Spanish renewable energy company Grenergy Renovables SA has announced plans to acquire a 1-GW solar portfolio in Chile for USD 128 million in a deal that will enhance its Oasis de Atacama solar-plus-storage project.
Grenergy Acquires Solar Assets from Repsol and Ibereólica
Grenergy is purchasing the assets from Spanish multi-energy company Repsol SA and Grupo Ibereólica Renovables for $128 million to expand its Oasis de Atacama project. The transaction includes a 77-MW photovoltaic (PV) plant, 923 MW of projects under development, and a 1-GW operational interconnection facility.
This acquisition will expand the Oasis de Atacama project to five phases, with solar and storage components across several sites in Chile’s northern regions of Tarapacá, Antofagasta, and Atacama. The deal will increase battery storage capacity 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 is expected to generate approximately 5.5 TWh of energy annually—enough to power Madrid for a year—and prevent 1.4 million metric tons of carbon dioxide emissions.
Globally, Grenergy is developing more than 15 GW of solar power projects, with a portfolio that includes sites 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 project’s first two phases from financial institutions BNP Paribas, Natixis, Société Générale, The Bank of Nova Scotia, and SMBC.
Grenergy confirmed that no further financing is planned for the Oasis de Atacama project following this deal.
The first phase of the project is scheduled to become operational by the end of 2024, with the remaining phases gradually coming online 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, clarifying that despite the Chilean project’s expansion, no additional funds will be allocated to its overall investment plan.
