Financial close reached for 1 GW/4 GWh Solar & Battery energy storage hybrid project in Chile

Grenergy has reached a financial close on the first two phases of its Oasis de Atacama solar and battery energy storage hybrid project in northern Chile.

Grenergy has signed a USD345 million green loan with other complementary credit lines with the financial institution BNP
Paribas, Natixis Corporate & Investment Banking, Societe Generale, The Bank of Nova Scotia and SMBC. This financing covers the first two phases of the project, corresponding to 220 MWp of solar and 1.24 GWh of storage. The first phase is expected to be connected by the end of 2024, while the remaining phases will mostly be connected by 2025. 

Grenergy will invest up to US$1.4 billion in a project with 75% of its energy already contracted through long-term PPAs, including a 15-year contract providing over 8 TWh. Additionally, one of the world's first-night PPAs was announced for Oasis de Atacama, securing a 15-year green energy supply to Chilean company EMOAC.