Grenergy Renovables S.A. has announced a €3.5bn ($3.79bn) investment plan for the 2025–2027 period, aimed at accelerating its development in the energy storage sector. Presented during its Capital Markets Day in London, the plan centres on hybrid projects combining photovoltaic solar and batteries, the launch of a standalone battery platform called Greenbox, and the expansion of its power supply business in Chile.
The Spanish company targets 4.4 GW of installed solar capacity and 18.8 GWh of batteries by 2027. To support this growth, Grenergy will rely on an asset rotation strategy and expects €800mn in revenue between 2025 and 2027, with 50% already secured or in advanced negotiation stages, according to its statement dated May 28.
Hybrid projects in Latin America and Europe
The Oasis de Atacama project in northern Chile, a cornerstone of this strategy, is set to be completed by 2027 with 2 GW of solar and 11 GWh of batteries, at a total cost of €2bn ($2.17bn). In 2025, Grenergy expects to finalise financing and Power Purchase Agreements (PPAs) for phases 5 and 6, while commencing commercial operations for phases 2 and 3 with integrated storage systems.
Simultaneously, a similar project named Central Oasis will be developed in central Chile. It will comprise 1.1 GW of solar and 3.8 GWh of storage, with an estimated investment of €900mn ($975mn). All phases are scheduled for completion by 2027, with all PPAs already signed, including a 24/7 contract with Codelco, the Chilean state-owned copper company.
Hybrid model rollout in Spain
In Spain, Grenergy will replicate the hybrid model through the Escuderos project in Castilla-La Mancha. It will include 200 MW of solar and 704 MWh of batteries across two phases. A 12-year PPA with Galp was signed in 2021. The company has secured environmental permits for the battery systems and expects construction to begin in the second half of 2025.
A hybrid PPA is currently under negotiation. This project represents Grenergy’s flagship initiative in Spain for combining solar production and battery storage.
Greenbox platform launch in Europe
Grenergy also introduced Greenbox, an independent battery storage platform, with a 35 GWh pipeline across six European markets. Targeted capacities include 7 GWh in Poland, 6.7 GWh in Romania, 6.4 GWh in Germany, 5.8 GWh in Italy, 4.6 GWh in Spain and 4.6 GWh in the United Kingdom.
The company aims to have 3 GWh of Greenbox projects under construction or operational by 2027. In Spain, the flagship project will be located in Oviedo, with a capacity of 600 MWh. Tolling agreements are in the finalisation phase, and construction is scheduled to begin in early 2026.
GR Power expansion in the Chilean market
Grenergy continues to expand GR Power, its electricity retail subsidiary in Chile. Thanks to the integration of battery storage, this entity can ensure continuous power supply, particularly for unregulated customers such as data centres and the mining industry.
GR Power recently signed a 24/7 contract with Codelco, the world’s leading copper producer. This strategy positions Grenergy as a power provider capable of ensuring consistent availability through batteries installed in its hybrid projects.
