Grenergy Acquires 1 GW in Projects from Repsol and Ibereolica in Chile

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Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)--Grenergy Renovables (Madrid, Spain) has announced the acquisition of 1 gigawatt (GW) of solar projects in Chile, including 1 GW of energized lines, from Repsol (Madrid) and Grupo Ibereolica Renovables (Madrid).

The operation includes purchasing a 77-megawatt (MW) solar project and 923 MW of solar photovoltaic (PV) projects at different stages of development, as well as a 1-GW interconnection built and energized. The interconnection will allow the connectability of the purchased projects.

Grenergy will invest US$128 million in the transaction, helping the company expand the capacity of its Oasis de Atacama project. Through these acquisitions, the development's battery storage capacity will increase to 11 GWh from the current 4.1 GWh and double the solar PV generation capacity of Oasis de Atacama from 1 GW to 2 GW.

With the expansion, this project will save about 1.4 million tons of carbon dioxide (CO2) per year.

"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," said David Ruiz, executive chairman of Grenergy.

The Oasis de Atacama project is expected to connect Phase 1 by the end of this year, with the remaining phases projected for 2025 and 2026. Grenergy has already closed deals to sell the electricity of the first four phases while negotiations continue for the remaining ones.

Overall, Oasis de Atacama is expected to produce 5.5 terawatt hours (TWh) of energy per year, equivalent to the yearly consumption of a city like Madrid. Industrial Info is tracking two Oasis de Atacama projects worth US$285 million. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power project and plant databases can click here for the project reports and click here for the related plant profiles.

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