The Spanish firm reported that it reached financial closure of the first two phases of Oasis de Atacama for US$345 million. According to the company, it is "the largest (energy) storage project in the world".
Grenergy announced that it was able to close its process to finance a project in Chile. The Spanish firm commented that it achieved the financial closing of phase 1 and 2 of Oasis de Atacama, "the largest storage project in the world", they claim.
The company commented that, with this new agreement, it has become the first company globally to sign financing of this size for a hybrid solar and battery project with a group of international banks.
Specifically, Grenergy, as explained in a statement published by the newspaper La Tercera, has signed a green loan of some US$345 million along with other complementary lines of credit with the financial institutions BNP Paribas, Natixis Corporate & Investment Banking, Societe Generale, The Bank of Nova Scotia and SMBC.
"This financing covers the first two phases of the project, corresponding to 220 MWp solar and 1.24 GWh of storage. The first phase is estimated to be connected by the end of 2024, while the rest of the phases will be mostly connected by 2025," the company said.
Energy storage in Chile
The Spanish company explained that the project is located in northern Chile and is expected to supply energy to more than 145,000 homes annually, while reducing the emission of more than 146,000 tons of CO2.
"The project, to which Grenergy will allocate up to US$1.4 billion, already has 75% of its energy contracted through various long-term contracts (PPAs) such as the one announced this year for a period of 15 years and which will provide more than 8 TWh. Along the same lines, it announced for Oasis de Atacama one of the first night PPAs in the world, which includes the supply of green energy for 15 years to the Chilean company Emoac", he explained.
For his part, Grenergy's CEO, David Ruiz de Andrés, said that "this transaction demonstrates the bank's confidence in the hybridization of solar plants with storage, and in Grenergy's business model, which continues to make progress towards becoming a world leader in storage".
Meanwhile, Jean-Valery Patin, co-head of energy, resources & infrastructure finance americas at BNP Paribas, commented that "we are proud to support Grenergy in this transaction and to expand our leadership in renewables in Chile to battery storage and renewables. This is in line with BNP Paribas' ambitious low-carbon objectives and commitment to our clients".
Check out the original article on InvestChile's website.
Other related news
