Greening and Atlantica Partner to Develop Renewable Energy Projects in the US

Greening, a global and diversified company focused on the generation, construction and commercialization of renewable energy, through its US subsidiary Greening USA, has partnered with Atlantica Sustainable Infrastructure in a joint venture to co-develop renewable energy projects in the United States.

Specifically, the alliance will make it possible to promote photovoltaic and energy storage (BESS) infrastructures, both by combining the two technologies and independently. The projects will be developed in the US regions of the Midcontinent Independent System Operator South (MISO South) and Southwest Power Pool (SPP).

At launch, the joint venture includes, on one hand, a project pipeline contributed by Greening USA totaling approximately 1,000 MWac of solar and/or BESS capacity and, on the other hand, Atlantica's financial resources. In this way, Greening's technical capabilities and Atlantica's experience in investing in sustainable infrastructure will enable the development of this portfolio up to the ready-to-build (RtB) phase. At that point, both companies will decide whether to distribute assets between the two partners or sell them to a third party. Greening and Atlantica have agreed to collaborate to continue identifying new renewable and battery projects that will be incorporated into the joint venture over the next few years.

This alliance is designed to accelerate the delivery of renewable and storage projects that support grid reliability and help meet local decarbonization targets. The agreement provides a framework for efficient project execution, streamlined financing, and faster deployment timelines, aligning with both companies' mission of promoting sustainable energy infrastructures, while maximizing long-term value for their stakeholders.

Ignacio Salcedo, CEO of Greening, said: "This partnership marks a significant milestone in our U.S. expansion strategy. By combining our technical expertise with Atlantica's experience as a leading infrastructure investor, we are building a strong platform for developing high-quality renewable projects in one of our core markets."

The company is focused on expanding its portfolio of projects in the US, capitalizing on the opportunities offered by the country's rapidly growing energy demand. This alliance is also closely aligned with the roadmap outlined in the company's Strategic Plan, published on May 10, 2024, which emphasized the incorporation of financial partners to support project development.

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