Grenergy Acquires 1-GW Solar Portfolio for $128M in Chile

In a strategic move to bolster its flagship Oasis de Atacama project, Spanish developer Grenergy Renovables SA has finalized a USD 128 million acquisition of a 1-GW solar portfolio in Chile. The assets, purchased from Spanish energy giant Repsol SA and Grupo Ibereólica Renovables, are set to dramatically scale up what is already one of the world’s most ambitious solar-plus-storage initiatives.

The transaction provides Grenergy with a substantial asset base, including an operational 77-MW photovoltaic (PV) plant, a development pipeline of 923 MW, and a critical 1-GW energized interconnection facility. This acquisition effectively doubles the solar generation capacity of the Oasis de Atacama project from 1 GW to 2 GW and more than doubles its planned battery storage capacity from 4.1 GWh to an immense 11 GWh.

With this expansion, the project will now encompass five distinct phases located across Chile’s sun-rich northern regions of Tarapacá, Antofagasta, and Atacama. Upon full commissioning, the complex is projected to generate 5.5 TWh of clean energy annually—enough to power a city the size of Madrid for a year while preventing the emission of 1.4 million metric tons of carbon dioxide.

“This is just the first step of what is to come,” stated David Ruiz de Andrés, Grenergy’s executive chairman. “Battery investments are going to multiply globally, and this project will allow us to be a benchmark in the sector.”

Financially, Grenergy confirmed that this expansion will be accommodated within its existing EUR 2.6 billion investment plan for 2023-2026, requiring no additional capital allocation. The company recently secured $345 million in financing for the project’s first two phases from a consortium of banks including BNP Paribas, Natixis, and Société Générale. The project is advancing rapidly, with the first phase slated to come online by the end of 2024 and subsequent phases following between 2025 and 2026. Power purchase agreements are already in place for the first four stages, with negotiations for the remaining output in advanced stages.

Sources on Grenergy Acquires 1-GW Solar Portfolio for $128M in Chile

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3. [PDF] Grenergy multiplies Oasis de Atacama with the acquisition of 1GW …
4. Grenergy Sells the Fourth Phase of the Oasis de Atacama Project
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6. Grenergy to acquire 1GW solar portfolio in Chile – Power Technology
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