Germany is emerging as a promising market for energy storage, with its current grid-connected battery capacity of 2 GWh expected to reach 8 GWh by 2026. This rapid growth reflects the increasing demand for efficient energy storage solutions in the country.
Germany: A strategic market for energy storage
Grenergy considers Germany a key market for standalone energy storage projects. “The opportunities for standalone projects in Germany are considerable,” said David Ruiz de Andrés, President of Grenergy. The country’s highly liquid intraday energy market and its projected 100 GW solar capacity by 2025 make it an attractive target.
Despite the absence of a dedicated capacity market, initially planned for 2028, Grenergy is actively exploring acquisitions from local developers to strengthen its position. The company sees Germany as a unique opportunity for business expansion.
The United States: A key market by 2027
Grenergy’s expansion strategy also targets the United States, with a pipeline of 5 GW of solar projects and 3 GWh of storage. The company is focusing on regulated markets in the Southeast and Texas, where the market structure resembles that of Chile, a region where Grenergy has had significant success.
Texas presents particular opportunities, combining high demand with an unregulated market. Ruiz de Andrés noted, “We feel comfortable in environments similar to Chile.” Tax incentives under the Inflation Reduction Act (IRA) further enhance the prospects for renewable energy projects, although uncertainties regarding trade policies and legislative changes remain.
Progress of the Oasis de Atacama project in Chile
The Oasis de Atacama project in Chile, a hybrid development combining nearly 2 GW of solar capacity with 11 GWh of storage, is progressing on schedule. The first phases, totaling 451 MW of solar and over 2,500 MWh of batteries, are set to be operational by 2025.
This project represents a significant portion of Grenergy’s €419 million capital expenditure for 2024, which increased by 61% compared to the previous year. Chinese suppliers BYD and Amperex are providing the battery components for the early phases, financed by a banking consortium.
Grenergy’s diversified portfolio, spanning Germany, the United States, and Chile, positions it to meet the growing global demand for energy storage solutions while focusing on scalable and profitable business models.
