Core Insights - Grenergy has signed a ten-year financial tolling agreement for its 150MW/600 megawatt-hour battery project in Oviedo, Spain, marking a pioneering transaction in the Spanish market [1][2] - The Oviedo project is part of Grenergy's Greenbox platform, which is under development across Europe and represents the largest stand-alone battery initiative announced in Spain to date [2][4] - The project is expected to commence operations in the first half of 2027, with the tolling agreement starting in January 2028 [2] Company Strategy - Grenergy will manage the operation of the asset and battery trading, aiming to enhance its presence in Europe's evolving energy landscape [3] - The Greenbox platform includes a pipeline exceeding 30 gigawatt-hours (GWh) of stand-alone battery storage projects across key European countries [4] - The company is actively seeking opportunities to expand the Greenbox pipeline and establish new tolling agreements in various European markets [4] Industry Impact - Investment in battery storage is crucial for upgrading the electricity grid, allowing for energy storage during high production and release during peak demand [5] - This investment contributes to reducing price fluctuations, facilitating the integration of renewable energy sources, and enhancing grid stability [5] - Grenergy's CEO expressed confidence in replicating the success of previous platforms in the European market, particularly in Spain, where potential is significant [6]

Core Insights - Grenergy has secured a $355 million (€298.76 million) senior non-recourse financing arrangement to support its Central Oasis platform in Chile, which includes the Gran Teno, Tamango, and Planchón hybrid plants [1][2] - The financing will enable Grenergy to refinance existing projects, hybridize the Gran Teno and Tamango plants, and construct the Planchón hybrid project, all backed by long-term solar power purchase agreements (PPAs) [2] - This transaction is part of Grenergy's broader strategy to secure approximately $1.6 billion in non-recourse financing for its Oasis platforms, including the Oasis de Atacama project [3] Financing and Project Details - The financing was provided by an international consortium of banks led by BNP Paribas, which includes Banco Santander and Rabobank [2] - The Central Oasis platform is expected to become operational between 2026 and 2027, with a planned capacity of 1.1 GW of solar and 4 GWh of storage [3] - Grenergy's hybrid model is being expanded into other markets, including Spain, with plans for the Escuderos plant in Castilla-La Mancha [4] Strategic Developments - Grenergy is also developing Greenbox, a stand-alone battery platform in Europe, with the Oviedo plant in Spain as its flagship project [4] - The CEO of Grenergy emphasized that this transaction strengthens the support from international banks for their hybridization model and confirms their execution capabilities in project financing and PPA development [5] - Recently, Grenergy secured capacity contracts for five independent storage projects in Poland, totaling 2.1 GWh [5]

Core Insights - Grenergy, a Spanish clean energy producer, has secured capacity contracts for five independent storage projects in Poland, totaling 2.1 gigawatt-hours (GWh) [1] - The projects will provide reserve capacity to the Polish electricity grid and are set to commence in January 2030 [2] - Grenergy has also received funding from the Polish Government for additional smaller projects, part of the EU's Modernisation Fund [3] Group 1: Capacity Contracts - Grenergy acquired over 11% of the total storage capacity available in the recent auction held by Polskie Sieci Elektroenergetyczne (PSE) [1] - The five projects, named Fred, George, Lucius, Hagrid, and Harry, will have a combined power of 534MW and will be compensated at a fixed annual rate of 465.02 zlotys ($128.66) per kilowatt over a 17-year period [2] Group 2: Government Grants and Initiatives - Grenergy has been granted 34 million zlotys (€8 million) for four smaller stand-alone projects with a combined capacity of 136 megawatt-hours, expected to be operational by 2028 [3] - The grants are part of the EU's Modernisation Fund aimed at enhancing energy storage development in Poland [3] Group 3: Greenbox Platform and Global Operations - Grenergy is advancing its Greenbox platform, focusing on key markets including Germany, Italy, Poland, Romania, Spain, and the UK, with a pipeline of 31GWh [3] - The company operates across Europe, North America, and Latin America, with a global portfolio exceeding 75GWh of storage capacity and 12GW of solar power in various stages of development [4] Group 4: Recent Financing and Acquisitions - Grenergy finalized a senior non-recourse financing deal valued at €98.8 million for the Ayora solar facility in Spain, which has an installed capacity of 172MW [4][5] - In September 2024, Grenergy acquired a 1GW solar portfolio in Chile for $128 million to bolster its Oasis de Atacama solar-plus-storage project [5][6]

