ANNOUNCEMENT 23 Dec 2020

In December 2020, the Official Credit Institute (ICO in Spanish) of Spain announced its investment on Grenergy's project for the construction of a solar plant in Spain.

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising
Inception date: 23 Dec 2020 | Removal date: open ended

State loan

On 23 December 2020, the Official Credit Institute of Spain (ICO in Spanish) announced a EUR 12.9 million (approx. USD 15.7 million) financing on Grenergy for the company's construction of the Escuderos solar park. The operation was handled via AXIS, ICO's venture capital manager with over 30 years of experience.

The project is located in the Altarejos and is already under construction. It is projected to be one of the largest in Spain with a maximum power of 200 MWp and an estimated production of around 385 GWh per year. 

According to the press release, Grenergy is a Spanish company founded in 2007. It produces energy from renewable sources (mainly wind and photovoltaic) by covering all project phases (from development, construction and maintenance of the plants). Since 2012 it has an international presence in Latin America and Europe, with operations in Chile, Peru, Argentina, Mexico and Colombia, as well as in Spain and Italy.

A state act in the GTA database is assessed solely in terms of the extent to which its implementation affects foreign commercial interests. On this metric, the investment support granted here is discriminatory.

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