Grenergy is set to enhance its renowned Oasis de Atacama project, the largest battery project in the world, by adding two new phases. This expansion involves acquiring 100% of a 1 gigawatt (GW) solar capacity, which includes an energized 1 GW transmission line, from Repsol and Ibereólica.
The company plans to invest $128 million in this initiative, significantly increasing the Oasis de Atacama’s battery storage capacity from 4.1 GWh to 11 GWh, while also doubling its solar photovoltaic (PV) generation capacity from 1 GW to 2 GW.
The acquisition includes a 77 MW solar project and 923 MW of PV projects at various stages of development. Additionally, the existing 1 GW interconnection line, already built and energized, will streamline the connection process for these projects.
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David Ruiz de Andrés, Executive Chairman of Grenergy, emphasized, “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 has confirmed its financial plan from the previous Capital Markets Day, committing €2.6 billion for the 2023-2026 period, and, no additional funding will be necessary for this expansion.
Located in Chile, the Oasis de Atacama project is projected to generate approximately 5.5 TWh of energy annually, primarily for non-solar hours. This output is equivalent to Madrid’s annual energy consumption and will help avoid around 1.4 million tons of CO₂ emissions—comparable to the emissions from 300,000 cars each year.
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The first phase of Oasis de Atacama is anticipated to connect by the end of 2024, with subsequent phases expected to come online between 2025 and 2026.
Grenergy has already secured energy sales agreements for the first four phases, while negotiations for the later phases are ongoing. Recently, the company achieved financial closure for the first two phases, raising $345 million with major banks including BNP Paribas, Natixis, Société Générale, The Bank of Nova Scotia, and SMBC, underscoring strong sector confidence in the project.
Additionally, Grenergy has signed a strategic agreement with BYD for large-scale storage systems, amounting to 3 GWh—the largest deal to date for the Asian multinational.