Report Industry Investment Rating - Not provided Core Viewpoints - For industrial silicon, the supply side still has a certain increase, while the improvement on the demand side is limited. It maintains an oversupply pattern, which may suppress the upper limit of the futures market. It is recommended to focus on the support level of 8,300 - 8,500 yuan/ton and conduct interval operations [1]. - For polysilicon, recent supply - side news has pushed up the futures market. However, considering the high raw material inventory of downstream enterprises, it is difficult to have centralized restocking in the short term, and there is great pressure for the spot price to continue rising, which may limit the upward space of the futures market. Before the implementation of supply - side reform policies, it is advisable to lightly go long on dips [1]. Summary According to Related Content Industrial Silicon - **Price Information**: On October 24, 2025, the average price of non - oxygen - blown 553 (East China) remained unchanged at 9,300 yuan/ton, the average price of 421 (East China) remained unchanged at 9,650 yuan/ton, and the closing price of the futures main contract rose 2.59% to 8,705 yuan/ton [1]. - **Supply and Demand**: In October, the southwest production area is entering the high - cost dry season, with some silicon enterprises planning to reduce or stop production at the end of this month or next month, while the start - up of northern silicon enterprises has increased. After offsetting, the total start - up has increased. On the demand side, polysilicon enterprises are still reducing production, but there may still be an increase in output in October. Organic silicon enterprises maintain the pre - holiday start - up level, and silicon - aluminum alloy enterprises purchase as needed. The downstream's willingness to stock up at low levels is limited [1]. Polysilicon - **Price Information**: On October 24, 2025, the price of N - type dense material remained unchanged at 51.50 yuan/kg, the price of N - type re - feed material fell 0.04% to 52.98 yuan/kg, the price of N - type mixed material remained unchanged at 50.50 yuan/kg, the price of N - type granular silicon remained unchanged at 50.5 yuan/kg, and the closing price of the futures main contract rose 0.89% to 50,760 yuan/ton [1]. - **Supply and Demand**: Silicon material enterprises are maintaining the production reduction trend, but some silicon material factories may have new production capacity put into operation. After offsetting, the output is expected to increase slightly in October. During the National Day holiday, market transactions were light, with few new transactions. Downstream enterprises are resistant to high - priced resources, and the market is waiting for the industry meeting in October [1]. Industry News - On October 22, the first 11.8MW phase of the 88MW agricultural - photovoltaic complementary power generation project in Tonglu Baijiang, Zhejiang, achieved grid connection, with an expected annual power generation of 15.3 million kWh, saving 0.43 million tons of standard coal and reducing 12,000 tons of carbon dioxide emissions annually [1]. - Spanish energy company Grenergy has started the construction of the Monte Águila photovoltaic - energy storage hybrid power station in Chile, with a total investment of $264 million. It is scheduled to be put into operation in early 2027, with a planned installed capacity of 340MW of photovoltaics and a 960MWh energy storage system [1].

