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A €50 million battery energy storage portfolio in Spain’s Basque Country has reached financial close, marking a milestone for the country’s expanding energy storage market.
The three-project portfolio is being developed by Return Energy in Bizkaia province and comprises installations in Güeñes, Barakaldo and Lezama. Together, the sites will deliver 55MW of power capacity and 220MWh of storage capacity, making the portfolio the largest standalone battery storage development in Spain to reach financial close.
DNV provided independent technical due diligence to support the financing, assessing the projects’ design, technology selection, contractual arrangements and principal technical risks. Its work also included recommendations to mitigate risks and give investors and other financing parties greater confidence in the developments.
Storage expansion supports Spain’s energy transition
The projects form part of Return Energy’s wider development pipeline in the Basque Country, which exceeds 1,400MWh of storage capacity and 352.6MW of power capacity.
Spain’s growing reliance on renewable electricity is increasing the need for technologies that can balance supply and demand as generation from wind and solar fluctuates. Battery energy storage systems can help stabilise the grid, improve system flexibility and support the integration of additional renewable generation.
The country has set ambitious targets for expanding storage infrastructure. Spain’s National Energy and Climate Plan envisages 22.5GW of storage capacity by 2030, including 12.5GW associated with battery energy storage systems.
DNV’s Energy Transition Outlook for Spain also highlights the increasing requirement for energy storage as the country moves towards a more electrified electricity system powered by renewable sources.
Reaching financial close is an important step in translating these ambitions into operational infrastructure, enabling projects to move beyond development and into deployment.
Independent technical assessment supports investment
DNV vice-president and regional director for Southern Europe, MEA & LATAM, Energy Systems, Brice Le Gallo, said: “Projects reaching financial close are an important part of moving energy storage development from planning into deployment.
“Our role is to provide an independent view of the technology, design and technical risks so that the parties involved can make investment decisions with greater confidence.”
Return Energy country head for Spain Steve Sceery highlighted DNV’s contribution to completing the transaction, saying: “DNV has been a key partner to help us complete the financing for this landmark transaction in Spain.
“They brought to bear their full technical expertise on what is a new asset class here in Spain which was instrumental in ensuring a swift and successful transaction.”
DNV market manager for Iberia Carlos Albero added: “Our work on the Bizkaia portfolio reflects the growing role of independent technical assessment as standalone storage moves from an emerging segment towards wider deployment in the Spanish market.”
The transaction highlights the importance of technical due diligence as battery storage projects become a more established part of Spain’s energy infrastructure. With national targets driving further investment, independent assessments of technology, design and project risks are expected to remain an important element of financing future developments.
About DNV
DNV is an independent assurance and risk management provider operating across energy, maritime and other industries. Its energy business provides technical advisory, certification and verification services to support the development, financing and operation of energy infrastructure, including renewable generation and energy storage projects.
The organisation works with developers, investors, lenders and other stakeholders to assess technical performance, manage risk and support the energy transition.
Website: www.dnv.com
About Return Energy
Return Energy is an energy infrastructure developer focused on battery energy storage projects in Spain. Its development pipeline in the Basque Country includes more than 1,400MWh of storage capacity and 352.6MW of power capacity, contributing to the expansion of flexibility and storage infrastructure in the Spanish electricity market.
Website: https://return.energy/
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