Spain’s Grenergy Renovables has unveiled plans for a major 4.1GWh energy storage project and combined 1GW solar farm in Chile.

Announced as part of its company’s Capital Markets Day, Grenergy said that construction on Oasis de Atacama Chile has started in the north of the country.

The project’s development is divided into five phases and is expected to come on stream in phases over the next 36 months.

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The company plans to invest a total of $1.4bn in the project.

Oasis de Atacama Chile will be key to the company’s growth in the storage sector, with the company looking to grow its storage portfolio to 4.1GWh.

The company also plans to bring its portfolio of photovoltaic projects to 5GW of gross installed capacity. It added that it aims to rotate up to 450MW of installed solar capacity per year to finance its growth plans, generating over €600m by 2026.

“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%,” said David Ruiz de Andres, CEO of Grenergy.

“Oasis de Atacama will be an iconic project for Grenergy and the entire renewable sector. We have the backing of five international banks mandated to finance it, the secured sale with a PPAs signed with EMOAC, and the know-how and talent needed to get it off the ground,” he added.