Spanish renewable energy company Grenergy Renovables SA has unveiled plans to acquire a 1-GW solar portfolio in Chile through a USD 128 million deal, enhancing the Oasis de Atacama solar-plus-storage project.
Grenergy Acquires Solar Assets from Repsol and Ibereólica
Grenergy acquired the assets from Spanish multi-energy company Repsol SA and Grupo Ibereólica Renovables for $128 million, aiming to expand its solar-plus-storage Oasis de Atacama project. The transaction involves acquiring a 77-MW photovoltaic (PV) plant, 923 MW of projects in development and a 1-GW operational interconnection facility.
The proposed acquisition will expand the Oasis de Atacama project to five phases incorporating solar and storage components across multiple sites in Chile's northern regions of Tarapacá, Antofagasta and Atacama. The battery storage capacity will increase to 11 GWh from the current 4.1 GWh while the combined capacity of the photovoltaic (PV) parks will double from 1 GW to 2 GW.
Solar and storage (Image: Collected)
“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” said David Ruiz de Andrés, Grenergy executive chairman.
Oasis de Atacama to Generate 5.5 TWh of Green Energy Annually
Once fully operational, the Oasis de Atacama project will generate approximately 5.5 TWh of energy annually, equivalent to the yearly consumption of Madrid and will prevent 1.4 million metric tons of carbon dioxide emissions.
Globally, Grenergy is developing over 15 GW of solar power projects including in Colombia, Mexico and Peru.
Grenergy Secures $345M for First Two Phases of Solar Project
The Spanish independent power producer (IPP) recently secured $345 million in funding for the first two phases of the project through financial institutions BNP Paribas, Natixis, Société Générale, The Bank of Nova Scotia and SMBC. Grenergy stated that no further financing is planned for the Oasis de Atacama project following the deal.
The first phase of the initial complex is scheduled to be operational by the end of 2024, with the remaining phases to be gradually commissioned between 2025 and 2026. According to Grenergy, power off-take agreements are already secured for the first four stages and negotiations for the remaining capacity are in advanced stages.
Grenergy reaffirmed its commitment to invest EUR 2.6 billion (USD 2.89 billion) between 2023 and 2026, stating that despite the expansion of the Chilean project, no additional funds will be allocated to the investment plan.