Zelestra has achieved financial close on the hybrid Aurora solar and storage project in Chile.
The renewable energy company secured a $282m green financing package for the hybrid Aurora scheme in Tarapacá. The financing was agreed with Natixis Corporate and Investment Banking (Natixis CIB) and BNP Paribas, with a VAT facility granted by BCI.
The Aurora hybrid project consists of a 220MWdc solar plant and approximately 1GWh of energy storage.
As one of the largest energy storage schemes in Latin America, the project allowed Zelestra to design a customised multi-technology solution that will provide Chilean company Abastible a guaranteed supply of solar energy in night-time hours via a long-term power purchase agreement (PPA).
Abastible is an energy company specialising in the liquefied natural gas market and growing in recent years in the electricity market.
Delivery of the project is being led by Zelestra’s internal EPC (Engineering, Procurement and Construction) division.
When complete, Aurora will generate approximately 600GWh of renewable electricity per year, equivalent to the annual consumption of 200,000 Chilean households.
Zelestra chief executive Leo Moreno said: “Aurora is a landmark transaction for Zelestra and reinforces the financial community’s confidence in our customer-first strategy to develop multi-technology solutions that deliver for our clients.
“This is a very ambitious project that includes one the largest battery storage projects in Latin America. With construction already underway, we are now focused on delivering the project on time and on budget.”