Spanish renewable energy company Grenergy plans to invest 3.5 billion euros in battery energy storage systems (BESS) and PV energy storage projects by 2,027, a move that will drive significant growth for the company in the energy sector.
Grenergy is an independent power producer (IPP) headquartered in Spain, specializing in renewable energy and energy storage solutions, with operations spanning Europe, Latin America, and Oceania. This investment focuses on three key areas: first, replicating the success of its 2GW/11GWh Atacama Oasis project in Chile in both Chile and Spain; second, launching the European independent BESS platform named Greenbox; and third, achieving round-the-clock solar energy supply through its Chilean energy retailer GR Power, leveraging energy storage systems.
Chile boasts abundant solar energy resources, with the Atacama Desert in the north being one of the regions with the highest solar radiation intensity globally, providing ideal conditions for large-scale solar and energy storage projects. The Atacama Oasis project, as one of the world's largest solar and energy storage projects, offers valuable experience for other countries and regions.
By the end of 2,027, Grenergy expects its installed PV capacity to reach 4.4GW and its BESS capacity to reach 18.8GWh. The company's EBITDA in the energy sector is projected to reach 450 million to 500 million euros. David Ruiz de Andrés, CEO of Grenergy, stated, "We are entering a new growth cycle centered around energy storage and round-the-clock clean energy management."
Grenergy plans to replicate the success of the Atacama Oasis project in Chile and Spain. Currently, the company's Central Oasis project in Chile has been approved and is expected to be completed by 2,027. The project will have a solar PV capacity of 1.1GW and a BESS capacity of 3.8GWh, with an investment of 900 million euros. In Spain, the company's flagship project, Escuderos, is expected to commence construction in the second half of 2,025 and become fully operational in 2,027. The project includes 200MW of solar PV and 704MWh of BESS, and a 12-year daytime power purchase agreement (PPA) was signed with Spanish energy company Galp in 2,021.
Grenergy has launched the European independent BESS platform named Greenbox, aiming to expand its multi-market operations. The platform's 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 reaching 35GWh. In Spain, the Oviedo project will become the flagship project of the platform, with a total capacity of 600 MWh. Construction is expected to commence in the first half of 2026 (H1 2026), and the project will become operational in 2027.
Grenergy is enhancing its round-the-clock energy management capabilities through GR Power, its energy retailer in Chile. GR Power will focus on the unregulated electricity market in Chile, particularly targeting mining companies and data centers. The PPA with Codelco is one of the round-the-clock base-load PPAs that GR Power plans to replicate.
SMM New Energy Industry Research Department
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