• Acquires a solar portfolio of 1GW solar with a 1GW energized line, which
will allow the hybridization of at least 6 GWh
• Oasis de Atacama reaches a capacity of 11GWh of storage and 2GW of
solar, which could supply the equivalent of the annual consumption of the
city of Madrid
• Grenergy improved its EBITDA by 43% in the first half thanks to asset
rotation
Grenergy will expand its iconic Oasis de Atacama
project, the world's largest battery project, with two new phases through the
acquisition of 100% of 1GW solar, including 1 GW energized line, from Repsol and
Ibereólica.
Grenergy will invest $128 million in this transaction, which will allow it to multiply the
size of Oasis de Atacama, whose battery storage capacity will increase to 11GWh
from the current 4.1GWh and double its solar PV generation capacity from 1GW to
2GW.
The operation comprises a 77MW solar project and 923MW of PV projects that are
in various stages of development. In addition, it currently has a 1GW interconnection
line built and energized, which will facilitate the connection process of the projects
under development.
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’.
Grenergy maintains the financial plan presented at the previous Capital Markets
Day, with an investment of 2,600 million euros for the period 2023-2026, so that,
despite the increase in the size of the project, no additional financial resources are
foreseen to carry out this investment.
Located in Chile, Oasis de Atacama is expected to produce around 5.5 TWh of
energy per year, which will be transferred to non-solar hours. This energy is
equivalent to the annual consumption of a city like Madrid and will save around 1.4
million tons of CO2, which is equivalent to the consumption of 300,000 cars per
year.
Oasis de Atacama progresses at a good pace
The first phase of Oasis de Atacama is expected to be connected by the end of
2024, while the remaining phases will be connected mainly between 2025 and 2026.
Grenergy has already agreed to sell the energy from the first four phases, with the
remaining phases in advanced negotiation.
It has recently reached financial closing of the first two phases of Oasis de Atacama
for 345 million dollars with BNP Paribas, Natixis, Société Générale, The Bank of Nova
Scotia and SMBC, leaders in the international banking sector, which demonstrates
the confidence of the sector in this ambitious project.
For the supply of large-scale storage systems, it has concluded a strategic
agreement with BYD, a high-tech company, which already amounts to 3GWh, and
which represents the Asian multinational's largest to date.
Financial results
Grenergy has published its results for the first six months of the year, highlighting a
43% increase in EBITDA (gross operating profit) to 31 million euros.
The portfolio closed the half-year with 15.9 GW in photovoltaic and 21.7 GWh in
storage, thanks to the progress of projects in the different geographies where the
company is present.
