The €100 million transaction consolidates energy storage as a financeable asset without relying on associated renewable plants
Spanish developer Grenergy has secured senior non-recourse financing for €100 million to develop Oviedo, a standalone battery energy storage system (BESS) with an installed capacity of 618 MWh, making it the first operation of its kind closed in Spain for an independent energy storage project.
The financing was structured by Banco Santander and Sumitomo Mitsui Banking Corporation (SMBC) under a non-recourse project finance scheme, a modality that allows the loan to be backed exclusively by the project’s own cash flows, without compromising the company’s balance sheet.
Located next to the La Estrecha electrical substation in La Corredoria (Oviedo), the system has already begun its construction phase and is expected to become operational during the first half of 2027.
Standalone storage gains financial maturity
Until a few years ago, most battery projects were developed as a complement to solar or wind farms to improve their performance.
The transaction achieved by Grenergy represents a paradigm shift by demonstrating that a storage system can obtain bank financing solely based on the revenues it will generate by providing services to the electricity system.
These types of facilities allow excess electricity to be stored during periods of low demand and released when the grid needs greater capacity, providing operational flexibility, frequency stabilization, and better integration of renewable energies.
The company also recalled that the project had previously reached another milestone with the signing of a ten-year revenue contract with an international energy company with an investment grade rating, an agreement that strengthens the asset’s bankability.
Greenbox drives European storage expansion
The Oviedo project is part of Greenbox, Grenergy’s European standalone storage platform, which currently develops nearly 30 GWh distributed across Spain, Italy, Germany, Poland, Romania, and the United Kingdom.
In Spain, the company combines standalone storage projects with hybrid initiatives alongside photovoltaic plants, as part of a strategy aimed at strengthening the management capacity of renewable generation.
Globally, Grenergy maintains a portfolio of 71 GWh of storage and 12 GW of solar projects in various stages of development.
SOURCE and Photo: https://grenergy.eu/
