French energy company GreenYellow is making significant moves in Spain by acquiring Sidenhol, the holding company that owns all the solar self-consumption assets of Spanish renewable energy producer Enhol. Additionally, the two companies have entered into a partnership to develop a portfolio of 300 MWc in the country, operated under the brand GreenYellow España Renovables.
These companies plan to invest in energy efficiency projects to generate approximately 100 GWh of energy savings.
GreenYellow continues its European growth strategy, now focusing on Spain. The French energy firm is taking over Sidenhol, which holds the self-consumption activity of its Spanish counterpart Enhol, currently boasting around 10 MWc of installed capacity.
This decentralized solar asset portfolio adds to the 30 MWc of projects signed by GreenYellow in Spain last year, including 3 MW already operational under the GreenYellow España Renovables brand. The capital expenditure required for the development of these initial megawatts is estimated at €17 million according to sources.
The newly established platform, in which Enhol also holds a minority stake, will deploy a total of €200 million over the next five years to support the development of a 300 MWc portfolio of photovoltaic assets. Funds will be provided through a mix of equity, representing about one-fifth of the total, and project refinancing.
GreenYellow’s Spanish offices in Madrid currently employ about fifteen staff, with the expected addition of five new profiles by the end of the year, under the leadership of Nicolas Daunis.
More broadly, the energy company aims to become a major player in the Iberian Peninsula, with the opening of its first office in Portugal earlier this year and plans to sign initial contracts by the end of the semester.
As a reminder, the group led by Otmane Hajji had sold all its assets in Madagascar (51 MW of installed capacity) and Burkina Faso (30 MW) to pan-African energy company Axian in early February. The company aimed this move at concentrating its activities in the southern zone of the Indian Ocean – with Madagascar, Reunion, and South Africa in focus.
Globally, the French energy company is undergoing a strategic repositioning of its European activities, with the stated objective of concentrating 50% of its business volume on the continent in the coming years. According to sources, it has a portfolio of 1.3 GW of installed or developing capacity, with 380 MW in Europe, and a project pipeline of 4.9 GW spread across Latin America, East Asia, the Southern zone, and Europe.