Grenergy to build an energy storage megaproject in Chile

The Spanish firm reported closing on the financing for the first two phases of the Oasis de Atacama project, totaling US$345 million. According to the company, this is «the world’s largest (energy) storage project.» 

Grenergy announced that it has successfully closed the financing deal for a project in Chile. The Spanish firm commented that it has secured financing for phases 1 and 2 of Oasis de Atacama, «the world’s largest (energy) storage project.» 

According to the company, the new agreement makes it the first in the world to sign financing of this scale with a syndicate of international banks for a hybrid solar and battery project. 

As explained in a press release published by La Tercera newspaper, Grenergy has signed a green loan for approximately US$345 million, along with complementary credit lines with the financial institutions: BNP Paribas, Natixis Corporate & Investment Banking, Societe Generale, The Bank of Nova Scotia and SMBC. 

«This financing covers the project’s first two phases, which involve 220 MWp solar and 1.24 GWh storage. The first phase is scheduled to be connected by the end of 2024, and the majority of the remaining phases will be connected in 2025,» the company announced. 

Energy storage in Chile 

The Spanish company explained that the project in northern Chile is expected to supply energy to over 145,000 homes annually and cut CO2 emissions by more than 146,000 tons. 

With 23 energy storage projects already approved, totaling an impressive 3,000 MW of capacity, Chile is at the forefront of innovation and efficiency in Latin America.

«The project, for which Grenergy has allocated up to US$1.4 billion, already has 75% of its energy contracted through several long-term contracts like the 15-year PPA for over 8 TWh announced this year. Along the same lines, the company announced one of the world’s first nighttime PPAs for Oasis de Atacama, involving a 15-year supply of green energy to Chile’s Emoac,» the company remarked. 

Grenergy’s Executive Chairman, David Ruiz de Andrés, commented, «This deal underscores the banking industry’s confidence in the hybridization of solar plants with storage and in Grenergy’s business model, which continues to progress toward becoming a world leader in storage.» 

Meanwhile, Jean-Valery Patin, Co-Head of Energy, Resources and Infrastructure Finance for the Americas at BNP Paribas, remarked, «We are proud to support Grenergy through this deal and to expand our renewables leadership in Chile to battery storage and renewables. The project aligns with BNP Paribas’s ambitious low-carbon targets and commitment to our customers.»