Wednesday, March 29, 2023

Clifford assists Grenergy with long-term PPA with LyondellBasell

Clifford Chance has advised Grenergy Renovables on the signing of a PPA to supply LyondellBasell with green energy from the 259 MWp La Cereal solar farm with approximately 330 GWh per year with a duration of 15 years


Grenergy, the listed renewable energy producer and specialist in the development, construction and management of photovoltaic, wind and storage projects, has signed a long-term power purchase agreement (PPA) to supply LyondellBasell with green energy from the 259 MWp La Cereal solar farm, which belongs to the 575 MWp Clara Campoamor complex, as the company reported to the National Securities Market Commission (CNMV).

The agreement that Grenergy has signed with the multinational company based in the
Netherlands provides a long-term energy contract of approximately 330 GWh per
year, and will have a duration of 15 years, becoming active at the end of 2025.
LyondellBasell has a BBB+ rating issued by Fitch Ratings.

The contract has been signed for a project that is part of the Clara Campoamor PV
solar energy project, that the company is developing between Madrid and Castilla La
Mancha region, and that will have an installed capacity of 575 MWp, becoming one of
the largest photovoltaic parks in Europe. Specifically, the energy will come from La
Cereal, one of the parts this plant has been divided.

This PPA will help to optimise the financing of Grenergy’s largest project to date in
Spain. Its development also strengthens the weight of the European portfolio, which
the company expects to double from the current 25% to 45% by 2025.

The listed company currently has a portfolio of 11.7 GW of solar and wind projects
under development and 7.7 GWh in storage projects pipeline, with a target of 5 GWh
of solar and wind and s 1 GWh of storage between operation and construction by

According to David Ruiz de Andrés, CEO of Grenergy, “having a proven structure and
ability to close PPAs is key to keep up the pace of connections and achieve our
strategic targets.”

Clifford Chance advised Grenergy on this deal with a Global Financial Markets team made up of senior associate Eduardo Sánchez Roldán and lawyer Alejandro Cubillo.

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