Grenergy has signed a 12-year financial tolling agreement for the storage component of its Escuderos hybrid project in Castilla-La Mancha, Spain.
The Escuderos hybrid complex features 200MW of solar photovoltaic (PV) and 680MW-hours (MWh) of battery energy storage.
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The deal has been signed with an international utility that holds an investment-grade credit rating from Moody’s and Standard & Poor’s.
It marks the company’s second financial tolling contract of this type in the Spanish market following the stand-alone Oviedo project secured in February.
Construction of the battery energy storage system (BESS) at Escuderos is expected to commence later this year, with commissioning set for 2027.
Grenergy will manage the operation and trading of the batteries.
The new agreement for the Escuderos storage facility builds on the daytime power purchase agreement (PPA) signed by Galp in 2020. This 12-year contract, which is set to go into effect in July 2028, covers the solar component of the hybrid project.
With Escuderos, Grenergy aims to introduce to Spain the solar-and-storage hybrid model it has already deployed in Chile through its Oasis de Atacama and Oasis Central platforms, an approach that supports the company’s broader hybridisation strategy.
Oasis de Atacama has a planned solar capacity of 2GW paired with 11GW-hours (GWh) of storage, with commissioning targeted for 2027 and total investment of around €2bn ($2.35bn).
Oasis Central is designed for around 1.1GW of solar and 4GWh of storage, requiring an estimated €900m.
Grenergy is also progressing Greenbox, its stand-alone battery storage platform in Europe, another core element of its strategy, led by the Oviedo project in Spain.
Together, these developments reinforce the company’s position in hybrid renewable generation and energy storage.
Grenergy CEO David Ruiz de Andrés said: “Escuderos marks the beginning of a new stage for Grenergy in Spain. It is our first major hybrid project in the country and more will follow.
“We see enormous potential in the Spanish market to continue developing a hybrid portfolio, building on the experience and track record we have already established in Chile with the Oasis platforms.”
