Grenergy has secured an additional $324m in financing for Oasis de Atacama in Chile, the company’s flagship project and the largest battery project in the world.
The company has signed a new green project financing for Phase 4 of the project (Gabriela) with international financial institutions BNP Paribas, Natixis Corporate & Investment Banking, Société Générale, The Bank of Nova Scotia, and SMBC.
This particular phase has an estimated capacity of 269MW of solar and 1.1GWh of storage.
These five international banks also financed phases 1, 2, and 3 of Oasis de Atacama, totalling $643m.
The syndication of the first phase also included BofA, BBVA, and Bank of China. In total, Grenergy has secured financial closures for the project amounting to close to $967m.
Managing director in Société Générale’s Energy+ Group Ben Koehler said: “Société Générale is delighted to have worked closely with Grenergy on this series of landmark solar and battery storage transactions.
“We look forward to continuing to support the company’s growth as a leading player in the Chilean renewables market and beyond.”
Executive chairman and chief executive officer of Grenergy David Ruiz de Andrés said: “Chile is a key market for Grenergy. We have chosen this country to develop the world’s largest battery project.
“With Oasis de Atacama, we are demonstrating our great capacity to generate a robust pipeline and execute projects efficiently.
“We want to continue growing this successful model in Chile and replicate it in other markets in Latin America, Europe, and the United States in the coming years.”
With more than 12 years of presence in Chile, Grenergy has a pipeline of 14.5 GWh of storage and 3.25 GW of solar energy.