Spanish renewable energy company Grenergy plans to invest 3.5 billion euros in battery energy storage systems (BESS) and photovoltaic storage projects by 2027, aiming to achieve significant growth in the energy sector.
Grenergy, a Spanish independent power producer (IPP) focusing on renewable energy and storage solutions, operates in Europe, Latin America, and Oceania. This investment will focus on three areas: replicating the success of its 2GW/11GWh Atacama Oasis project in Chile and Spain; launching the European Greenbox independent battery storage platform; and enabling 24/7 solar power supply via its Chilean energy retailer GR Power through energy storage.
Chile has abundant solar resources, with the northern Atacama Desert being one of the regions with the highest global solar irradiance, ideal for large - scale solar and storage projects. The Atacama Oasis project, one of the world's largest solar and storage projects, offers valuable experience for other regions.
By the end of 2027, Grenergy expects its installed photovoltaic capacity to reach 4.4GW and battery storage capacity to hit 18.8GWh, with energy sector EBITDA anticipated to be between 450 million and 500 million euros. David Ruiz de Andrés, Grenergy's CEO, stated, “We are entering a new growth phase centered on storage and 24/7 clean energy management.”
Grenergy intends to replicate the Atacama Oasis model in Chile and Spain. In Chile, the Central Oasis project, approved and expected to be completed in 2027, will have 1.1GW of solar photovoltaic capacity, 3.8GWh of battery storage, and a 900 - million - euro investment. In Spain, the Escuderos project, the flagship site, is set to start construction in the second half of 2025 and begin full operations in 2027. It includes 200MW of solar photovoltaic capacity and 704MWh of battery storage, with a 12 - year daytime power purchase agreement (PPA) signed with Galp in 2021.
Grenergy has launched the European Greenbox BESS platform to expand into multiple markets. Projects are distributed across Poland (7GWh), Romania (6.7GWh), Germany (6.4GWh), Italy (5.8GWh), Spain (4.6GWh), and the UK (4.6GWh), with a total development plan of 35GWh. In Spain, the Oviedo project, the platform's flagship, with a total capacity of 600MWh, is expected to start construction in the first half of 2026 and begin operations in 2027.
Through its Chilean energy retailer GR Power, Grenergy is enhancing its 24/7 energy management capabilities. GR Power will focus on Chile's unregulated power market, particularly mining companies and data centers. The Codelco PPA is one of the 24/7 baseload PPAs that GR Power plans to replicate.
SMM New Energy Industry Research Department
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