Who are the Spanish offtakers, and how to find them
Most Spanish battery projects need contracted revenue to reach financial close. The right hedge provider and structure determine how much of a project's income lenders will count.
The three main structures currently see in the Spanish market are:
- Tolling agreements: the offtaker pays a fixed fee for the right to operate the battery and keeps the market revenue.
- Day-ahead swaps: the owner receives a fixed spread and pays out the value of an index that tracks the best day-ahead charge and discharge hours. The owner keeps revenue from balancing and capacity markets.
- Hybrid PPAs: a single PPA covering a solar plant and its colocated battery, delivering a firmer, evening-shifted profile.
Not every counterparty offers all of them. Tenors, target CODs and appetite for colocated assets also differ.
At Modo Energy, we have prepared a list of companies offering hedging and offtake structures for battery and hybrid projects in Spain.
Here is the list:
ENGIE
ENGIE Iberia manages a diverse portfolio of energy assets across Spain and Portugal, with dedicated control centres in both countries, offering optimisation, market representation and commercial structuring solutions.
For battery storage, ENGIE offers long-term tolling agreements, day-ahead swaps and hybrid PPAs. It has already signed long-term battery hedges in Spain with tenors of up to 10 years.
Contact:
Fernando González Angulo
fernando.gonzalezangulo@engie.com
Axpo
Axpo is a European energy company with global experience in trading, optimising, and operating flexible assets, and signing long-term hedges for battery storage across several European markets.
In Spain, Axpo offers day-ahead swaps with a standard tenor of 10 years for stand-alone and colocated batteries, adapted to each asset's efficiency, degradation and cycling limits. For hybrid projects, Axpo offers a fixed-profile solar PPA combined with a day-ahead swap for the battery. The financial hedge is independent of the optimiser, so owners can use Axpo's optimisation service or a third party. Axpo has already signed swaps financed under project finance.
Contact:
Fernando de Juan Astray
fernando.dejuanastray@axpo.com
Centrica
Centrica Energy is the trading and optimisation arm of Centrica, active in power, gas and flexibility markets across Europe. The company already offtakes Iberian generation through virtual PPAs and has signed long-term battery tolling agreements in other European markets.
In Iberia, Centrica can quote hybrid PPAs and day-ahead swaps for stand-alone and colocated batteries, with tenors up to 10 years. Its day-ahead swaps can be adapted to each asset's efficiency and degradation.
Contact:
Ricardo Estévez
Alpiq
Alpiq is a Swiss energy company active in the Spanish power market for more than two decades, representing third-party assets, structuring renewable PPAs and trading in secondary and tertiary reserves.
For battery storage, Alpiq offers financial hedges with 8 to 10-year tenors, including a top-bottom day-ahead swap and a perfect foresight day-ahead product, targeting projects with CODs from 2027. Alpiq expects to optimise batteries physically from around January 2029, and will then explore full tolling agreements.
Contact:
Rodolfo Baldrich
EDP
EDP is a global energy company focused on the energy transition, with activity across renewables, generation and supply. In Iberia, EDP operates as an integrated utility and has signed several hybrid renewable and storage PPAs across Portugal and Spain.
EDP offers revenue assurance for battery storage through financial structures, with tenors of up to 10 years. For stand-alone batteries, these structures range from fixed charge and discharge profiles to day-ahead swaps, and different settlement options around the day-ahead schedule. EDP has already signed several of these contracts.
Contact:
Margarida Simões
Galp
Galp is an integrated energy company active across the Iberian Peninsula, providing market representation, PPAs and flexibility management, with a control and dispatch centre certified by both REN and REE.
For battery storage, Galp offers day-ahead swaps for batteries, either as a plain financial product or adapted to the asset's round-trip efficiency and degradation. Galp can also offer tolling agreements and floors, the latter by combining a swap with its optimisation service, with tenors of up to 10 years. It does not currently quote hybrid PPAs with a fixed profile encompassing solar PV.
Contact:
Alfonso Lezcano
Statkraft
Statkraft is a European renewable energy generator and energy markets business, bringing more than 30 years of energy markets experience across trading, origination and asset optimisation. It brings to Iberia the battery flexibility experience built in Great Britain, the Nordics and Germany.
For stand-alone batteries, Statkraft offers tolling agreements, floors and day-ahead swaps, alongside route-to-market and optimisation services. For colocated projects, it offers integrated structures that hedge both renewable and battery revenue risk. Agreements can run up to 12 years beyond the current calendar year, combining hedging and optimisation under one counterparty.
Contact:
Silvia Escudero
bp
bp's European Power and Carbon Origination team in Madrid structures long-term agreements for renewable power and storage projects in Europe, supported by bp's extensive trading and risk management capabilities.
For renewable power assets, bp already offtakes Spanish renewable output through PPAs and provides power solutions to customers across Europe.
For battery energy storage systems (BESS), bp has offered long-term commercial arrangements with focus in hybrid PPAs and financial day-ahead swaps for tenors from 5 to 10 years and CODs between 2028 and 2029, to help support project revenues.
Contact:
Spain Originators
Not on the list? Please contact a team member, including your main point of contact, and include a one-line summary of the hedging structures you offer in Spain.
