Spanish renewables company Grenergy has announced plans to invest €2.6bn ($2.8bn) in solar and storage projects up to 2026.

The commitment is part of its strategic plan for 2023–26. It will allocate €1.5bn to the development of its solar portfolio and €800m to battery energy storage systems.

It has a target of 5GW gross installed capacity and 4.1GWh of renewable energy storage capacity by 2026.

The company is investing $1.4bn in Oasis de Atacama, a 1GW solar and 4.1GWh storage system in the north of Chile.

Construction of the project, to be built in five phases, has already begun and it is expected to come online in phases up to the end of 2026.

Grenergy CEO David Ruiz de Andrés stated: “Today, Chile is a superpower in terms of the development of energy storage due to the exceptional conditions of the Atacama Desert in terms of hours of solar radiation and the particularity of the energy mix of this vast area, where the penetration of solar energy reaches 50%.

“Today is an important day for Grenergy, which is launching its strategic plan for the next three years and which will guide the path that will place us in another dimension as a company.”

The company has a presence in 11 markets across Latin America, Europe and the US. It has a portfolio of 15.5GW in development and has sold 1.1GW.

It recently secured a long-term sales contract to supply eight terawatt-hours (TWh) of clean energy to EMOAC, a subsidiary of Chilean company COPEC, for a 15-year period.

Grenergy had previously reached power purchase agreements to sell 2.8TWh of clean energy worth €2.7bn.

In October 2023, the company agreed to divest two Spanish solar plants totalling 300MW to Allianz Capital Partners for €270.6m. The two solar farms will begin operations in the second half of 2024.