Grenergy, an independent solar and wind power producer, has acquired 1 GW of solar projects, including a 1 GW energized line, from Repsol and Ibereólica. The company will invest $128 million in this transaction.
The transaction comprises the purchase of a 77 MW solar project and a solar portfolio totaling 923 MW in various stages of development. Additionally, it includes a 1 GW interconnection line that is already operational, which will facilitate the connection process of the projects under development.
With this acquisition, Grenergy expanded the size of its Oasis de Atacama project, which is in Chile. Following this acquisition, Oasis de Atacama’s battery storage capacity will increase to 11 GWh from 4.1 GWh, and solar capacity will double from 1 GW to 2 GW.
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.’
The first phase of the Oasis de Atacama project is expected to be operational by the end of 2024, while the remaining phases will be operational mainly between 2025 and 2026.
Once operational, the Oasis de Atacama project is expected to produce around 5.5 TWh of clean electricity annually.
Earlier this year, Grenergy announced the sale of 97 MW of solar assets located in the department of Arequipa in Peru to Yinson Renewables, the renewables unit of the multinational energy infrastructure company Yinson, and 77 MW of wind assets in Peru to ENGIE Energía Perú.
According to Mercom’s 1H and Q2 2024 Solar Funding and M&A report, 113 solar project acquisitions totaling 18.5 GW were announced in 1H 2024 compared to 116 project acquisitions totaling 25.5 GW in 1H 2023.
Last week, ib vogt, a solar and energy storage project developer, announced the sale of its 110 MW Pato solar project in Spain to NextPower V ESG, an OECD Fund of NextEnergy Capital.
