Spanish independent power producer (IPP) Grenergy has acquired 1GW of solar PV capacity and 1GW of energised line in Chile.

Acquired from gas and oil giant Repsol and renewables developer Ibereólica, with an investment of US$128 million towards the acquisition, Grenergy aims to increase the size of its solar-plus-storage Oasis de Atacama project.

The project is located in the Atacama desert, one of the regions with the highest irradiation levels in the world. The solar PV capacity will double from 1GW to 2GW, while the battery energy storage system capacity will more than double from 4.1GWh to 11GWh, potentially making it the ‘largest’ BESS project in the world.

The operation comprises a 77MW solar PV project and a combined solar portfolio of 923MW capacity in various stages of development. This is on top of a 1GW interconnection line that is already built and energized and will facilitate the connection process of the projects under development.

Built in several phases, the Oasis de Atacama plant’s first phase is expected to be connected by the end of 2024, while the remaining phases are to be connected between 2025 and 2026.

The Spanish IPP recently secured funding for the first two phases of the project for US$345 million with financial entities BNP Paribas, Natixis, Société Générale, The Bank of Nova Scotia and SMBC.

Furthermore, Grenergy has secured power purchase agreements for the first four phases of the project, while the remaining phases are in advanced negotiations, according to the company.

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’.