Our New Energy (ONE) has launched a search for a co-investor to support the development and build-out of a 275 MW BESS portfolio located across Spain, it is understood.

The portfolio is made up of 15 projects, located across the north and east of the country, all of which have secured grid connections and land leases and which are largely due to reach ready-to-build over Q1 2026 – Q1 2027.

The portfolio is spearheaded by a 147 MW / 294 MWh project in Girona which secured an Environmental Impact Statement in July.

Further projects include four 5 MW / 10 MWh facilities in Valencia which could reach RTB as early as the end of 2025, and a 60 MW / 120 MWh scheme in Mallorca, among others.

Large-scale RTB BESS schemes in Spain could potentially command valuations well north of EUR 100,000 / MW, according to industry sources.

ONE is understood to have advertised the investment opportunity via nTeaser in July, and is currently evaluating indicative approaches from potential partners, sources said.

A transaction, if concluded, would likely see the incoming party take a majority stake in the portfolio, although ONE would retain at least a 30% holding.

ONE could also potentially strike up partnerships with different investors for different parts of the portfolio.

ONE – which already has the required equity to take its BESS portfolio to RTB – could potentially look to agree a deal by the end of 2025.

*This story was originally published exclusively for NPM Europe subscribers.