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Grenergy to invest €2.6bn in solar and storage by 2026

November 22, 2023

Madrid-headquartered Grenergy is to invest €2.6 billion in solar and battery storage projects between now and 2026, the company has confirmed.

Of the total, €1.5 billion will be allocated to the development of its portfolio of photovoltaic projects, with €800 million to be invested in boosting battery storage. 

With development teams in eleven countries across its three main regions (Latin America, Europe and the United States), Grenergy has a 15.5GW portfolio in various stages of development and has successfully sold a total of 1.1GW. 

The company has three-year installed capacity targets, with 5GW of solar capacity targeted by 2026 and 4.1 GWh of energy storage. The Oasis de Atacama energy storage project in Chile will be key to the company’s growth – Grenergy has started construction of the project, in the north of the country, which will be the largest storage project in the world, incorporating 4.1 GWh of storage and 1GW solar. Grenergy will invest a total of $1.4 billion in this initiative, which is divided into five phases. The phases are expected to come on stream over the next 36 months. 

“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 per cent”, said David Ruiz de Andrés, CEO of Grenergy. 

“Oasis de Atacama will be an iconic project for Grenergy and the entire renewable sector,” added Ruiz de Andrés. “We have the backing of five international banks mandated to finance it, the secured sale with a PPA signed with EMOAC, and the know-how and talent needed to get it off the ground.”