Banco Sabadell, through Sinia Renovables – a vehicle specialising in investing in the clean energy sector – has acquired a 9.99% stake in the capital of the industrial self-consumption platform Greening Group, specialising in photovoltaic energy, to accelerate the company’s growth, consolidate its international expansion and take it to the stock market, with a debut on the BME Growth (formerly MAB) scheduled for early 2023.
The transaction is structured through a capital increase and the funds will be used to build 30 MW projects in industrial facilities over the next 12 months. With a presence in Spain (Granada, Madrid and Barcelona), Italy, Germany, Mexico, Morocco and the United States, Greening has power purchase agreements (PPAs) with industrial groups such as Caiba, owned by the Spanish private equity fund Portobello Capital, the IFFCO group and the Mexican supermarket chain Soriana.
The group, which has 400 employees, has 5 MW operational, 255 MW ready to build and a total portfolio of 1,500 MW photovoltaic. This year’s forecast turnover is 50 million euros. The transaction has valued the company at between €50 and €70 million, including debt, according to EXPANSIÓN.
With the entry of Banco Sabadell (Sinia Renovables), the Greening project gains visibility among investors ahead of its stock market debut in the first quarter of next year. The agreement for the capital increase is also accompanied by financing contracts that will provide the company with the necessary firepower to develop its projects. It will also accelerate the growth of the group’s trading company.
Sinia Renovables, wholly owned by Sabadell, which channels this activity through BS Capital, the financial institution’s venture capital arm headed by Raúl Rodríguez. The investment in Greening was led by Diego López, Sinia’s investment director.
ILV Silver advised Sabadell with a team led by partner Carlos Vallmitjana.