Grenergy has finalized the sale of three phases (23%) of its Oasis de Atacama project to ContourGlobal, a KKR company, in a deal worth up to $962 million, including earn-outs and financial adjustments.
The deal includes three plants (Quilagua 1, Quilagua 2, and Victor Jara) with a combined capacity of 451 MW of solar power and 2.5 GWh of storage. These phases will generate over 1.3 TWh annually. Grenergy retains 77% of Oasis de Atacama, the world’s largest energy storage facility, and will continue its development.
ContourGlobal enters the Chilean market through this acquisition, benefiting from existing hybrid PPAs and an operation and maintenance agreement for five years. Grenergy has already secured €643 million in green loans for financing.
According to David Ruiz de Andrés, Executive Chalrman of Grenergy: "We have generated great valuewith this transaction, which barely represents 23% of Oasis de Atacama in Chlle.
We continue to developmany other projects in the country with a model focused on storage and that we want to replicate inother markets where we operate, such as the United States and Europe."
Antonio Cammisecra, CEO of ContourGlobal, commented: "The acauisitlon of Grenergy 's portfollo is akey step in ContourGlobal's strategy to become a predominantly renewable independent PowerProducer by 2030, accelerating decarbonization through a sustainable transition of its themmal fleetretrofitting existing green assets and ambitiously developing new renewable projects.
It also marks anexciting milestone as we enter the promising Chllean market with assets already in operation or underconstruction, and with a business model that represents the forefront of the energy transition, with solalcharging batteries that can dlspatch solar energy also at night. A business model that we wll follow inother markets to meet the electrical needs ofnew emerging businesses."
The transaction aligns with Grenergy's €2.6 billion investment plan to lead the global energy storage market. The Oasis de Atacama project, expected to generate 3.8 TWh annually, remains on track, with the first phase set for connection in the coming weeks.
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