Spanish independent power producer (IPP) Grenergy has planned to invest €3.5 billion (US$3.9 billion) to increase its energy storage and hybrid portfolio by 2027.
The company’s roadmap to 2027, announced yesterday at a Capital Markets Day held in London, UK, will be based on three pillars, all of which involve energy storage.
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The first one would be to expand its hybrid solar-plus-storage plants by replicating the model of the 2GW/11GWh Oasis de Atacama project in Chile; the second is the launch of a European standalone battery storage development platform called Greenbox; and thirdly, delivering round-the-clock solar energy supply through its Chilean power retailer, GR Power, enabled by storage systems.
The company expects to reach 4.4GW of installed solar PV and 18.8GWh of battery energy storage system (BESS) capacity by 2027. By the end of 2027, Grenergy expects its pro forma earnings before interest, taxes, depreciation, and amortisation (EBITDA) for the Energy segment to reach between €450 million and €500 million, driven by the integration of BESS.
To support the investment in more hybrid projects in Chile and Spain, along with its standalone BESS platform in Europe, Grenergy will strengthen its asset rotation strategy. From this, it expects to generate €800 million between 2025 and 2027, of which half has already been secured.
“We’re entering a new growth cycle where storage and 24/7 clean energy management will be at the core of our strategy through 2027. Our vision is clear: to lead the development of BESS, capitalising on key markets such as Chile and Europe,” said David Ruiz de Andrés, CEO of Grenergy.
This move towards building more BESS and hybrid solar-plus-storage projects continues in the direction of its previous strategic plan spanning between 2023-2026, when Grenergy announced a US$2.6 billion investment to expand its solar and storage portfolio. At the time, the company saw Chile as a pivotal market to leverage its solar and storage businesses, which included the Oasis de Atacama project.
In the first quarter of 2025, Grenergy had invested most of its €165 million capital expenditure into hybrid solar-plus-storage projects. This figure represents a 124% year-on-year increase.
Replicating Oasis de Atacama hybrid project
As construction of one of the largest solar-plus-storage projects is still ongoing, Grenergy aims to replicate the formula made with the Oasis de Atacama in northern Chile with two new projects. The first one, Central Oasis, would also be located in Chile, however this project would be in the Central region of the country, and thus closer to where most of the electricity demand is generated in the country.
The project targets to reach 1.1GW of solar PV capacity and 3.8GWh of BESS, with an investment of €900 million. Similarly to the Oasis de Atacama, the project will be built in several phases (five planned), with all expected to be operational by 2027. The Spanish IPP already secured power purchase agreements (PPAs) for all the phases with the state-owned mining company and copper producer Codelco.
In its home country of Spain, the company’s flagship hybrid project will be located in Castilla-la-Mancha. Built in two phases, the Escuderos is expected to have 200MW of solar PV and 704MWh of BESS. Construction is targeted to begin in the second half of 2025, while the company recently obtained the environmental permits for the BESS.
A 12-year daytime PPA was already secured with Spanish energy company Galp, back in 2021, while an hybrid PPA with an undisclosed company is expected to be finalised soon.
“Escuderos will be the first of many projects where we replicate the successful Oasis de Atacama model. This solar-and-storage hybridisation project, one of the most ambitious solar-plus-storage initiatives in Spain, will begin implementation in the second half of this year and aims to be fully operational by 2027,” added David Ruiz de Andrés.
As the company expands the hybridisation of its portfolio, it has also made progress in the Oasis de Atacama one. The first two phases of the Oasis de Atacama project – which were acquired, along with phase 3, at the end of 2024 by ContourGlobal, a subsidiary of investment firm KKR – have recently been commissioned and consist of 221MW of solar PV and 1.2GWh of BESS with a 6.2-hour duration.
More recently, Grenergy extended its partnership with BYD with a 3.5GWh BESS supply agreement for the Oasis de Atacama project. Both companies had previously signed two other supply agreements for that project, an initial 1.1GWh contract to supply the first phase of the project in January 2024, which was then extended to 3GWh in September 2024.
European standalone BESS platform
On top of hybridising its portfolio with two more projects, Grenergy has also launched its new standalone BESS platform in Europe. Called Greenbox, it aims to become of the largest in Europe with projects in several markets where Grenergy already operates.
These include Poland (7 GWh), Romania (6.7 GWh), Germany (6.4 GWh), Italy (5.8 GWh), Spain (4.6 GWh), and the United Kingdom (4.6 GWh) from a total development pipeline of 35GWh.
“As pioneers in hybridisation and backed by strategic alliances with global leaders such as BYD and CATL, Greenbox enables us to harness the rapid growth of BESS across Europe. Investing in batteries means building more efficient grids, capable of providing multiple services and optimising intraday price spreads. With this vision, we are driving a more resilient, sustainable, and future-ready energy system,” said David Ruiz de Andrés.
Greenbox aims to reach 3GWh of BESS operational and under construction by 2027. In Spain, the Oviedo project will be the flagship project for the new platform with a total capacity of 600MWh. It expects to finalise tolling agreements soon, while construction is targeted to begin in the first half of 2026. The project is expected to be operational by 2027.
This project alone would nearly double the portfolio of BESS under construction in Spain, which is of 1GWh (Premium access).
24/7 energy management
The third and final pillar for Grenergy’s 2025-207 roadmap is GR Power, its clean energy retail arm in Chile. Grenergy aims to reinforce its commitment into the Chilean subsidiary.
The focus of GR Power will be on Chile’s unregulated customer market, where there are significant growth opportunities, especially among mining companies and data centres, according to Grenergy. The Codelco PPA mentioned earlier is among the 24/7 baseload PPAs GR power aims to replicate.
