Grenergy is set to expand its Oasis de Atacama battery project in Chile by acquiring 1 GW of solar power, including a 1 GW energized line, from Repsol and Ibereólica. The acquisition encompasses a 77 MW solar project and 923 MW of photovoltaic (PV) projects that are at various stages of development.
The company plans to invest approximately US$128 million in this transaction, which will significantly enhance the Oasis de Atacama project. The battery storage capacity is expected to increase from 4.1 GWh to 11 GWh, while solar PV generation capacity will double from 1 GW to 2 GW. Additionally, the existing 1 GW interconnection line will facilitate the connection of the projects currently in development.
David Ruiz de Andrés, executive chairman of Grenergy, highlighted the strategic significance of the expansion. He stated, “This is just the first step of what is to come. Battery investments are going to multiply globally, and this project will allow us to be a benchmark in the sector.”
Grenergy plans to adhere to its financial strategy outlined at the previous Capital Markets Day, which includes a total investment of €2.6 billion for the period from 2023 to 2026. Notably, the expansion of the Oasis de Atacama project will not require additional financial resources beyond this existing plan.
The Oasis de Atacama project is anticipated to generate around 5.5 TWh of energy annually, primarily to be utilized during non-solar hours. The first phase of the project is expected to connect by the end of 2024, with subsequent phases slated for connection mainly between 2025 and 2026.
Grenergy has secured agreements to sell energy from the first four phases of the project, with negotiations for the remaining phases already in advanced stages. The company has also reached financial closure for the first two phases of the Oasis de Atacama project, amounting to US$345 million, with partners including BNP Paribas, Natixis, Société Générale, The Bank of Nova Scotia, and SMBC.
Additionally, Grenergy has entered into a strategic agreement with BYD for the supply of large-scale storage systems, which currently totals 3 GWh and represents the largest deal of its kind for the Asian multinational to date.
