Innergex achieves financial close on 35 MW/175 MWh battery storage project in Atacama

Innergex Renewable Energy has secured a non-recourse construction financing worth US$49.5 million with SMBC for the 35 MW/175 MWh San Andrés battery energy storage project. This comes as part of Innergex's continued expansion in North Chile. The Innergex's subsidiary's battery project will be located directly on the site of the existing 50.6 MW San Andrés solar facility. The San Andrés battery project features Mitsubishi Power's Emerald Storage Solution and it will dispatch the renewable energy produced by the solar facility and store it during the day to evening hours to maximize the benefits of peak prices and avoid daytime congestion.

Innergex is estimated to cover construction costs of US$61.9 million for the San Andrés battery project. The required permits have already been acquired; on-site work began in February 2023.

Of the total construction costs of San Andrés, the non-recourse bridge loan will finance most of it. Approximately US$12.4 million will be financed using Innergex's revolving credit facilities. The construction bridge loan will be repaid from the proceeds of future long-term non-recourse financing after the facility reaches commercial operation.