With an investment of \u20ac900 million (US$1 billion), the newly-announced project targets to reach 1.1GW of solar PV capacity and 3.8GWh of battery energy storage system (BESS).<\/p>\n
The project will be built in several phases (five planned), with all expected to be operational by 2027. The Spanish IPP already secured power purchase agreements (PPAs) for all the phases with the state-owned mining company and copper producer Codelco.<\/p>\n
In its home country of Spain, the IPP\u2019s flagship hybrid project will be located in the central region of Castilla-la Mancha. The Escuderos project will also be built in several phases, however, in this case it will be only two. The hybrid plant is expected to have 200MW of solar PV and 704MWh of BESS. Construction is targeted to begin in the second half of 2025, while Grenergy recently secured the environmental permits for the BESS.<\/p>\n
A 12-year daytime PPA was already secured with Spanish energy company Galp, back in 2021, while a hybrid PPA with an undisclosed company is expected to be finalised soon.<\/p>\n
\u20ac3.5 billion investment between 2025-2027<\/strong><\/p>\n These two projects are part of the company\u2019s plan to invest \u20ac3.5 billion to increase its energy storage and hybrid portfolio by 2027. Grenergy targets to reach 4.4GW of installed solar PV and 18.8GWh of battery energy storage system (BESS) capacity by 2027.<\/p>\n The IPP\u2019s roadmap to 2027, announced Wednesday (28 May) at a Capital Markets Day held in London, UK, will be based on three pillars, all of which involve energy storage.<\/p>\n \u201cWe\u2019re entering a new growth cycle where storage and 24\/7 clean energy management will be at the core of our strategy through 2027. Our vision is clear: to lead the development of BESS, capitalising on key markets such as Chile and Europe,\u201d said David Ruiz de Andr\u00e9s, CEO of Grenergy.<\/p>\n This move towards building more BESS and hybrid solar-plus-storage projects continues in the direction of its previous strategic plan spanning between 2023-2026, when Grenergy announced a US$2.6 billion investment<\/a> to expand its solar and storage portfolio. At the time, the company saw Chile as a pivotal market to leverage its solar and storage businesses, which included the Oasis de Atacama project.<\/p>\n The construction of two more solar-plus-storage projects is one of the three pillars, while the other two are the launch of a European standalone battery storage development platform called Greenbox and delivering round-the-clock solar energy supply through its Chilean power retailer, GR Power, enabled by storage systems. <\/p>\n