Grenergy lands green syndicated loan
Summary
Spains Grenergy Renovables said Wednesday that it secured a green syndicated loan for $345 million to help finance construction of the worlds largest solar power storage project in northern Chile.The loan will be provided by BNP Paribas, Natixis, Soci\xe9t\xe9 G\xe9n\xe9rale, Scotiabank and SMBC, along with complementary credit lines, the Madrid-based company said in a press release.Grenergy said it will use the funds build the first two phases of Oasis de Atacama, where it will build 220 MWp of solar power generation capacity and 1.24 GWh of storage capacity. In total, the $1.4 billion project will have capacity to power more than 145,000 homes per year, reducing annual carbon dioxide emissions by 146,000 metric tons, it added.Oasis de Atacamas first phase is expected to be connected by the end of 2024, while the remaining phases will mostly be connected by 2025. The company has already sold 75% of the energy from the project through long-term purchase-power agreements, it said.The firm said the deal represents the first syndicated loan with international banks for such a large hybrid project.Grenergy has more than 15 GW of solar power projects in development around the world, including in Colombia, Mexico and Peru.