Spain-based Grenergy Renovables plans to acquire a 1GW solar portfolio in Chile for $128m, a strategic move that will enhance the Oasis de Atacama solar-plus-storage project.

The deal includes a 77MW photovoltaic (PV) plant, 923MW of projects under development and a 1GW interconnection facility already operational.

The assets, currently owned by Repsol and Grupo Ibereolica Renovables, will contribute to the expansion of the Oasis de Atacama project.

The expansion will introduce two additional phases to the scheme, transforming it into a five-phase project across the northern regions of Tarapaca, Antofagasta and Atacama in Chile.

The acquisition will increase the battery storage capacity of the project to 11GWh from the existing 4.1 gigawatt hours and double the combined capacity of the PV parks from 1GW to 2GW.

The first phase of the first complex is scheduled to commence operations by the end of 2024, with subsequent phases to be commissioned progressively between 2025 and 2026.

Power purchase agreements for the first four stages of the project are already secured, and negotiations for the remaining capacity are in advanced stages.

The Oasis de Atacama is expected to produce 5.5 terawatt hours of renewable energy annually.

Grenergy executive chairman David Ruiz de Andrés 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’.