Clifford Chance advises Grenergy on project financing
Clifford Chance has advised Grenergy on the closing of a €100 million financing for the Oviedo battery energy storage system (BESS), marking the first financing of a standalone battery storage project in Spain.
The senior non-recourse financing package, which also includes credit facilities, is linked to the Oviedo project, a 618 MWh standalone battery storage facility located in La Corredoria, Asturias.
The financing has been provided by Santander and Sumitomo Mitsui Banking Corporation (SMBC), supporting the development of one of Spain’s landmark energy storage projects as the country continues to expand its renewable energy infrastructure and grid flexibility.
The transaction represents a significant milestone for the Spanish energy market, reflecting the growing maturity of battery storage projects and increasing lender appetite for standalone BESS assets.
The team
The Clifford Chance team advising on the transaction was led by partners Jose Guardo and Eduardo Sánchez Roldán, with support from Ángel Muñoz Alonso, Alejandro Cubillo Jiménez, Yago López Guzmán and Asier Vivanco Gómez.
