Grenergy, a Spanish developer, has unveiled a $2.6 billion investment plan for 2023-2026, focusing on renewable energy.
This includes constructing the world’s largest battery storage power plant in Chile, named Oasis de Atacama. The project will enhance Chile’s role in renewable energy significantly.
The company plans to allocate $1.5 billion for photovoltaics and $800 million for energy storage.
These investments highlight the shift towards sustainable energy. Chile stands out as a key market for Grenergy, especially in the solar and storage sectors.
To support this expansion, Grenergy will continue its plant rotation model. This involves funding projects and later selling them to investors.
The company expects to sell 350MW-450MW of solar capacity annually and 1GWh of storage capacity. This strategy could generate around $600 million by 2026.
Grenergy earlier secured Power Purchase Agreements for solar projects in Chile and Spain.
These agreements, involving projects of 241 MW and 259 MW, demonstrate the importance of these markets, particularly Chile.
The Oasis de Atacama project, with a 4.1 GWh capacity and an additional 1 GW of solar power, is set to break global records.
It costs $1.4 billion and is scheduled for completion in 36 months across five phases.
Grenergy’s CEO, David Ruiz de Andrés, points out Chile’s unique advantages.
The Atacama Desert offers optimal conditions for solar energy, making Chile a key player in energy storage.
Grid-Scale Storage
Chile’s energy market is increasingly focusing on grid-scale storage, which is crucial for capacity and renewable energy load shifting.
In the first five months of 2023, Chile faced a curtailment of about 735 GWh of renewable energy. This project marks a significant step towards more efficient energy utilization.
Chile’s rich lithium reserves position it well in the energy storage market. The country is moving beyond raw lithium export to developing local supply chains.
This shift aims to make energy grids more reliable, leveraging lithium-ion batteries for effective energy storage and grid stability.
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