Santander Corporate & Investment Banking (Santander CIB) has supported Grenergy on the first financing in Spain for a stand-alone battery energy storage system (BESS) project, backing a landmark infrastructure development that will contribute to the country's energy transition.
Together with SMBC, Santander CIB acted as financing entity on a €100 million senior non-recourse financing, including credit facilities, for Oviedo, Grenergy's flagship 618 MWh battery energy storage project and part of its Greenbox platform.
The transaction marks a milestone for the Spanish market as the country's first structured financing for a stand-alone battery energy storage project, a technology expected to play a pivotal role in the transformation of the electricity system.
The project will help increase grid flexibility, facilitate greater integration of renewable energy sources, and strengthen the resilience of Spain's power system, supporting a more efficient and sustainable energy mix.
Through this transaction, Santander CIB further reinforces its position as a leading financier of energy transition and sustainable infrastructure projects.
The bank has congratulated Grenergy, SMBC and all the teams involved in completing a landmark transaction that represents another significant step forward in the development of energy storage infrastructure and the decarbonisation of Spain's electricity system.
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