IPP Grenergy has acquired a 1GW solar PV portfolio and 1GW of energisation lines in Chile which will allow the hybridisation of 6GWh.
Acquired from Respol and Ibereólica, it will allow the Spanish IPP to expand its Oasis de Atacama solar-plus-storage project, the world’s ‘largest’ battery energy storage system (BESS) project.
Grenergy will invest US$128 million in the transaction, which will allow to increase the Oasis de Atacama’s BESS capacity from the current 4.1GWh to 11GWh, while its solar PV counterpart will double its capacity from 1GW to 2GW.
For the supply of its BESS system, Grenergy recently extended its supply agreement with BESS firm BYD to supply 3GWh of capacity for the Oasis de Atacama project. This builds on a prior agreement inked in January that initially sought 1.1GWh of BESS capacity.
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Built in several phases, the Oasis de Atacama plant’s first phase is expected to be connected by the end of 2024, while the remaining phases are to be connected between 2025 and 2026.
The Spanish IPP recently secured funding for the first two phases of the project for US$345 million with financial entities BNP Paribas, Natixis, Société Générale, The Bank of Nova Scotia and SMBC.
David Ruiz de Andrés, Executive Chairman of Grenergy, said: ‘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’.
Since Chile passed a major energy storage bill, gigawatts of energy storage co-located with solar PV are being built in the country such is the case of the Oasis de Atacama project from Grenergy.
This article was first published on our sister site PV Tech.
Energy-Storage.news’ publisher Solar Media will host the 3rd annual Energy Storage Summit Latin America in Santiago, Chile, 15-16 October 2024. This year’s events bring together Latin America’s leading investors, policymakers, developers, utilities, network operators, EPCs and more all in one place to discuss the landscape of energy storage in the region. Visit the official site for more info.
