Greening Expands US Footprint with COFIDES Support
Deal News | Feb 03, 2025 | Cia Espanola de Financiacion d
COFIDES, a Spanish state-owned company, is supporting Greening, a vertically integrated renewable energy firm, in its expansion into the US market. The support comes in the form of a 3 million euro joint venture loan from the Fund for Foreign Investments (FIEX), aimed at financing a project for photovoltaic installations at a site owned by Opmobility in Michigan. This initiative contributes to a larger $4.3 million investment articulated under a 15-year Power Purchase Agreement. Greening’s presence in diverse energy markets across Europe and North America highlights its commitment to sustainability and energy transition. Through this project, contributions are being made to Sustainable Development Goal 13, focusing on climate action. COFIDES continues to play a pivotal role in supporting Spanish companies and sustainable international endeavors.
Sectors
- Renewable Energy
- Financial Services
- Automotive
Geography
- United States – The expansion project is located in Adrian, Michigan, marking a significant step in Greening's entry into the US market.
- Spain – COFIDES is a Spanish state-owned firm supporting Greening's international expansion.
- Europe – Greening operates in multiple European markets, including Spain, Italy, Germany, and France.
- Mexico – COFIDES has previously supported Greening's expansion efforts in Mexico.
Industry
- Renewable Energy – The article focuses on Greening, a company specializing in generating and distributing renewable energy.
- Financial Services – COFIDES provides financial support and investment services, particularly in international projects.
- Automotive – Opmobility, a French multinational automotive company, is a key client benefiting from the energy project.
Financials
- €3,000,000 – The loan amount granted by COFIDES for the Greening's project in the US.
- $4,300,000 – Total investment amount for the photovoltaic project in Michigan.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Greening | Target Company | Company | A global renewable energy company engaged in the US market expansion project. |
| COFIDES | Funding Institution | Company | Spanish state-owned company providing a loan for Greening's US expansion. |
| Opmobility | Client | Company | A French multinational automotive company, client of the photovoltaic project. |
| Miguel ngel Ladero | Corporate Director, Investment Department | Person | Articulated COFIDES' commitment to sustainability. |
| Manuel Mateos | Director of Institutional Relations | Person | Commented on Greening's expansion and sustainability efforts. |