Grenergy Secures $324M for Solar and Storage Expansion in Chile

Grenergy Renovables SA has obtained $324 million in financing for the fourth phase of the Oasis de Atacama solar-plus-storage project in Chile. The funding, arranged with a consortium of banks including BNP Paribas, Natixis Corporate and Investment Banking, Societe Generale, The Bank of Nova Scotia, and SMBC, raises total financing for the project to $967 million.

The fourth phase, named Gabriela, will add 269 MW of solar power and 1.1 GWh of energy storage capacity to the five-phase initiative.

In December 2024, Grenergy sold the first three phases of Oasis de Atacama--Quillagua I, Quillagua II, and Victor Jara--to ContourGlobal for up to $962 million in enterprise value. The sale enabled Grenergy to meet its asset rotation goals and fund future phases of the project, as well as other investments for 2023-2026.

Located across northern Chile's Tarapaca, Antofagasta, and Atacama regions, Oasis de Atacama is one of the country's largest renewable energy projects, bolstering Chile's shift toward sustainable energy.

Source: renewablesnow.com