Spanish renewable energy company Grenergy Renovables SA has announced a USD 128 million deal to acquire a 1-GW solar portfolio in Chile, significantly enhancing its flagship Oasis de Atacama solar-plus-storage project.
Grenergy Acquires Solar Assets from Repsol and Ibereólica
The $128 million deal involves acquiring assets from Spanish multi-energy company Repsol SA and Grupo Ibereólica Renovables to expand the Oasis de Atacama project. The transaction includes an operational 77-MW photovoltaic (PV) plant, 923 MW of projects in development, and a 1-GW operational interconnection facility.
This acquisition expands 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.
As a result, its battery storage capacity will grow to an impressive 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 set to generate approximately 5.5 TWh of green energy annually. This is enough clean power to supply a city the size of Madrid for a year and will prevent 1.4 million metric tons of carbon dioxide emissions.
Globally, Grenergy is developing over 15 GW of solar power projects in countries such as 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 from BNP Paribas, Natixis, Société Générale, The Bank of Nova Scotia, and SMBC for the project’s first two phases. Following this new acquisition, Grenergy confirmed that no further financing is planned for the Oasis de Atacama project.
The first phase of the complex is scheduled to be operational by the end of 2024, with the remaining phases 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. The company also confirmed that even with the expanded scope of the Chilean project, no additional funds will be allocated to the investment plan.
