Spanish Grenergy announces major banks for 103-megawatt bifacial solar solution in Chile

• A few Chilean major banks have united to support a bifacial PV system in Northern Chile's Atacama Desert, currently being constructed in the area listed among the planet’s driest inhabited places.

Spanish renewable energy company Grenergy Renovables announces it has collected US$71m from four financial centers to fund a 103-megawatt project close to Quillagua oasis, in northern part of Chile. 

Banco Security, BancoEstado and Penta Vida are going to provide by one third of over US$60m senior debt facility each. 

A the same time, additional US$11m will be obtained as mezzanine credit from investment institution Sinia Renovables. 

The financial package is secured with the 103-megawatt project being constructed. The system is scheduled to be connected to power grid by the third quarter next year. 

The venture will require US$97.5m of total investment. As soon as the 301 gigawatt-hour-a-year system gets operational, it is claimed to generate yearly revenues of US$14m. 

The station will comprise bifacial modules, which is supposed to raise power generation by up to 15 per cent. 

The power producer praises solar potential of the plant location, an area recognized as being among the driest places on earth.

Grenergy calls the 103-megawatt installation the biggest it has ever implemented around the globe. It is not the developer’s first photovoltaic deployment in Chile. 

The company affirms it has connected more solar stations (25) to Chilean grid than any other developer.