Grenergy secures $270 million to install batteries at Chile’s Oasis de Atacama megaproject

Spain’s Grenergy has announced a new financing agreement that will immediately enable the installation of 3.5 GWh of battery storage as part of the sixth phase of its Oasis de Atacama megaproject.

The Elena phase already has 77 MW of solar energy in operation. The upcoming batteries will store solar energy generated by the existing 7 MW plant as well as energy from the grid, strategically taking advantage of lower electricity prices during solar production hours, according to the company.

The financing was arranged by an international banking syndicate led by Sumitomo Mitsui Banking Corporation (SMBC) as structuring agent, with participation from BNP Paribas, BBVA, and KfW. The financing package will also finance the acquisition of the assets of Repsol and Ibereólica, which are also part of Phase 6.

With this latest agreement, Grenergy states that it has secured a total of $1.237 billion in non-recourse financing for the Oasis de Atacama project, covering 800 MW of solar capacity and 6.7 GWh of energy storage.

The batteries will be supplied by BYD Energy Storage, based on a contract announced in September last year. The Chinese manufacturer will supply 6,240 units of the MC Cube T model – equivalent to 624 containers – in what is described as the largest shipment of batteries in Latin America and the second largest worldwide.

The Oasis de Atacama project, announced with a combined potential of 2 GW of solar capacity and 11 GWh of energy storage, is structured in seven development phases and is expected to generate 5.5 TWh of energy annually, primarily dispatched during non-solar hours.

Grenergy has sold off portions of the project in various transactions. Last December, it sold a project portfolio representing 23% of the facility to the independent power producer (IPP) ContourGlobal to the tune of $962 million. This transaction covered three project phases – Quillagua 1, Quillagua 2, and Víctor Jara – which together represent 451 MW of solar capacity and 2.5 GWh of storage.

Earlier this month, Grenergy sold the fourth phase of the project, known as Gabriela, featuring 272 MW of solar generation and 1,100 MWh of storage.

Looking ahead, the company plans to replicate its hybrid solar-plus-storage model in new developments, including Central Oasis in central Chile and the Escuderos project in Spain. Grenergy currently reports a global pipeline exceeding 77.9 GWh of storage and 12.5 GW of solar capacity in various stages of development.

From pv magazine LatAm