GRENERGY Group through 4 SPVs operating in Poland

GRENERGY is an international capital group founded in 2007 and listed on the Madrid Stock Exchange. The company specializes in the development, construction and operation of renewable energy infrastructure, including photovoltaic farms and energy storage systems (BESS).

The Group operates globally and has a portfolio of projects with a total capacity of approx. 16.6 GW in the PV area and 26.9 GWh in the energy storage area, at various stages of development. The organization is vertically integrated – covering the entire value chain from development, through EPC, to operation and project financing.

In Poland, projects are implemented by dedicated special purpose vehicles responsible for the development of investments in the area of energy storage.

The aim of the cooperation was to obtain subsidies for the implementation of four projects for the construction of energy storage facilities in the Kujawsko-Pomorskie Voivodeship (Solec Kujawski and Bydgoszcz), as part of the NFOŚiGW program financed from the Modernization Fund, which is financed from EU ETS revenues.

The application process was particularly demanding due to:

• High competition – many projects were eliminated at the stage of formal and substantive evaluation
• Strict documentation requirements, including the need to fully document the sources of financing for the project already at the application stage
• Complexity of the Project Finance structure, characteristic of infrastructure investments
• Assessment of cost-effectiveness, where it was crucial to demonstrate the optimal ratio of subsidies to ecological and technical effects
• The need to prepare four parallel applications for separate special purpose vehicles, while maintaining the consistency of the entire investment concept

Civitta team provided comprehensive support throughout the application process:

• Development of an application strategy for four projects
• Advice on the structure of financing and preparation of documents confirming its security
• Preparation of complete applications for funding with attachments, including: feasibility studies, financial models, methodology for calculating ecological effects
• Optimization of projects in terms of evaluation criteria
• Coordination of the process of collecting data and documents from the client and financing entities
• Ongoing advice on the project’s compliance with the requirements of the program (m.in. DNSH, investment readiness, technical requirements)

Particular emphasis is placed on documenting the full financial assembly, precise calculation of ecological effects that had a direct impact on the ranking of projects, maintaining the consistency and quality of documentation for all four investments. 

Funding was obtained for all four projects:

• Investment 1: Cost €4.98 million | Grant €2.22 million
• Investment 2: Cost €4.98 million | Grant €2.22 million
• Investment 3: Cost €5.07 million | Grant €2.26 million
• Investment 4: Cost €2.56 million | Grant €1.14 million
• Total amount of the subsidy obtained: over €7.81 million

Technical parameters of the projects: 3 storage facilities: 9.2 MW / 38.6 MWh each; 1 storage facility: 4.6 MW / 19.3 MWh

The implementation of the investment will contribute to:

• Increasing the flexibility of the power system
• Better integration of renewable energy sources
• Improving the energy security of the region

1. In infrastructure projects, the financial readiness of the project is crucial – the lack of reliable financing documents eliminates even well-prepared concepts.

2. Cost-effectiveness (grant vs effects) is one of the most important criteria – it requires close cooperation between technical and financial teams.

3. Projects implemented by special purpose vehicles require special attention in terms of ownership structure and financial flows.

4. Running several applications in parallel increases the complexity of the process, but with proper management, it allows you to scale your investment success.