Spain’s Grenergy Renovables is all set to build a 4.1GWh energy storage project in Chile. It will also have a combined 1GW solar farm.
The company announced the farms as part of its Capital Markets Day.
According to Grenergy, construction on Oasis de Atacama Chile has kicked off in the north of the country. The project’s development is divided into five phases.
The company stated that it plans to invest a total of $1.4bn in the project. The project will come on stream in phases over the next 3 years.
As per the company, “Oasis de Atacama Chile will be key to the company's growth in the storage sector.” The company plans to grow its storage portfolio to 4.1GWh.
With this project, the company’s portfolio of photovoltaic projects to 5GW of gross installed capacity. It has a plan to generate over €600m by 2026.
"Today, Chile is a superpower in terms of the development of energy storage due to the exceptional conditions of the Atacama Desert in terms of hours of solar radiation and the particularity of the energy mix of this vast area, where the penetration of solar energy reaches 50%,” David Ruiz de Andres, CEO of Grenergy, was quoted in a statement.
He further stated, "Oasis de Atacama will be an iconic project for Grenergy and the entire renewable sector. We have the backing of five international banks mandated to finance it, the secured sale with a PPAs signed with EMOAC, and the know-how and talent needed to get it off the ground."