By Helena Smolak

Grenergy Renovables said it agreed to sell two solar-energy projects in Spain to Allianz Capital Partners for 270.6 million euros ($286.2 million), and that proceeds will be used to fund future growth.

The Spanish renewables producer said on Wednesday that its sale of two photovoltaic assets with combined generation capacity of 300 megawatts to one of Allianz's asset-management businesses represents its largest deal to date.

The two plants are anticipated to produce electricity in the second half of 2024.

The transaction is scheduled to be completed on June 30, 2025, with all energy revenue going to Grenergy until then, it said.

Write to Helena Smolak at helena.smolak@wsj.com

(END) Dow Jones Newswires

October 18, 2023 05:39 ET (09:39 GMT)

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