Finance

Iberian storage news: KKR injects €150M into Greenvolt for battery projects; Galp deploys 147 MWh in Iberia

KKR is funding Greenvolt’s battery expansion with €150M as Galp begins installing 74 MW.

By

Pilar Sanchez Molina

Aug 01, 2025

Investment firm KKR is set to inject €150 million into Greenvolt through a capital increase, specifically to bolster the company’s large-scale battery storage solutions. Meanwhile, Portuguese energy company Galp has commenced the installation of 74 MW of battery energy storage systems (BESS) across Spain and Portugal.

Greenvolt, a KKR subsidiary focused on photovoltaics and energy storage, will receive the €150 million capital infusion in two installments; the first at the beginning of August and the second by September 30. The investment aims to strengthen Greenvolt’s projects across all its operational regions, with a particular emphasis on utility-scale battery storage. The company currently manages a 4.3 GW project pipeline in nine countries, with projects already under construction in Poland, the United Kingdom, and Hungary.

Separately, Portuguese oil and gas company Galp has begun construction on two energy storage projects totaling 74 MW / 147 MWh. The projects will feature Sungrow’s PowerTitan 2.0 battery systems, which utilize grid-forming technology, and will be co-located with two of Galp’s solar PV plants in Portugal and Spain.

In Spain, Galp will install a 14 MW / 28 MWh storage system at its Manzanares solar park in Castilla-La Mancha. In Portugal, the company is developing four integrated storage systems at its solar farms, amounting to a combined 60.5 MW / 120.4 MWh (2-hour duration batteries).

Galp stated that these projects are financed by the Recovery and Resilience Plan through the C21 – REPowerEU Component. This initiative represents an expansion of the 5 MW / 20 MWh project that has been operational in Alcoutim since the beginning of 2025.

Galp also continues to expand its solar PV capacity, having recently completed two new solar farms in Spain. The first, Toledo and Ahín in Castilla-La Mancha, has an installed capacity of 65.4 MWp with an estimated annual output of 127,000 MWh. The second, Almaraz in Extremadura, has a capacity of 49.87 MWp and an annual production of 95,000 MWh.

From pv magazine Spain.

Written by

Pilar Sanchez Molina
Pilar worked as managing editor for an international solar magazine, in addition to editing books, primarily in the fields of literature and art. She joined pv magazine in May 2017, where she manages the Spanish newsletter and website and helps write and edit articles for the daily news section in Latin America.
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