Grenergy’s energy storage pipeline has ballooned to an impressive 72 GWh, with the Spanish developer significantly ramping up its investment activity following a landmark fiscal year.

According to the company’s 2025 financial report, the developer built out 7 GWh of battery energy storage systems (BESS) alongside 1 GW of solar capacity over the past year. This rapid acceleration is supported by a growing portfolio of tolling agreements and power purchase agreements (PPAs) fueling project development across Latin America and Europe.

The Madrid-headquartered firm now boasts 8.3 GWh of storage that is either operational or under construction. This growth coincides with a surge in capital expenditure, which hit €880 million for the year—a 36% increase from 2024. Annual revenues surpassed the €1 billion mark for the first time, climbing 66% year-on-year, while net profits rose 46% to reach €87 million.

The financial disclosure underscores a pivotal shift in Grenergy’s execution pace, highlighted by significant headway at its flagship Oasis de Atacama hybrid complex in Chile, where 3.3 GWh of storage capacity has already been energized.

The heightened capex aligns with Grenergy’s broader multi-year strategy, targeting €3.5 billion in investments between 2025 and 2027—a plan outlined during its capital markets day in London last May.

European markets are becoming an increasingly central focus for the company. With its latest financials revealing a pipeline exceeding 30 GWh and total capacity now over 9 GWh, construction has commenced on the 150 MW/600 MWh Oviedo project in Spain following the securing of a financial tolling agreement and necessary permits.

The developer also garnered substantial international banking support in 2025. This included roughly $700 million to finance the fourth and fifth phases of Oasis de Atacama, as well as €99 million for its 172 MW Ayora solar plant in Spain, which benefits from a 15-year PPA.

Both PPAs and tolling agreements have proven instrumental in securing project backing as the BESS pipeline expands. Key deals include a 24/7 PPA for 0.7 TWh annually with Chilean mining giant Codelco, a 15-year accord for power from the Monte Águila hybrid plant, and a 390 GWh solar PPA to complete the contract at the Central Oasis project.

In February 2026, the company announced its first financial tolling deal for the Oviedo project, while in Poland it secured capacity payments for 2.1 GWh of projects.

Grenergy CEO David Ruiz de Andrés stated that the company possesses a “clear roadmap” and the team capable of executing it. “In 2026, we will maintain our focus on solid operational and financial management, with a clear priority: to generate sustainable and growing value for shareholders and stakeholders,” he added.

Asset sales have also been a notable success, with formalized transactions reaching nearly $1 billion in enterprise value. This exceeds the company’s 60% turnover target set for the 2025-2027 period and has helped finance its investment plan. Notable divestments included the first four phases of Oasis de Atacama (representing 33% of the project’s total worth), the José Cabrera and Tabernas assets (297 MW) in Spain for €273 million, and seven solar assets (88 MW) in Colombia for $64 million.

Grenergy closed 2025 with a net debt of €993 million and a total leverage ratio of 5x. However, the developer notes that this ratio would drop to 1.5x if the results of recent asset rotation operations were factored in.