Grenergy, a Spanish clean energy producer, has closed €100 million (~$117.7 million) in senior non-recourse financing, including credit facilities, for its 618 MWh Oviedo standalone battery energy storage project in Spain.

Santander and Sumitomo Mitsui Banking Corporation provided financing.

Grenergy said the transaction marks the first financing in Spain for a standalone battery storage project of this type. Grenergy expects the facility to begin commercial operations in the first half of 2027.

According to Rafael Villergas, Head of Structured Finance Iberia for SMBC, “SMBC is fully committed to the energy transition globally and in Spain, in particular in a context of high renewable penetration where standalone BESS will play a critical role to strengthen the Iberian electricity network. SMBC is pleased to keep supporting Grenergy, a leading energy storage company in Latam and Spain.”

In February of this year, the company closed a $355 million senior non-recourse financing agreement for its Gran Teno, Tamango, and Planchón projects, which together contribute 398 MW of solar capacity and 1.4 GWh of BESS capacity to the Central Oasis platform in Chile.

Greenbox has a development pipeline of nearly 30 GWh across six European markets. The portfolio includes 7 GWh in Italy, 6 GWh in Spain, 5 GWh each in Poland and Romania, 4 GWh in the United Kingdom, and 2 GWh in Germany. The disclosed capacities total 29 GWh.

Grenergy’s global development portfolio reportedly includes 71 GWh of energy storage capacity and 12 GW of solar capacity at various stages of development.

According to Mercom’s recently released Q1 2026 Energy Storage Funding and M&A report, announced Energy Storage project funding increased 115% YoY in Q1 2026, compared to $8 billion raised in the same period in 2025.