Grenergy has achieved the financial close of phase 1 and 2 of of the 1GW-plus Oasis de Atacama solar/battery hybrid in Chile, the world’s largest storage project.
With this new agreement the company said it becomes the first company globally to sign financing of this size for a hybrid solar and battery project with a syndicate of international banks, underscoring its confidence in Grenergy’s growth plans and its solid business model.
Specifically, Grenergy has signed a USD$345m (€322m) green loan with other complementary credit lines with the financial institutions BNP Paribas, Natixis Corporate & Investment Banking, Societe Generale, The Bank of Nova Scotia and SMBC.
Located in northern Chile, Oasis de Atacama is the world’s largest storage project, said the developer, and is expected to power more than 145,000 homes annually, while reducing the emission of more than 146,000 tons of CO2.
The financing covers the first two phases of the project, corresponding to 220MWp of solar and 1.24GWh of storage. The first phase is expected to be connected by the end of 2024, while the remaining phases will mostly be connected by 2025.
The project, to which Grenergy will allocate up to $1.4bn, 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 8TWh.
Along the same lines, one of the world’s first night PPAs was announced for Oasis de Atacama, which includes the supply of green energy for 15 years to the Chilean company EMOAC.
Grenergy’s executive chairman David Ruiz de Andrés, said “this operation demonstrates the bank’s confidence in the hybridization of solar plants with storage, and in Grenergy’s business model, which continues to make progress in becoming a world leader in storage”.
Co-head of energy, resources & infrastructure finance Americas at BNP Paribas Jean-Valery Patin added: “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”.