Core Viewpoint - The global energy storage battery market is experiencing significant growth, with a projected shipment of 258 GWh in the first half of 2025, representing a year-on-year increase of 106% [1]. Group 1: Market Overview - Domestic manufacturers are expected to ship 252 GWh, showing a year-on-year growth of 109%, while overseas manufacturers are projected to ship 6 GWh, with a growth rate of 42.5% [1]. - Leading players such as Hicharge Energy, BYD, and China Innovation Aviation are seeing rapid growth, with their shipment volumes nearing 90% of last year's total in the first half of the year [1]. Group 2: Competitive Landscape - The market is characterized by a dominance of CATL, with strong competition from companies like EVE Energy, Hicharge Energy, and BYD [3]. - Major companies are increasingly adopting integrated development strategies, with a growing share of self-owned energy storage systems, particularly BYD [3]. Group 3: Emerging Markets - Significant acceleration in the delivery of large-scale energy storage projects in emerging markets is noted, including projects like BYD's 12.5 GWh in the Middle East and collaborations in Chile [4]. - Traditional markets are influenced by regulatory changes, such as China's 136 document leading to an early rush for installations, and the U.S. experiencing stockpiling due to the IRA Act [4]. Group 4: User Side Developments - The commercial sector in China is primarily focused on profit from peak-valley price differences, but recent policy changes have led to a cautious market sentiment [6]. - New commercial scenarios, such as solar-storage charging and data centers, are witnessing rapid growth despite traditional market challenges [6]. Group 5: Policy Support in Europe - European commercial and residential storage markets are benefiting from substantial subsidy policies, with the Netherlands allocating €100 million for battery storage projects [7]. - Belgium offers a 40% tax deduction for investments in solar and storage systems, the highest in its history, while Greece's subsidy program supports up to 50% for businesses installing storage systems [8].

Core Viewpoint - BYD Energy has signed a storage order agreement with Grenergy to supply a 3.5GWh energy storage system for the Atacama Oasis Project in northern Chile, bringing the total cooperation volume to 6.5GWh [2][3]. Group 1 - The agreement includes the provision of 624 MC Cube-T BESS units for the Elena solar-storage power station, which has a photovoltaic capacity of 446MW and a storage capacity of 3.5GWh [3]. - The MC Cube-T BESS utilizes CTS (cell-to-system) super integration technology, significantly enhancing space utilization by 98% and achieving a Vcts (cell-to-system volume ratio) index exceeding 33%, offering advantages such as easy layout, installation, maintenance, capacity expansion, and transportation [3]. - The storage solution is designed to meet the high safety, protection, durability, and operational efficiency requirements of the complex and challenging Atacama Oasis Project, which is one of the largest electrochemical storage projects globally with a total storage capacity of 11GWh [3][4]. Group 2 - BYD Energy aims to contribute to the global clean energy transition through innovative technology and reliable service, as stated by the general manager of BYD's energy storage and new battery division [4].

Group 1 - BYD Energy has signed a storage order agreement with Grenergy to supply a 3.5GWh energy storage system for the Atacama Oasis Project in northern Chile, which is one of the largest electrochemical storage projects globally [1] - The Atacama Oasis Project has a total storage capacity of 11GWh and a total investment of $2.3 billion, with phases 1-3 having a capacity of 3GWh supplied by BYD [1] - The latest collaboration brings the total cooperation volume between BYD and Grenergy to 6.5GWh, with BYD providing 624 units of the MC Cube-T BESS for the Elena solar storage station [1] Group 2 - The MC Cube-T BESS, launched in April 2024, features a capacity of 6.432MWh and improvements in energy efficiency, with a maximum energy increase of 35.8% compared to the previous generation [2] - BYD has secured multiple large storage projects overseas in 2024, including a 12.5GWh project with Saudi Electricity Company, bringing the total cooperation volume to 15.1GWh [2] - The company has also delivered 120 units of the MC Cube-T storage system for a project in Guangxi, which is expected to be completed by the first quarter of 2026 [2] Group 3 - BYD's projects in Saudi Arabia and Chile have successfully connected to the grid, with additional projects under construction, such as the "Víctor Jara" solar storage plant in the Tarapacá region [3] - The global energy storage market is becoming increasingly competitive, particularly in the lithium battery storage sector, with a decrease in market concentration as new players enter [3] - In 2024, the global shipment of lithium battery cells for energy storage is projected to reach 435.8GWh, with a year-on-year growth of 81%, but the market concentration ratio (CR5) is expected to decline by 5% compared to 2023 [3] Group 4 - Major companies in the energy storage sector have signed multiple large contracts in 2024, indicating a shift from battery cell manufacturers to system integrators [4] - The competitive landscape of the global lithium battery market is expected to continue evolving due to various factors, including delivery cycles and international trade policies [4]

