News — Grenergy secures close to $1 billion in financing for Oasis de Atacama
Grenergy — January 20, 2025
Grenergy secures close to $1 billion in financing for Oasis de Atacama
- Signs an additional $324 million in financing with BNP Paribas, Natixis Corporate &
Investment Banking, Société Générale, The Bank of Nova Scotia, and SMBC for phase 4
(Gabriela)
• Recently announced the sale of the first 3 phases of Oasis de Atacama, representing 23%
of the total project, for up to $962 million
• Plans to continue growing in Chile with new projects focused on storage and replicating
this model in other markets such as Europe and the United States
Grenergy has secured an additional $324 million aprox. in financing for Oasis de Atacama, the company’s flagship project and 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 particular 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, totaling $643 million. The syndication of the first phase also included BofA, BBVA, and Bank of China. In total, Grenergy has secured financial closures for the project amounting to close to $967 million.
“Société Générale is delighted to have worked closely with Grenergy on this series of landmark solar and battery storage transactions. We look forward to continuing to support the company’s growth as a leading player in the Chilean renewables market and beyond”, remarked Ben Koehler, Managing Director in Societe Generale’s Energy+ Group.
“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 aligns with our low-carbon objectives and commitment to our clients.”
Jean-Valery Patin
Co-Head – Energy, Resources & Infrastructure Americas
A high-value operation
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 its ability to create value and the profitability of hybrid projects with batteries. Additionally, it has reduced its leverage ratio to less than 1x on a proforma basis. The company has also achieved its asset rotation target set for 2026 two years in advance and secured financing for the remainder of the Oasis de Atacama project as well as the investments planned in its 2023-2026 strategic plan.
“Chile is a key market for Grenergy. We have chosen this country to develop the world’s largest battery project. With Oasis de Atacama, we are demonstrating our great capacity to generate a robust pipeline 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.”
David Ruiz de Andrés
CEO
Commitment to Chile
With more than 12 years of presence in Chile, Grenergy is the company that has built the
cleanest energy plants in the country and has a pipeline of 14.5 GWh of storage and 3.25 GW of solar energy. In fact, Grenergy’s office in Chile, the largest after the headquarters in Spain, is the hub for Latin America, from which 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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