Spanish renewable energy company Grenergy has successfully secured €319 million ($345 million) in financing for the first two phases of the world's largest battery project, Oasis de Atacama, located in Chile. The project, expected to be fully operational by 2026, will have a total storage capacity of 4.1 gigawatt hours (GWh), with the first two phases comprising 1.24 GWh of batteries to store surplus energy from Grenergy's solar plants in the region.
This milestone underscores Grenergy's commitment to renewable energy and energy storage solutions, as the company plans to invest a total of $1.4 billion in the project, which already has three-quarters of its energy sold through long-term contracts. The battery system will enable the sale of electricity during both day and night, addressing the challenges of photovoltaic energy reliance and reducing the need for polluting thermal power plants in Chile.
Grenergy's success in securing financing for this groundbreaking project demonstrates its resilience in the face of challenging market conditions and its dedication to advancing the renewable energy sector. With over 15 GW of projects in operation across various countries, the company continues to be a significant player in the global energy transition
