Grenergy reveals 'world's largest' 4.1 GWh BESS project in Chile
Spanish RE developer Grenergy Renovables has announced a global investment of €2.6 billion until 2026, including an €800 million strategic commitment to boost battery storage. The company plans to bring its portfolio of photovoltaic projects to 5 GW of gross installed capacity and 4.1 GWh of storage portfolio, as revealed in its recently held Capital Markets Day.
Grenergy claims to concentrate in eleven countries across its three main regions of Latin America, Europe and the United States. With a strong project pipeline and value creation through its assets, the company claims 15.5GW platform in various stages of development and has successfully sold a total of 1.1GW.
Interestingly, Chile is being touted as the developer's prime location for its latest solar and storage plans. The developer said that it has already started construction of its flagship project 'Oasis de Atacama', claimed as the world's largest, with a battery storage capacity of 4.1 GWh and 1GW solar, way bigger than 112MW Andes Solar llb project that became operational early this year.
With a total investment of $1.4 billion in this initiative, the project is divided into five phases. It is expected to
come on stream in phases over the next 36 months, helping to improve grid stability and decarbonize the economy, notes Grenergy.
"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 percent", said David Ruiz de Andrés, CEO of Grenergy.
Last week, Grenergy had announced its first overnight long-term sales contract to supply more than 8 TWh of green energy to the Chilean company EMOAC for a period of 15 years. With Oasis de Atacama, it becomes one of the first companies in the world to sign a PPA combining solar energy and storage projects.
"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," added Ruiz de Andrés.