CVC DIF buys Grenergy’s Chilean site with 1.1 GWh storage

Spanish multinational Grenergy has announced the sale of the ‘Gabriela’ fourth phase of its seven-stage Oasis de Atacama megaproject in northern Chile.

Funds managed by CVC DIF will pay $475 million for the solar and storage capacity, provided earn-outs are achieved and planned financial adjustments made.

The 272 MW solar and 1.1 GWh storage phase of the Oasis de Atacama holds a hybrid power purchase agreement (PPA). The asset will be transferred after commissioning or the commercial operation date, planned in the first half of next year.

The Oasis de Atacama is set to reach a final 11 GWh of battery storage and 2 GW of solar. Its first two phases are operational and the third and fourth are under construction. Backed by finance of almost $968 million for its initial stages, the site holds long-term PPAs for 75% of the output expected from its first four phases.

Grenergy secured a $324 million green loan for the Gabriela phase of the site with BNP Paribas, Natixis Corporate & Investment Banking, Société Générale, Scotiabank, Sumitomo Mitsui Banking Corporation, Bank of America, Banco Bilbao Vizcaya Argentaria, JP Morgan, Kreditanstalt für Wiederaufbau International Project and Exportfinanzing, Rabobank, and Instituto de Crédito Oficial participating.

Grenergy will provide operation and maintenance services for the Gabriela facilities for five years, supported by supplier agreements.

With the Spanish company having sold the first three phases of Oasis de Atacama to Kohlberg Kravis Roberts & Co. subsidiary ContourGlobal for up to $962 million in December, Grenergy has sold a third of the overall project capacity, with 7.3 GWh of storage and 1.2 GW of solar remaining.

Grenergy revealed its asset rotation plan for the Chilean site at its Capital Markets Day event in London in May. The company is targeting €800 million ($937 million) from the Oasis de Atacama to help finance its plans to invest €3.5 billion through 2027.

With the Spanish business boasting a global portfolio of more than 77.9 GWh storage and 12.5 GW of solar, Grenergy says its Oasis de Atacama model will be replicated at sites including Central Oasis, in central Chile, and in Europe, where Spain’s Escuderos project is a highlight.

Chile has been a strategic market for Grenergy since 2013 and will be the focus of almost 70% of the company’s planned investment through 2027. Grenergy’s Chilean subsidiary is the country’s most active independent power producer for solar plant connection and the central platform for its hybrid developments in the country.

From pv magazine LatAm.