Highlights
- The agreement, signed with an international utility holding an Investment Grade credit rating, is the second contract of this kind executed by the company in Spain.
- With Escuderos (200 MW of solar PV and 680 MWh of BESS), Grenergy brings to Spain the solar plus storage hybridization model it has successfully developed in Chile through its OASIS platforms.
Grenergy has signed a financial tolling agreement for the storage system of its Escuderos hybrid project (Castilla La Mancha) with an international utility rated Investment Grade by Moody's and Standard & Poor's.
The contract will run for 12 years and will come into force in July 2028. Grenergy will be responsible for the operation and trading management of the batteries.
This new agreement for the Escuderos storage system adds to the daytime PPA signed with Galp in 2020, also for a 12 year term, covering the solar portion of this hybrid plant.
It is the second financial tolling agreement Grenergy has signed in Spain, following the deal reached last February for its stand alone project in Oviedo, also with an international utility rated Investment Grade by Moody's.
Escuderos is Grenergy's flagship hybridization project in Spain. The complex will comprise 200 MW of solar PV and 680 MWh of storage. Construction of the BESS system will begin in the second half of this year, with commissioning targeted for 2027.
With Escuderos, Grenergy aims to replicate in Spain the solar plus storage hybridization model developed in Chile through its Oasis de Atacama and Oasis Central platforms, which form the foundation of the company's hybridization strategy.
Oasis de Atacama currently has a capacity of 2 GW and 11 GWh of storage, with completion expected in 2027 and an investment of 2 billion. Oasis Central currently projects 1.1 GW of solar energy and 4 GWh of storage, with an estimated investment of 900 million.
In addition, Grenergy continues to advance Greenbox, its stand alone battery platform in Europe, which represents another key pillar of its strategic plan. The Oviedo plant (Spain) is its flagship project in this line. Through these initiatives, Grenergy strengthens its leadership in hybrid renewable generation and storage solutions.
Escuderos marks the beginning of a new stage for Grenergy in Spain. It is our first major hybrid project in the country and more will follow. We see enormous potential in the Spanish market to continue developing a hybrid portfolio, building on the experience and track record we have already established in Chile with the Oasis platforms.
Said David Ruiz de Andrés, CEO of Grenergy.
Grenergy is a Spanish multinational and producer of clean energy. Founded in 2007, it has been listed on the Spanish stock exchange since 2015 and currently has a market capitalization of more than 3.5 billion. The company develops, builds and operates solar photovoltaic plants and is also a pioneer in the energy storage industry.
With a team of more than 600 people, it operates across three key regions: Europe (Spain, Italy, Germany, Poland, Romania and the United Kingdom), North America (United States) and Latin America (Chile, Peru, Mexico and Colombia). Its global portfolio includes 75 GWh of storage capacity and 12 GW of solar capacity at various stages of development.
Thanks to its strong commitment to battery storage, the company can deliver clean, affordable, reliable and continuous energy wherever and whenever it is needed, 24/7.
