Grenergy photo voltaic plant in Quillagua
Image: Grenergy
From ESS News
Spanish IPP Grenergy has achieved monetary closure of phases 1 and a pair of of its Oasis de Atacama undertaking in Chile, which can ultimately function the world’s largest battery power storage system.
With a capability of 4.1 GWh of storage and about 1 GW of photo voltaic, Oasis the Atacama is split into 5 phases. Currently beneath building, the Quillagua connection – part 1 – is scheduled to depart the bottom on the finish of 2024, whereas the following three phases will probably be related in 2025.
On Wednesday, Grenergy mentioned it signed a $345 million inexperienced mortgage together with different complementary traces of credit score with monetary establishments BNP Paribas, Natixis Corporate & Investment Banking, Societe Generale, The Bank of Nova Scotia, and SMBC.
This financing covers the primary two phases of the undertaking, equal to 220 MWp of photo voltaic and 1.24 GWh of storage.
With this new settlement, Grenergy mentioned it grew to become the primary firm on this planet to signal financing of this dimension for a hybrid photo voltaic and battery undertaking with a syndicate of worldwide banks.
The Executive Chairman of Grenergy, David Ruiz de Andrés, mentioned that “this operation exhibits the financial institution’s confidence within the hybridization of photo voltaic vegetation with storage, and within the enterprise mannequin of Grenergy, which continues to develop in turning into a world chief in storage.”
The undertaking, through which Grenergy will allocate $1.4 billion, already has 75% of its power contracted by means of numerous long-term energy buy agreements (PPAs).
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