Grenergy Secures $299 Million Financing for World’s Largest Battery Project

Madrid, December 17th, 2024 – Grenergy has successfully closed an additional $299 million in financing for the Oasis de Atacama project in northern Chile, the world’s largest energy storage initiative.

This new non-recourse green loan for phase 3 (Víctor Jara) comes from international financial institutions BNP Paribas, Natixis Corporate & Investment Banking, Société Générale, The Bank of Nova Scotia, and SMBC.

This financing adds to the total $644 million secured for the first three phases of the project. The third phase will include 230 MW of solar capacity and 1.3 GWh of energy storage, with all three phases contributing 451 MW of solar capacity and 2.5 GWh of storage.

David Ruiz de Andrés, Executive Chairman of Grenergy, stated, “This milestone reinforces the trust of international banks in our business model and our ability to develop large-scale projects.”

Located in northern Chile, the Oasis de Atacama project will have nearly 2 GW of solar capacity and 11 GWh of storage across seven phases. It is expected to generate 5.5 TWh of energy annually, reducing CO2 emissions by 1.4 million tons. The first phase is set to be connected in the coming weeks, with subsequent phases planned for 2025-2026. The energy from the first four phases is already secured through PPAs, with more agreements anticipated soon.