Spanish renewable energy developer BRUC has raised €474 million (US$554 million) to facilitate the addition of battery energy storage systems (BESS) to an existing solar PV portfolio of 858MW in Spain.
The non-recourse financing will be used to refinance the debt of the portfolio, which consists of projects in the regions of Andalusia, Aragon and Extremadura, and allows for the future financing of 650MW of new BESS at the facilities. The company noted that power generated at these projects, should they be co-located with batteries, would be sold under “hybrid” power purchase agreements (PPAs), “subject to previously agreed technical, commercial and financial parameters”.
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“This approach positions storage as a scalable and bankable extension of BRUC’s operating platform, in full alignment with its business plan and the changing dynamics of the Iberian energy market,” said the company on Saturday.
The financing comes from a number of organisations—Banco Cooperativo, Banco Sabadell, BNP AM, Export Development Canada and Santander—some of which have worked with the company in the past. Last year, the developer raised an additional US$756 million in corporate debt from investors, including Santander, to develop a 6.6GW renewable energy pipeline in Spain.
“Our credibility is based on meeting the business plan, even when the scenario presents certain uncertainties,” said BRUC president Juan Béjar at the time. “We have a long-term vision, which is the foundation of business and environmental sustainability.”
The company’s emphasis on stability amid “certain uncertainties” could be a reference to the challenging energy environment endured in Spain last year, which saw a blackout affect the grid in both Spain and Portugal. While renewable energy generation was not found to have contributed to the blackout, the episode highlighted the importance of delivering a secure power supply, and has encouraged investments in technologies, like storage, that help provide stability and flexibility.
BRUC, for its part, started work at its first solar-plus-storage project in Extremadura in September 2024, and now boasts a total solar, wind and storage pipeline of 9.1GW, of which 1.9GW are already operational.
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