Grenergy has signed a 12-year financial tolling agreement for the battery storage system of its Escuderos hybrid project in Castilla-La Mancha with an international utility rated Investment Grade.
The contract will run for 12 years from July 2028, with Grenergy responsible for operation and trading management of the batteries, the company said.
The agreement adds to a daytime PPA signed with Galp in 2020 for the solar portion of the plant, Grenergy added.
Escuderos will comprise 200MW of solar PV and 680MWh of storage, with construction of the BESS system set to begin in the second half of this year and commissioning targeted for 2027.
The deal is Grenergy’s second financial tolling agreement in Spain following a contract for its stand-alone project in Oviedo signed last February with an international utility rated Investment Grade.
With Escuderos, Grenergy aims to replicate in Spain the solar-plus-storage hybridisation model developed in Chile through its Oasis de Atacama and Oasis Central platforms.
Oasis de Atacama has a capacity of 2GW and 11GWh of storage with completion expected in 2027 and an investment of €2 billion.
Oasis Central projects 1.1GW of solar energy and 4GWh of storage with an estimated investment of €900 million.
“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.” said David Ruiz de Andrés, chief executive of Grenergy.
“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,” he said.