Grenergy Secures $299M for Chile's Oasis Storage Phase

• Grenergy Renovables secures $299M for Oasis de Atacama's third phase, enhancing Chile's renewable energy landscape with 451 MW solar capacity and 2.5 GWh storage.

Grenergy Renovables SA has secured a USD 299 million loan for the third phase of its Oasis de Atacama energy storage project in northern Chile. This financing, which is non-recourse and green, was provided by a consortium that includes BNP Paribas and Societe Generale. With this funding, the total investment for the first three phases of the project has reached USD 644 million.

The Victor Jara phase will incorporate 200 MW of solar capacity and 1.3 GWh of energy storage. Overall, the first three phases will deliver a combined 451 MW of solar capacity and 2.5 GWh of storage. The entire Oasis de Atacama project, consisting of seven phases, aims for a total capacity of 11 GWh of storage and nearly 2 GW of solar power, with completion expected between 2025 and 2026.

What are the key features and goals of the Oasis de Atacama project?

Here are the key features and goals of the Oasis de Atacama project:

• Project Location: The Oasis de Atacama project is located in northern Chile, a region known for its abundant solar resources and high solar irradiance, making it an ideal site for solar energy generation.
• Phased Development: The project is being developed in seven distinct phases, allowing for incremental growth and flexibility in financing and technology implementation.
• Solar Capacity: Upon completion of all phases, the project aims to achieve a total solar power capacity of nearly 2 GW, harnessing the region's natural sunlight to produce renewable energy.
• Energy Storage: The project will feature an impressive total of 11 GWh of energy storage across all phases, which is essential for stabilizing the grid and providing energy during periods of low solar generation.
• Technological Integration: The Oasis de Atacama project incorporates advanced energy storage technologies to ensure efficient energy capture and utilization, as well as the integration of solar power into the energy grid.
• Sustainability Objectives: The project aligns with global sustainability goals by focusing on green financing, reducing carbon emissions, and contributing to Chile's commitment to transitioning to renewable energy sources.
• Economic Impact: With a significant investment totaling USD 644 million for the initial phases, the project is expected to create jobs, stimulate local economies, and enhance energy independence for Chile.
• Grid Resilience: By providing large-scale energy storage and renewable generation, the Oasis de Atacama project aims to enhance the resilience and reliability of the national energy grid, especially during peak demand periods.
• Environmental Benefits: The project's reliance on solar energy helps minimize ecological impacts associated with fossil fuels, contributing to a healthier environment and supporting biodiversity in the region.
• Regulatory Support: The project is supported by Chilean government initiatives promoting renewable energy development, demonstrating the country’s strong commitment to sustainable energy policies.
• Future Scalability: The design of the Oasis de Atacama project allows for potential future expansions or enhancements, positioning it as a leader in renewable energy and energy storage innovation in the region