Grenergy has agreed to the sale of phases 1, 2 and 3 of the Oasis de Atacama project, located in Chile, to ContourGlobala KKR company. The operation gives a company value to the entire perimeter of 916 million euros (962 million dollars at the current exchange rate), including approximately $50 million based on the fulfillment of certain milestones (‘earn-outs’), as the company has communicated to the National Securities Market Commission (CNMV).
The company indicates in a relevant fact sent to the stock market supervisor that it expects that phase 1 will be connected before the end of the year and will be fully operational during the first quarter of 2025. For its part, phase 2 and 3 are expected to come into operation in the second quarter of 2025 and in the fourth quarter of 2025, respectively.
Oasis de Atacama is “the largest storage project in the world,” according to the company, and has a capacity of nearly 11 GWh and almost 2 GW of solar energy. It is now expected that the transfer of said asset, which is subject to the fulfillment of certain customary conditions, will close in the next few days.
The buyer of these assets is ContourGlobal. It is a company owned by the American fund KKR and operates as an independent power producer (IPP) that develops, acquires and operates electricity generation assets around the world. The company currently manages more than 5.6 GW of installed capacity in 18 countries in Europe, Africa, Asia, North and South America.
Just yesterday, Grenergy announced the closing of a financing of 284 million euros (299 million dollars) for the construction of the third phase of this project, which is located in the north of Chile. The entity led by David Ruíz de Andrés signed this green non-recourse loan with BNP Paribas, Natixis Corporate & Investment banking, Société Générale, The Bank of Nova Scotia and SMBC.
News in expansion.
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