Grenergy strengthens its commitment to Chile and secures nearly a billion dollars in financing for Oasis de Atacama

This is a machine translation of the original release, issued in Spanish.

PRESS RELEASE from Grenergy
January 6, 2025

• This, after signing a new financing of 324 million dollars for phase 4 of the project with 5 international financial entities.
• The company plans to continue growing in Chile with new projects focused on storage and replicate this model in other markets in Latin America, Europe and the United States.

Madrid, December 6, 2024 - Grenergy has closed another $324 million in financing for phase 4 of Oasis de Atacama , the company's main project and the largest energy storage project in the world.

The company has thus achieved financial closings for the project totalling US$967 million with the backing of top-tier international banks such as the French BNP Paribas , Société Générale and Natixis Corporate & Investment Banking, the Canadian Bank of Nova Scotia and the Japanese SMBC . In addition, Bank of America , Bank of China and the Spanish BBVA also participated in the syndication of the first phase.

Thus, Oasis de Atacama has become the solar project with batteries that has obtained the largest financing in the sector worldwide in the last year, despite the complexity of the market environment. This highlights the commitment of international entities to the innovative model that Grenergy is implementing in Chile, combining solar generation and large-scale energy storage.

"Société Générale is pleased to have worked closely with Grenergy on this series of pioneering solar and battery storage transactions. We look forward to continuing to support the company's growth as a leader in the Chilean renewable energy market and beyond," said Ben Koehler, CEO of Société Générale's Energy+ Group.

For Jean-Valery Patin, Co-Head – Energy, Resources & Infrastructure Americas: “BNP Paribas is proud to support Grenergy in the fourth consecutive transaction in Chile, consolidating our leadership in battery storage and renewable energy in Chile, which is aligned with our low-carbon objectives and our commitment to customers.”

Chile, a key market

With this financial backing, Grenergy has managed to accelerate its investment plan and recently acquired 1,000 MW from Repsol and Ibereólica in the country. In addition, it plans to continue its growth in the country in the coming years, especially through projects focused on solar generation and energy storage.

David Ruiz de Andrés, Executive President and CEO of Grenergy, says: "Chile is a key market for Grenergy. We have chosen this country to develop the largest battery project in the world. With Oasis de Atacama we are demonstrating our great capacity to generate a robust pipeline and execute projects efficiently. We want to continue growing this successful model in Chile and replicate it in other markets in Latin America, Europe and the United States in the coming years."

With more than 12 years of presence in Chile, Grenergy is the company that has built the most clean energy plants in the country and has a pipeline of 14.5 GWh of storage and 3.25 GW of solar. In fact, Grenergy's office in Chile, the largest after the headquarters in Spain, is the headquarters for Latin America, from where operations in Peru, Colombia and Mexico are also managed.

To strengthen its liquidity ratios, reduce its debt and accelerate its growth strategy, it has just rotated a portfolio of projects that represent less than 25% of the total of Oasis de Atacama.

About Grenergy Renovables:

Grenergy Renovables is a Spanish company founded in 2007. It produces energy from renewable sources, mainly photovoltaic and storage, and has been listed on the Spanish stock exchange since 2015. Its business model covers all phases of the project, from development, through construction and financial structuring to the operation and maintenance of the plants. The company has a global platform of more than 15 GW in various stages of development in the eleven countries where it operates in the European market (Spain, Italy, Germany, Poland and the United Kingdom), North America (United States) and Latin America (Chile, Peru, Mexico and Colombia).