Greening Group has agreed to sell eight solar parks in southern Spain to Amperisol Renewables for $51.35 million. Some of the parks are still under construction. Yet the price sits above what Spanish buyers paid for fully operating solar in 2024. The explanation is in when the keys change hands.
Key takeaways
- Greening Group agreed on 1 July 2024 to sell a 54.78 MW portfolio of eight solar parks in southern Spain to Amperisol Renewables for $51.35 million.
- The Greening Group sale to Amperisol Renewables prices at $0.94 million per MW, and the portfolio will be transferred only once it reaches the operational stage.
- The Amperisol portfolio's eight parks are in the construction and commercial operation phases and are expected to reach commercial operation between the end of 2024 and the second quarter of 2025.
- The Amperisol deal is the first asset rotation under Greening Group's 2024 to 2026 Scipio plan and takes Greening 10 percent past its 2024 asset sale target of 50 MW.
- Enerdatics records 28 Spanish solar asset deals announced in 2024, of which 11 carry a disclosed price, with a median of $0.86 million per MW.
How can a portfolio still being built fetch an operating-asset price?
Because the buyer is not paying for construction risk. Leap records that the portfolio will be transferred once it reaches the operational stage. Amperisol has agreed a price today, but it takes ownership of each park only after the panels are connected and generating.
That moves almost every risk a buyer usually discounts for back onto the seller. Construction delays, cost overruns, grid connection problems and commissioning faults all sit with Greening until handover. Amperisol is, in effect, buying operating solar parks on a forward contract.
Seen that way, the $0.94 million per MW is not a construction-stage price at all. It is an operating-asset price agreed in advance. That is why it lines up with the operating end of the Spanish market rather than with the discounted prices usually paid for projects that still need to be built.
The structure also explains the timing. The parks are expected to reach commercial operation between the end of 2024 and the second quarter of 2025. Signing in July 2024 gives Greening price certainty for the whole sale before the last park is finished, and gives Amperisol a known pipeline of operating capacity arriving over the following year.
What does Greening get from selling before the parks run?
It gets its first rotation done early and on target. Asset rotation is the practice of developing projects, selling them once they are built, and recycling the proceeds into the next round of development. Greening has written that model into its Scipio plan for 2024 to 2026.
Leap records the plan's targets. Greening set an asset sale target of 50 MW for 2024, and this deal alone exceeds it by 10 percent. The wider plan aims to rotate 450 MW of wind farms that are in operation or in the final phase of construction by 2026, and to raise more than $107.14 million. Greening also aims to reach 800 MW of its own generation by 2026, ahead of an earlier 2025 goal of 500 MW.
The first sale under that plan is solar, not wind, and it is small. That matters less than what it proves. A developer that wants to keep 800 MW of its own generation while selling hundreds of megawatts needs buyers who will commit before assets are finished. Amperisol has just shown that such buyers exist, at a price close to the top of the market.
How is the power from these parks likely to be sold?
Enerdatics understands that the power from the parks will be sold through corporate power purchase agreements. A corporate power purchase agreement, or PPA, is a long-term contract under which a company buys electricity directly from a generator at an agreed price.
Leap sets out the basis for that view. The parks are small, averaging around 6 MW each, which suits corporate buyers rather than utility-scale offtake. Greening's stated strategy is to sell its output under PPAs to avoid exposure to wholesale market prices. And the deal's multiple lines up with a precedent where the route to market was a corporate PPA: Allianz Capital Partners' acquisition of a 300 MW Spanish portfolio at $0.95 million per MW.
Contracted revenue is one of the main reasons a buyer pays more per MW, because it replaces an uncertain wholesale price with an agreed one. Leap's own reading is that the near match with the Allianz multiple supports the corporate PPA assumption, and the price here is consistent with a buyer who expects contracted output.
Enerdatics' data shows where this deal sits. Leap records 28 solar asset deals in Spain announced in 2024. Only 11 carry a disclosed price, and their median is $0.86 million per MW, with the middle half of deals between $0.72 million and $0.93 million per MW. At $0.94 million per MW, Greening's sale sits just above that range. Split by lifecycle, the five priced operational deals have a median of $0.91 million per MW, while only two in-construction deals carry a price: this one and a $0.75 million per MW transaction. The highest 2024 print in the set is $1.01 million per MW.
What does the deal signal for Spanish solar M&A?
It signals that Spanish solar buyers are still willing to pay operating-asset prices, provided the seller keeps the build risk. That is a meaningful distinction, because the two in-construction prices Enerdatics records for 2024 are $0.19 million per MW apart. The handover-at-operation structure lets a buyer secure capacity early without taking the risk that usually justifies a discount.
It also confirms that smaller portfolios are not penalised on price when the revenue story is clear. Eight parks averaging around 6 MW would usually raise questions about scale. Here they fetched more per MW than the market median, which points to contracted revenue mattering more than size.
The comparison with earlier Spanish deals is instructive. Allianz's purchase from Grenergy, covered in Allianz's 300 MW Grenergy deal, set the corporate PPA reference point Leap uses here. DWS' purchase of three operating plants in Badajoz, covered in DWS' Badajoz solar buy, shows what fully operating Spanish solar has fetched. Greening's sale shows the gap between the two can close when the seller carries the parks to completion.
For Greening, the harder test is still ahead. The Scipio plan's 450 MW of rotation is mostly wind, and it has to happen while the company grows its own fleet towards 800 MW. This first solar sale shows the model can work. Whether wind buyers will accept the same handover terms is the question the next sales will answer.
Frequently asked questions
What did Greening Group sell to Amperisol Renewables?Greening Group agreed on 1 July 2024 to sell a 54.78 MW portfolio of eight solar parks in southern Spain to Amperisol Renewables for $51.35 million. The portfolio will be transferred once it reaches the operational stage.
How much did Amperisol pay per MW?The $51.35 million consideration for 54.78 MW works out at $0.94 million per MW. That is above the $0.86 million per MW median of the 11 priced Spanish solar asset deals Enerdatics records for 2024.
What is Greening Group's Scipio plan?The Scipio plan is Greening Group's business plan for 2024 to 2026. It includes an asset rotation strategy targeting 450 MW of wind farms by 2026, a goal of raising more than $107.14 million, and a target of 800 MW of its own generation by 2026.
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