JLL advises Navacant on sale of 126 MW battery storage portfolio in Spain

JLL has successfully advised Navacant, a Spanish renewable energy and storage developer, on the sale of a 126 MW utility-scale standalone Battery Energy Storage System (BESS) portfolio to BW ESS.

Located in the Valencia region, “Project Sorolla” comprises two standalone battery storage projects with 99 MW and 27 MW of symmetric grid connection capacity respectively and up to 675 MWh of combined energy storage capacity. The portfolio is at an advanced stage of development and is expected to achieve Ready-to-Build status in 2027, with commercial operation anticipated in 2028. Under the partnership structure, CST Energy, one of Navacant’s partners, will continue leading the development of the BESS portfolio through the remaining development phase, leveraging Navacant’s proven expertise in delivering high-quality battery storage projects.

The transaction highlights the rapid maturation of Spain's standalone battery storage market. As the country integrates increasing volumes of intermittent renewable energy, utility-scale BESS assets have emerged as critical infrastructure for grid stability and flexibility. Development-stage portfolios with strong technical fundamentals and experienced local developers are now attracting significant capital from international institutional investors.

“Project Sorolla reflects the increasing sophistication of the Spanish BESS market and reinforces Spain’s position as one of Europe’s leading destinations for battery storage investment,” said Tomás García, Head of Energy & Infrastructure Advisory, Iberia at JLL. “We're seeing institutional capital recognize standalone BESS as a distinct asset class with compelling risk-adjusted returns.”

César Izco, Partner at Navacant, commented: "Project Sorolla validates our development approach—combining local market knowledge with rigorous technical execution to create institutional-quality assets. Our continued involvement through the development phase ensures project delivery meets the high standards BW ESS expects."

Isaac García Moreno, Executive Director at BW ESS, added: "We are targeting significant growth in our Spanish energy storage platform through a combination of greenfield development and acquisitions of high-quality projects at an advanced stage. This requires partnering with developers who understand local market dynamics and can execute efficiently. Navacant's track record and the project fundamentals, including their large-scale and symmetric grid access rights, align with our strategy of building a diversified, high-performing storage portfolio."

Project Sorolla reinforces JLL's leadership in European BESS transactions and demonstrates the capabilities of its Energy & Infrastructure Advisory (E&IA) team, which operates within the Capital Markets global vertical. The E&IA platform advises developers, utilities, and infrastructure investors on M&A and capital raising transactions across the complete lifecycle of energy assets, from early-stage development through operational portfolio management.

Navacant is an independent Spanish renewable energy developer established in 2022, specialising in utility-scale renewable energy and BESS projects. Backed by experienced industrial shareholders and a team with an extensive track record in the Spanish energy sector, Navacant combines deep local execution capabilities with institutional standards to originate and develop high-quality energy infrastructure.

Its strong regional presence and close relationships with local communities, landowners and key stakeholders enable the company to unlock development opportunities and successfully deliver projects that contribute to Spain’s energy transition.

BW ESS is a global energy storage owner-operator, moving with speed to develop, deliver and operate market-leading projects. 

The business is active in the UK, Australia, Italy, Germany, Spain, and Sweden. It has more than 540MWh of operating Battery Energy Storage Systems (BESS), with ~11GWh under construction and a development pipeline of several gigawatts.

Part of BW Group, BW ESS builds on decades of global infrastructure experience, takes a long-term view of projects and partnerships, and focuses on unlocking value throughout the energy storage asset lifecycle.