Grenergy buys minority stake in Sofos Harbert

Grenergy has made a strategic move into the US renewable energy market with the acquisition of a 40% stake in Sofos Harbert Renewable Energy, a Birmingham, Alabama-based photovoltaic and battery project developer. After a three-year period, Grenergy will have the option to acquire the remaining shareholding.

Sofos Harbert has developed and connected more than 560 MW of solar PV projects for third parties. Additionally, the company has a portfolio of 1.9 GW of solar energy projects under development in three different electricity markets (Southeast, PJM, MISO), and an experience in energy storage projects, and a solid organizational structure.

Grenergy was advised by PWC (financial), Clifford Chance (legal), and Enertis (technical), while Sofos Harbert was advised by RS Corporate Finance (financial) and Dentons (legal).