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Spanish company Grenergy has announced an additional $324 million in financing, adding to the $644 million raised between July and December of last year. The project will have a total capacity of 11 GWh and almost 2 GW of solar capacity, divided into seven phases. Spanish company Grenergy has secured additional financing of around $324 million for Oasis de Atacama, the mega solar and battery project it is building in Chile and which it describes as “the largest of its kind in the world.” The company has signed new green financing for Phase 4 of the project (Gabriela), which has an estimated capacity of 269 MW of solar energy and 1.1 GWh of storage, with international financial institutions BNP Paribas, Natixis Corporate & Investment Banking, Société Générale, The Bank of Nova Scotia and SMBC. These five international banks also financed phases 1, 2 and 3 of Oasis de Atacama, for a total of 643 million dollars between July and December of last year . The syndication of the first phase also included BofA, BBVA and Bank of China. In total, Grenergy has secured financial closings for the project for an amount close to 968 million dollars. In December, Grenergy announced the sale of the first three phases of Oasis de Atacama, which represent 23% of the total project, to ContourGlobal, a subsidiary of KKR , for up to 962 million dollars. Before that, in September, it announced the purchase of 1 GW of solar energy and a line of the same capacity energized by the joint venture created in 2020 by Repsol and Iberéolica , in whose operation it will invest 128 million dollars. Construction of the project began in November 2023. The first phase of Oasis de Atacama is scheduled to be connected by the end of 2024, with the new phases due to be completed in 2026. Grenergy has already agreed to sell the energy from the first four phases, and the rest of them are, according to the company, in an advanced negotiation phase. Ingeteam will supply inverters and transformer centres to the Chilean Oasis de Atacama project . For the supply of large-scale storage systems, the company has signed a strategic agreement with BYD, which already reaches 3 GWh and represents the largest agreement to date for the Asian multinational. The installations are expected to arrive during the second quarter of 2025 and to come into operation during that same year. This agreement includes a total supply of 537 containers. |
