Grenergy Renovables S.A. announced it has obtained $270mn in senior non-recourse financing to support the development of the sixth phase of the Oasis de Atacama project, known as Elena. The operation is primarily intended for the installation of 3.5 GWh of battery energy storage capacity, in addition to the 77 MW of solar power already operational at the site.
An international banking consortium involved
The financing was structured by Sumitomo Mitsui Banking Corporation (SMBC) as lead bank, with the participation of BNP Paribas, BBVA and German bank KfW. The agreement includes a term loan and letters of credit, also intended to finance the planned 2024 acquisition of assets held by Repsol and Ibereólica, which are also part of Phase 6.
The installation of batteries will enable Grenergy to capture solar energy generated during daylight hours at low cost and release it during periods of high demand. This capacity will also stabilise the site’s integration into the Chilean electricity system, addressing the variability of solar production.
A strategic partnership with BYD Energy Storage
The Elena project benefits from the supply of 6,240 units of the MC Cube T model by Chinese company BYD Energy Storage, equivalent to 624 containers. It is the largest battery order ever placed in Latin America and the second largest globally. The agreement is part of a strengthened cooperation between the two companies around large-scale storage solutions.
Grenergy states that this contract consolidates its strategy of deploying a hybrid solar-storage model, which it plans to replicate on other platforms, notably Central Oasis, located in central Chile, as well as in Europe.
An expanding global pipeline
The Spanish group says it has secured a total of £1.237bn ($1.54bn) in non-recourse financing for the entire Oasis de Atacama megaproject, which will ultimately comprise 0.8 GW of solar capacity and 6.7 GWh of energy storage. Grenergy currently holds a global development pipeline of 77.9 GWh in storage and 12.5 GW of solar power.
David Ruiz de Andrés, Chief Executive Officer of Grenergy, stated that this operation “reinforces international banks’ confidence in our hybrid model”. He also highlighted the company’s ability to “optimise the project’s value by responding to market opportunities during non-solar hours”.
