By David Sachs
Shares in Grenergy Renovables rose Friday after the company said it will sell a solar power plant in Spain to an unidentified European power producer for 83 million euros ($90.9 million).
At 0817 GMT, shares in the Spanish renewable energy company were up 5.2% to EUR28.62.
Grenergy said the deal, which is expected to close by the end of the year and subject to regulatory approval, will hand its Belinchon solar facility in Cuenca to a European independent power producer.
The divestment sheds debt and is part of Grenergy’s growth plan that refocuses on energy storage in Europe, the U.S., and Latin America, the company said.
Write to David Sachs at david.sachs@wsj.com
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