Grenergy Acquires 1-GW Solar Portfolio in Chile from Repsol, Ibereólica

Spanish renewables company Grenergy Renovables SA on Monday announced plans to acquire a 1-GW solar portfolio in Chile in a USD-128-million deal that will expand Oasis de Atacama solar-plus-storage project.

The transaction covers the purchase of a 77-MW photovoltaic (PV) plant and 923 MW of projects under development, as well as a 1-GW interconnection facility already in operation. The assets will be bought from Spanish multi-energy group Repsol SA and compatriot Grupo Ibereolica Renovables.

The proposed acquisition will add two new phases to the Oasis de Atacama scheme, now a five-phase solar and storage project spanning multiple sites in Chile’s northern regions of Tarapaca, Antofagasta and Atacama. With the new additions, the overall capacity for the battery storage component will rise to 11 GWh from the current 4.1 GWh and the PV parks’ combined capacity will double from 1 GW to 2 GW.

The first phase of the first complex is planned to go online by end-2024 and the remaining ones will be commissioned gradually between 2025 and 2026. Power off-take deals are already in place for the first four stages and talks are in advanced stages for the remaining capacity, Grenergy said. Once fully operational, Oasis de Atacama will generate roughly 5.5 TWh of green power annually.

Grenergy also confirmed its commitment to invest EUR 2.6 billion (USD 2.89bn) in 2023-2026 and said that regardless of the Chilean project’s expansion, no extra funds will be added to the spending basket.