Grenergy secures financing for two phases of the world’s largest battery project – SPE

By ESS news

Spain’s IPP Grenergy has reached financial close of phases 1 and 2 of its Oasis de Atacama project in Chile, which will ultimately feature the world’s largest battery energy storage system.

With a capacity of 4.1 GWh of storage and approximately 1 GW of solar energy, Oasis de Atacama is divided into five phases. The Quillagua connection, phase 1, is currently under construction and is expected to be operational in late 2024, while the next three phases should be connected in 2025.

On Wednesday, Grenergy said it had signed a $345 million green loan with other additional lines of credit with financial institutions BNP Paribas, Natixis Corporate & Investment Banking, Societe Generale, The Bank of Nova Scotia and SMBC.

This financing covers the first two phases of the project, equivalent to 220 MWp of solar energy and 1.24 GWh of storage.

With this new agreement, Grenergy said it was the first company in the world to sign a financing of this size for a hybrid solar and battery project with a syndicate of international banks.

Grenergy’s executive chairman, David Ruiz de Andrés, said that “this operation demonstrates the bank’s confidence in the hybridization of solar power plants with storage, and in Grenergy’s business model, which continues to make progress to become a global leader in the to become an area of ​​storage.”

The project, to which Grenergy will allocate up to $1.4 billion, already has 75% of energy contracted through various long-term energy purchase agreements (PPAs).

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