Grenergy has secured financing of 446 megawatts (MW) and 1.8 gigawatt hours (GWh) corresponding to the fifth stage of Oasis de Atacama, in Chile, for an amount of 457 million dollars (407 million euros), as it communicated this Friday.
The Spanish energy company has signed a senior non-recourse financing led by BNP Paribas, which acts as coordinator and insurer, with the additional involvement of BBVA, J.P. Morgan, MUFG Bank, Santander, and The Bank of Nova Scotia.
Grenergy has specified that within the total volume, 26 million dollars (23 million euros) are included in credit lines.
The funds are allocated to Algarrobal, the fifth phase of Oasis de Atacama, which has a photovoltaic capacity of 242 MW and 1,480 megawatt hours (MWh) of storage, and to the Palmas cluster, made up of a portfolio of solar projects of 204 MW and 289 MWh of storage.
Algarrobal is backed by a hybrid power purchase agreement (PPA) for 12 years, which is set to come into effect on January 1, 2028. In turn, Palmas groups 21 solar distribution facilities with stabilized pricing systems (PMGDs).
Currently, all projects are in operation and six of them are in the phase of incorporating five-hour storage systems (289 MWh).
In addition, the company has detailed that the transaction includes the refinancing of 14 of the 21 Palmas projects, whose original financing was 85 million dollars (76 million euros).