Grenergy Renovables’ Energy Segment Poised to Drive Future Growth

Spain’s Grenergy Renovables (BME: GRE) is set to significantly increase its Energy segment revenues, driven by its flagship battery energy storage system (BESS) project, Oasis de Atacama, in Chile. According to Visible Alpha consensus, the Energy segment is projected to comprise 21% of Grenergy’s total revenue in 2024, a sharp rise from just 9% in 2021. By 2030, this segment is estimated to drive 64% of the company’s total revenue.

Last month, Grenergy strengthened its position in Chile by acquiring a 1GW solar portfolio for $128 million. The acquisition, part of Grenergy’s broader $1.4 billion investment in the Oasis de Atacama project, includes a 77-MW photovoltaic plant, 923 MW of projects under development, and a 1GW interconnection facility already in operation. These assets were purchased from Repsol SA (BME: REP) and Grupo Ibereólica Renovables, marking a significant step forward for one of the world’s largest solar-plus-storage projects.