Grenergy dismisses its current CEO, Pablo Otín. The company’s board of directors has decided to dispense with his services after almost a year in the company. The departure will also mean abandoning his position on the energy company’s board of directors.
The company, led by David Ruíz de Andrés, considers that different leadership is required at Grenergy to advance in achieving the objectives set for the coming years. For this reason, the current executive president, David Ruiz de Andrés, will also assume the position of CEO.
The changes occur after the company has managed to close financing of 284 million euros for the construction of the third phase of the Oasis de Atacama project, in northern Chile, which will involve the installation of the largest energy storage in the world.
The entity has signed this new green non-recourse loan with BNP Paribas, Natixis Corporate & Investment banking, Société Générale, The Bank of Nova Scotia and SMBC.
This operation thus has the support of the same international banks that also financed phases 1 and 2 of Oasis de Atacama. In total, the financing of the first three phases of the project now reaches 644 million.
Likewise, the company has agreed to the sale of phases 1, 2 and 3 of the project Atacama Oasislocated in Chilito ContourGlobalan American fund company KKR. 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’ in the jargon of the sector), according to what the company has communicated to the National Securities Market Commission (CNMV).
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