Grenergy Renovables SA announced a EUR2.6 billion (US$2.85 billion) investment to start the construction of a gigawatt-scale battery energy storage system (BESS) known as the Oasis de Atacama project in Chile.

Grenergy Renovables SA has committed EUR1.5 billion (US$1.6 billion) to the development of solar photovoltaic projects and EUR 800 million (US$871 Million) to battery storage. The company's battery storage ambitions will begin with the Oasis de Atacama project in Chile, which features 4.1 GWh of energy storage and 1 GW of solar power. Chile is well-positioned for energy storage development due to the exceptional conditions of the Atacama Desert, including abundant solar radiation and a high penetration of solar energy (reaching 50%).

The construction of this massive project will unfold in five phases over the next 36 months, with Grenergy expecting the facilities to come online gradually. The Oasis de Atacama solar-plus-storage plant is supported by a 15-year power purchase agreement (PPA) with Chilean renewable energy trader Emoac.