The company is to invest $128 million in the transaction, which will allow it to expand Oasis de Atacama, increasing its battery storage capacity to 11 GWh from the current 4.1 GWh and doubling its solar PV generation capacity from 1 GW to 2 GW.
The expansion will consist of a 77 MW solar project and 923 MW of PV projects that are in various stages of development. In addition, it currently has a 1 GW interconnection line built and energized, which will facilitate the connection process of the projects under development.
“This is just the first step of what is to come” said David Ruiz de Andrés, Executive Chairman of Grenergy. “Battery investments are going to multiply globally, and this project will allow us to be a benchmark in the sector.”
Grenergy maintains the financial plan presented at the previous Capital Markets Day, with an investment of 2,600 million euros for the period 2023-2026, so that, despite the increase in the size of the project, no additional financial resources are foreseen to carry out this investment.
Located in Chile, Oasis de Atacama is expected to produce around 5.5 TWh of energy per year, which will be transferred to non-solar hours. This energy is equivalent to the annual consumption of a city like Madrid and will save around 1.4 million tons of CO2, which is equivalent to the consumption of 300,000 cars per year.
The first phase of Oasis de Atacama is expected to be connected by the end of 2024, while the remaining phases will be connected mainly between 2025 and 2026. Grenergy has already agreed to sell the energy from the first four phases, with the remaining phases in advanced negotiation.
It has recently reached financial closing of the first two phases of Oasis de Atacama for 345 million dollars with BNP Paribas, Natixis, Société Générale, The Bank of Nova Scotia and SMBC, leaders in the international banking sector, demonstrating the confidence of the sector in the project.
For the supply of large-scale storage systems, it has concluded a strategic agreement with BYD, a high-tech company, which already amounts to 3GWh, and which represents the Asian multinational's largest to date.
For additional information:
