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.
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