Grenergy has managed to close another nearly $324 million in financing for Oasis de Atacama, 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 specific phase has an estimated capacity of 269 MW of solar and 1.1 GWh of storage.
These 5 international banks also financed phases 1, 2 and 3 of Oasis de Atacama for a total of approximately 643 million dollars. BofA, BBVA and Bank of China also participated in the syndication of the first phase. In total, Grenergy has achieved financial closings for the project totaling approximately $967 million.
“Société Générale is pleased to have collaborated closely with Grenergy on this series of pioneering solar and battery storage operations. We look forward to continuing to support the company’s growth as a leader in the Chilean renewable energy market and beyond,” said Ben Koehler, CEO of the Energy+ Group of Société Générale.
For Jean-Valery Patin, Co-Head – Energy, Resources & Infrastructure Americas: “BNP Paribas is proud to support Grenergy in the fourth consecutive transaction in Chile, consolidating our leadership in battery storage and renewable energy in Chile, which which is aligned with our low carbon objectives and our commitment to customers.
Grenergy recently announced the sale of the first three phases of Oasis de Atacama, representing 23% of the total project to ContourGlobal, a subsidiary of KKR, for up to $962 million.
This operation has generated significant cash flow for the company, demonstrating the ability to create value and the profitability of hybrid projects with batteries. In addition, it has allowed its leverage ratio to be reduced to less than 1x on a pro forma basis. It has also been possible to achieve the asset rotation target set for 2026 two years in advance and secure financing for both the rest of the Oasis de Atacama project and the investments planned in its 2023-2026 strategic plan.
Bet on Chile
David Ruiz de Andrés, executive president and CEO of Grenergy, states: “Chile is a key market for Grenergy. We have chosen this country to develop the largest battery project in the world. With Oasis de Atacama we are demonstrating our great capacity to generate a pipeline robust 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 is the company that has built the most clean energy plants in the country, where it has a pipeline of 14.5 GWh of storage and 3.25 GW of solar. In fact, the Grenergy office in Chile, the largest after the headquarters in Spain, is the headquarters for Latin America, from where operations in Peru, Colombia and Mexico are also managed.
Grenergy plans to continue its growth in the country in the coming years, especially through projects focused on solar generation and energy storage.
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