Grenergy, a renewable energy developer, has successfully secured financing for phases 1 and 2 of the Oasis de Atacama solar and battery hybrid project in Chile, which is poised to become the world's largest storage facility. This milestone marks Grenergy as the first company globally to secure such substantial financing for a solar and battery hybrid project, highlighting confidence in its growth strategy and business model.
The financing includes a USD $345 million (€322 million) green loan along with additional credit lines from international financial institutions including BNP Paribas, Natixis Corporate & Investment Banking, Societe Generale, The Bank of Nova Scotia, and SMBC. Located in northern Chile, Oasis de Atacama is projected to power over 145,000 homes annually and reduce CO2 emissions by more than 146,000 tons.
Phase 1 of the project, comprising 220 megawatts peak (MWp) of solar capacity and 1.24 gigawatt-hours (GWh) of storage, is expected to be operational by the end of 2024. Subsequent phases are slated for connection mostly by 2025. Grenergy plans to allocate up to $1.4 billion towards the project, with 75% of its energy already contracted through long-term Power Purchase Agreements (PPAs).
“This operation underscores the bank's confidence in solar and storage hybridization and in Grenergy's evolving business model,” stated David Ruiz de Andrés, Executive Chairman of Grenergy. “We are committed to solidifying our position as a global leader in energy storage.”
Jean-Valery Patin, Co-head of energy, resources & infrastructure finance Americas at BNP Paribas, emphasized their support: “We are proud to back Grenergy in this landmark transaction, expanding our leadership in renewable energy in Chile to encompass battery storage, in line with BNP Paribas' Low Carbon objectives and client commitments.”
