Clifford Chance and WFW on Spain’s first standalone BESS project
Clifford Chance Clifford Chance and Watson Farley & Williams (WFW) have advised on the €100 million financing of Grenergy’s 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).
Structured as an eight-year mini-perm facility, the transaction will support the construction and operation of one of Spain’s largest battery storage projects. The Oviedo cluster is backed by a 10-year structured power purchase agreement with a leading European utility starting in January 2028, providing long-term revenue visibility for the project.
The transaction represents a significant milestone for the Spanish energy market, reflecting the growing maturity of standalone battery storage projects and increasing lender appetite for energy storage infrastructure.
The teams
Clifford Chance advised Grenergy. The firm’s team 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.
Watson Farley & Williams advised the financing banks, Santander and SMBC. The Madrid team was led by Finance partner Juan Vicente Barquilla, supported by senior associate Jacobo Hermidas and associates Álvaro del Real and Cristina Álvarez. Regulatory advice was provided by partner Lidia Fernández, senior associate Ignacio Soria and associate Miguel Rubio.
