Spanish renewable energy producer Grenergy has secured USD 114 million in senior non-recourse financing for its Oviedo stand-alone battery energy storage project, marking the first financing of its kind completed in Spain.

The transaction was signed with Banco Santander and Sumitomo Mitsui Banking Corporation, and covers a facility with 618 MWh of storage capacity currently under construction in the Asturian capital.

A Series of Firsts for Spanish Energy Storage

The Oviedo project has now accumulated a string of milestones that its developer says reflect the maturation of standalone battery storage as a distinct asset class in Spain.

In February of this year, Grenergy signed what it described as the first financial tolling agreement for a stand-alone battery project in the country. That agreement was reached with an unnamed international energy company carrying an investment-grade credit rating and is structured to run for ten years beginning in 2028.

The USD 114 million financing announced on July 22 now adds a second landmark to Oviedo's record, representing the first time project finance has been arranged specifically for a standalone battery energy storage system in Spain.

David Ruiz de Andrés, CEO of Grenergy, said Spain needs to deploy storage with determination so that it can make use of solar power currently wasted during the middle hours of the day and release it when it is needed most, reducing gas consumption at peak times. He described batteries as the missing piece for a more flexible, competitive, and independent power system.

Construction and Timeline

Construction on the Oviedo plant has already begun on an industrial site adjacent to the La Estrecha substation in La Corredoria, a location Grenergy says will allow for a direct and efficient connection to the electricity grid. The company expects the plant to enter commercial operation during the first half of 2027.

Stand-alone storage plants of this type are characterised by compact design and high storage density, storing surplus energy and releasing it during periods of peak demand. Unlike hybrid projects that co-locate storage with generation assets, stand-alone facilities operate independently on the grid.

Oviedo as Flagship for the Greenbox Platform

The Oviedo project is described as the flagship Spanish asset within Grenergy's European stand-alone storage platform, known as Greenbox. That platform has a development pipeline of nearly 30 GWh spread across six markets. Poland and Romania each account for 5 GWh of planned capacity, Italy for 7 GWh, Spain for 6 GWh, the United Kingdom for 4 GWh and Germany for 2 GWh.

Grenergy is simultaneously pursuing stand-alone projects and hybridisation initiatives in Spain, which the company identifies as one of its strategic markets for the coming years.

Lenders Signal Confidence in Storage as an Asset Class

Both financing institutions framed their participation as a commitment to a new category of energy infrastructure rather than simply supporting a single project.

Javier Trueba, Managing Director at Banco Santander, said the bank is pleased to support Grenergy in what he called a pioneering transaction that marks a turning point in the financing of energy storage in Spain.

He said the milestone will pave the way for the development of a new asset class essential to accelerating the energy transition, and that batteries will play an essential role in enabling greater flexibility, more intelligent energy management and a stronger grid.

Rafael Villergas, Head of Structured Finance Iberia for SMBC, said the bank is fully committed to the energy transition globally and in Spain in particular, in a context of high renewable penetration where stand-alone battery energy storage systems will play a critical role in strengthening the Iberian electricity network.

He noted that SMBC is pleased to continue its support for Grenergy, which he described as a leading energy storage company in Latin America and Spain.

Grenergy's Broader Portfolio and Market Position

Grenergy was founded in 2007 and has been listed on the Spanish stock exchange since 2015, with a current market capitalisation of more than USD 3.99 billion. The company develops, builds and operates photovoltaic solar plants and describes itself as a pioneer in the energy storage industry.

Its global portfolio encompasses 71 GWh of storage capacity and 12 GW of solar capacity across various stages of development. The company operates across three regions: Europe, including Spain, Italy, Germany, Poland, Romania and the United Kingdom; North America, where it is active in the United States; and Latin America, with operations in Chile, Peru, Mexico and Colombia. Grenergy employs more than 600 people across these markets.

Santander, which participated as one of the two lead financiers on the Oviedo deal, is headquartered in Spain and had more than 176 million customers, approximately 6,600 branches and 185,000 employees as of the first quarter of 2026, with total customer funds of USD 1.60 trillion. SMBC operates across 40 countries with more than 130,000 employees and assets exceeding USD 2.06 trillion.

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