Grenergy BESS pipeline swells to 72 GWh, turns on investment taps

Grenergy has 8.3 GWh of storage in operation or under construction following a 2025 which saw capex increase to €880 million for the year, up 36% on 2024. Annual revenues exceeded €1 billion for the first time, up 66% on 2024, with net profits up 46% to reach €87 million.

The developer’s financial year 2025 reporting reveals a step change in the pace of battery energy storage system (BESS) build-out from Grenergy, which deployed 7 GWh and 1 GW of solar over the year. This included major progress at the company’s Oasis de Atacama hybrid plant where the 3.3 GWh of storage capacity has already been energized according to the developer.

The increased capex is part of Grenergy’s multi-year strategy, targeting €3.5 billion in investment for 2025 to 2027, as announced by the developer at its capital markets day in London in May 2025.

European markets are an increasing focus of investment for the Madrid-headquartered company. Grenergy now has more than 9 GWh of capacity and a pipeline of over 30 GWh, according to its latest financials. Construction has begun at its 150MW/600 MWh Oviedo project in Spain after the developer secured a financial tolling agreement and obtained permits.

Grenergy also secured significant backing from international banks in 2025, including approximately $700 million to finance phases four and five of Oasis de Atacama, as well as €99 million for its 172 MW Ayora solar plant in Spain, which has secured a 15-year power purchase agreement (PPA).

PPAs and tolling agreements have both helped Grenergy secure backing for projects as the developer expands its BESS pipeline. Flagship deals include a 24/7 PPA for 0.7 TWh per year with Chilean mining company Codelco, inking a 15-year deal for electricity from the Monte Águila hybrid solar and battery plant. Grenergy also signed a 390 GWh solar PPA to complete the contract at its Central Oasis project.

The developer announced in February 2026 the first financial tolling deal for the Oviedo project in Spain, and in Poland secured capacity payments for 2.1 GWh of projects.

David Ruiz de Andrés, CEO of Grenergy, said the company has a “clear roadmap” and the team to execute it.

“In 2026, we will maintain our focus on solid operational and financial management, with a clear priority: to generate sustainable and growing value for shareholders and stakeholders.”

Grenergy has had success in selling assets, too, with formalized sales worth close to $1 billion in enterprise value, exceeding the company’s 60% turnover target set for the 2025 to 2027 period. This progress has allowed it to finance its investment plan. Sales included the first four phases of Oasis de Atacama, equivalent to 33% of total project worth at around $1.5 billion according to Grenergy. The developer sold its José Cabrera and Tabernas (297 MW) in Spain for €273 million, and divested seven solar assets (88 MW) in Colombia for $64 million.

Grenergy closed 2025 with net debt of €993 million, with a total leverage ratio of 5x. However, this ratio would fall to 1.5x if the results of recent asset rotation operations were included, according to the developer.