Independent power producer Grenergy has completed the sale of 77MW of wind assets and 97MW of solar assets in Peru for $150m.

The wind assets, located in the department of Cajamarca, have been divested to ENGIE Energía Perú, while the solar assets, located in the department of Arequipa, have been sold to Yinson Renewables.

The value of the deal could increase from $150m to $154m upon completing specified milestones.

The wind assets include the operational 37MW Duna Huambos project and the 40MW Nairas project, which is under development.

This portfolio is being sold for $60m, with the possibility of a $3m increase.

The solar assets divested are from the Matarani solar project, capable of producing 260 gigawatt-hours annually.

Yinson Renewables has acquired these assets for $90m, including a turnkey contract for the plant's construction upon meeting specified milestones.

Grenergy CEO David Ruiz de Andrés stated: “These operations reaffirm Grenergy's ability to close deals in the different countries where we are present and allow us to advance in the objectives set out in our ambitious strategic plan, while generating value and allowing us to obtain resources to continue growing supported by our own financing.”

Grenergy's presence in Peru since 2016 has led to a development portfolio exceeding 700MW of solar power.

The sales will contribute to Grenergy's strategy of asset rotation, following the company's successful Valkyria project in Spain.

The transactions align with Grenergy's goal to sell between 350MW and 450MW of solar capacity annually as part of its growth plans.

The company will invest up to €2.6bn before the end of 2026 to achieve this.

The investment includes €1.5bn dedicated to solar project development and €800m to battery storage.

In October 2023, the company agreed to sell two solar plants in Spain with a total capacity of 300MW to Allianz Capital Partners for €270.6m.