Allianz Pays Grenergy a Fifth Less per MW Than Belinchon's Buyer

In June 2023 Grenergy sold a 150 MW Spanish solar plant under construction. Four months later it sold two more plants from the same programme, twice the size, to Allianz Capital Partners. The second deal was the company's largest ever. It was also priced about a fifth lower per megawatt than the first.

Key takeaways

• Grenergy Renovables agreed on 18 October 2023 to sell two solar plants in Spain with a combined 300 MW to Allianz Capital Partners for an enterprise value of $285.7 million, equal to about $0.95 million per MW.
• The Allianz portfolio comprises the 250 MW Tabernas solar plant in Almeria and the 50 MW Jose Cabrera solar plant in Guadalajara, both under construction and expected to operate in the second half of 2024.
• In June 2023 Grenergy sold the 150 MW Belinchon solar plant in Cuenca, also under construction and part of the same Valkyria Project, at an enterprise value of $182.8 million including $89.3 million of debt, about $1.22 million per MW.
• 75 percent of the power from Tabernas and Jose Cabrera is sold under a 15-year PPA with Amazon, and Grenergy keeps operation, maintenance and asset management of both plants for their entire operating life.
• The Allianz sale was expected to close on 30 June 2025, and Leap records it as completed in an update dated 3 November 2025, more than two years after signing.

What is the Valkyria Project, and why sell it in pieces?

Valkyria is Grenergy's name for a cluster of Spanish solar plants that it chose to sell in phases rather than as one block. Splitting a large build programme into separately financed plants lets a developer match each sale to a buyer's appetite and to its own need for cash. Grenergy described the phasing as a way to accommodate investor needs and maximise value.

The first phase was Belinchon, a 150 MW plant in Cuenca with an estimated output of 315 GWh a year. Grenergy sold it in June 2023 to an undisclosed European renewable energy group. The Allianz deal covering Tabernas and Jose Cabrera followed in October and was the company's largest transaction to date.

The reason for selling was the same both times. Grenergy wanted to cut debt and recycle capital into growth in Europe, the US and Latin America, including energy storage. Proceeds from the Allianz sale were earmarked for the growth plan Grenergy was due to present at its Capital Markets Day on 21 November 2023.

Why did the bigger deal price lower per MW?

Leap's records do not give a single reason, but they show several differences between the two deals that point the same way.

The first is the offtake. A power purchase agreement, or PPA, is a long-term contract in which a buyer takes a set share of a plant's power at agreed terms. Belinchon carries a 12-year PPA with a major electricity group rated BBB by Fitch. Tabernas and Jose Cabrera sell 75 percent of their power to Amazon under a 15-year PPA. The longer term helps, but the remaining 25 percent of output is left to sell at market prices. In Spain, where many solar plants generate at the same hours, that merchant share carries real price risk.

The second is what Grenergy kept. It retains operation, maintenance and asset management of the Allianz plants for their whole operating life. A buyer that takes a long-term service contract from the seller is paying for a package that includes those future fees, and a lower headline price can reflect that the seller expects to earn some value back over time.

The third is timing. Revenues generated before closing stay with Grenergy, and closing was set for 30 June 2025, well after the plants were due to start running. Allianz was committing in 2023 to assets it would not own, or earn from, for close to two years.

One caution. Belinchon's $182.8 million enterprise value explicitly includes $89.3 million of debt. The Allianz record states an enterprise value but does not break it down. In February 2024 Grenergy raised about $190 million of debt for Tabernas and Jose Cabrera from Banco Santander, MUFG and Natixis. The record does not say how that later financing relates to the $285.7 million figure, so the two deals may not be measured on an identical basis.

How long did the Allianz deal take to finish?

Just over two years from signing to completion. The deal was announced in October 2023 with closing subject to customary conditions and expected on 30 June 2025. Leap's update of 3 November 2025 records it as completed.

Most of that gap was built in from the start rather than caused by delay. Selling plants under construction with a fixed future closing date lets the seller finish the build, start operations and collect early revenue, while the buyer locks in a price and avoids construction risk. For a long-term owner such as Allianz Capital Partners, a fixed closing date after commissioning is a reasonable trade for a lower entry price.

Enerdatics' data shows how the Allianz price sits in the Spanish solar market. Enerdatics records 49 Spanish solar M&A transactions announced in 2023, of which 19 carry a disclosed value, with a median of $0.90 million per MW. That median is pulled down by development-stage portfolios, some of which traded at well under $0.2 million per MW. Among plants under construction, ERG paid $187.73 million for ib vogt's 149 MW project in May 2023, about $1.26 million per MW, and Belinchon priced at $1.22 million per MW in June. Among operating plants, Eni paid $131.4 million for 96 MW from Helios in July, about $1.37 million per MW. At $0.95 million per MW, Tabernas and Jose Cabrera sit near the market median but at the bottom of the built and building assets.

What does the deal signal for Spanish solar?

It signals that by late 2023, size alone no longer earned a premium in Spanish solar. The larger portfolio, with a household-name offtaker and a longer contract, still priced below a smaller plant sold months earlier by the same seller. Buyers were paying for certainty: the share of output under contract, who carries construction risk and when revenue starts.

It also shows Spanish developers leaning on asset rotation, the practice of building projects and selling them to long-term investors to fund the next round of development. That pattern has since moved from construction-stage plants to operating portfolios, as Enerdatics noted in its analysis of how Spain's renewables market is moving toward operating asset farm downs.

For pricing more broadly, the Grenergy pair is a reminder that per MW figures for Spanish solar need context before they are compared. Enerdatics' analysis of Antin's takeover of Opdenergy shows how far a single number can move depending on what is built, what is contracted and what is still on paper.

Frequently asked questions

How much did Allianz Capital Partners pay for Grenergy's Spanish solar plants? Allianz Capital Partners agreed to acquire the 250 MW Tabernas and 50 MW Jose Cabrera solar plants for an enterprise value of $285.7 million, about $0.95 million per MW. The deal was announced on 18 October 2023 and completed in 2025.

Who buys the power from Tabernas and Jose Cabrera? 75 percent of the power generated by the two plants is sold to Amazon under a 15-year PPA. Grenergy also keeps the operation, maintenance and asset management of both plants for their entire operating life.

What was Grenergy's first Valkyria sale? In June 2023 Grenergy sold the 150 MW Belinchon solar plant in Cuenca to an undisclosed European renewable energy group. The enterprise value was $182.8 million, including $89.3 million of debt, about $1.22 million per MW.

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