solar energy in September 2016 in Mexico’s public auction, where it has various other projects that will be submitted to the next auction process. The 8th of July 2015, Grenergy decided to undergo its Initial Public Offering (IPO), making its debut on the Spanish stock exchange. By going public, Grenergy strengthened its balance sheet and facilitated access to other capital markets and financing channels, to be able to undertake its ambitious expansion plan centered around Latin America. They can divide their services in 5 differentiated activities: Development With support from their headquarters, their development teams in their local offices look for greenfield developing opportunities in their respective countries. They start by carefully analyzing the country’s regulations, to better identify any opportunities. Once they know what they want to look for, thei r team starts working on the appropriate permits and licenses needed for the soon-to-be project. These licenses normally include electrical permits, mining and other land rights, environmental licenses, and of course the land to build the projects on, which can be bought or leased. Once they have everything ready, they move on to the next stage in the building of a project. EPC - Engineering, Procurement, Construction Their Madrid based engineering team works on the design of the plant, deciding which structures, panels, inverters or wind turbines better suit the project’s circumstances. Once they have the design ready, their procurement team starts the negotiations with their suppliers to get the material to the project site. Lastly, their construction team assembles everything and builds the project! They do all their EPC in-house, to make sure they have control over everything that goes into their projects. Financing Their financing team starts talking with lenders regarding a particular project during the development stage, since negotiations and due diligence can take various months. They normally close the financing just before the EPC starts, when they know the project is legally sound and has all the appropriate licenses. Once the financing is closed, they tie the disbursements to certain EPC milestones, such as buying the material, starting construction or, finally, connecting the project to the grid. Their financing team is therefore continuously in contact with both the development and the EPC teams, since they have to coordinate to make sure the financing and the project are ready to go. O&M - Operations and Maintenance To make sure their projects are always working properly, they have local O&M teams supported by their main team in Madrid. Madrid is in continuous communication with all the local teams, and monitors the plants via a SCADA (Supervisory control and data acquisition) software, which includes sensors, infrared cameras and motion detectors to make sure no problem goes unnoticed. Apart from this, their local teams have regularly scheduled visits to every plant for basic maintenance, such as cleaning (specially important for solar plants) or manual correcting of any incidents. Asset Management Once the plant is generating energy, they have to make sure they are selling this energy properly! This is where their local Asset Management teams come in. They have to verify that their generated energy is being sold at the correct price, and prepare the invoices for their clients. They must also be in compliance with any financing conditions imposed on the plant, such as maintaining debt-to-equity ratios and cash flow for the repayment of the debt. Lastly, their Asset Management team must also file all the appropriate tax and legal documents so that their plant is always in proper legal standing.

Contact Grenergy Renovables

Company Offices
  • Spain (headquarters)
  • Madrid
  • Rafael Botí, 2
  • Colombia
  • Bogota
  • Calle 98 No 18 – 71 Oficina 401, Edificio Varesse
  • Begonias, 415 Torre Begonias P10
  • Chile
  • Santiago
  • Enrique Foster 21, office 801 B, Las Condes
  • Mexico
  • Mexico City
  • Anatole France, 10 Polanco Chapultepec