Core Viewpoint - BYD Energy has signed a significant energy storage order agreement with Grenergy, marking a deepening partnership and showcasing BYD's advanced technology and comprehensive capabilities in the energy storage sector [1][3]. Group 1: Agreement Details - The agreement involves BYD supplying 3.5GWh of energy storage systems for Grenergy's Atacama Oasis Project in northern Chile, bringing the total supply to 6.5GWh across multiple phases [1]. - BYD will provide 624 units of the MC Cube-T BESS for the Elena solar-storage power station, which has a capacity of 446MW solar and 3.5GWh storage [2]. Group 2: Technological Innovations - The MC Cube-T BESS utilizes CTS (cell-to-system) super integration technology, significantly enhancing space utilization by 98% and achieving a Vcts (cell-to-system volume ratio) exceeding 33% [2]. - The system features modular compartment design, cluster-level safety protection, and lean temperature control management, making it suitable for extreme conditions in the Atacama Desert [2]. Group 3: Project Significance - The Atacama Oasis Project is one of the largest electrochemical energy storage projects globally, with a total storage capacity of 11GWh, surpassing the storage scale of countries like the UK and Germany [3]. - The collaboration is seen as a crucial step for BYD in advancing global clean energy initiatives and providing reliable energy storage solutions [3].

Core Viewpoint - BYD Energy has signed a significant energy storage order agreement with Grenergy, marking a deepening partnership and recognition of BYD's advanced technology and comprehensive capabilities in the energy storage sector [2][4]. Group 1: Partnership and Project Details - The agreement involves supplying a total of 3.5GWh energy storage systems for Grenergy's Atacama Oasis Project in northern Chile, bringing the total collaboration to 6.5GWh [2]. - The Atacama Oasis Project is recognized as the largest energy storage supply agreement in Latin America, highlighting BYD's leadership in the energy storage market [2][4]. Group 2: Technology and Product Features - BYD will provide 624 units of the MC Cube-T BESS for the Elena solar-storage power station, which has a capacity of 446MW and 3.5GWh of energy storage [3]. - The MC Cube-T BESS utilizes CTS (cell-to-system) super integration technology, significantly enhancing space utilization by 98% and achieving a Vcts (cell-to-system volume ratio) exceeding 33% [3]. - The product features modular design, cluster safety protection, and efficient temperature control management, making it suitable for extreme conditions in the Atacama Desert [3]. Group 3: Strategic Importance and Future Outlook - The Atacama Oasis Project is one of the largest electrochemical energy storage projects globally, with a total storage capacity of 11GWh, positioning it as a benchmark for 24/7 clean energy supply [4]. - BYD's commitment to advancing global clean energy initiatives is reinforced through this collaboration, aiming to provide safe and reliable energy storage solutions [4]. - The partnership is expected to contribute significantly to sustainable development and the transition to green low-carbon energy [4].

Group 1 - BYD Energy has signed a storage order agreement with Grenergy to supply a 3.5GWh storage system for the Atacama Oasis Project in northern Chile, bringing the total cooperation volume to 6.5GWh [1][2] - The agreement represents the largest storage supply contract in Latin America, indicating a deepening partnership between BYD Energy and Grenergy [1] - BYD will provide 624 units of MC Cube-T BESS for the Elena solar-storage power station, which is a key component of the Atacama Oasis Project, featuring 446MW of photovoltaic capacity and 3.5GWh of storage capacity [1] Group 2 - The Atacama Desert is transforming into an energy hub due to its exceptional solar radiation resources and innovative storage technologies [2] - The Atacama Oasis Project is one of the largest electrochemical storage projects globally, with a total storage capacity of 11GWh [2] - Grenergy's CEO stated that the agreement solidifies their leadership position in the storage sector, with the project's total installed capacity surpassing that of countries like the UK and Germany, setting a benchmark for 24/7 clean energy supply [2]