Grenergy Sells 23% Stake in Oasis de Atacama for Up to $962 Million

Grenergy has finalized the sale of a 23% stake in Oasis de Atacama, the world’s largest energy storage project, to ContourGlobal. The deal is valued at up to $962 million, as reported to Spain’s National Securities Market Commission (CNMV).

The agreement involves the sale of 100% of the first three phases of the project (451 MW + 2.54 GWh) to ContourGlobal, a company owned by KKR. This enterprise value of $962 million includes approximately $50 million tied to the achievement of certain milestones and accounts for $643 million in associated project debt.

Timeline for Project Phases

Grenergy expects the first phase of Oasis de Atacama to be connected by the end of this year and fully operational by the first quarter of 2025. Phases two and three are anticipated to begin operations in the second and fourth quarters of 2025, respectively.

The transaction is subject to standard conditions and is expected to close in the coming days, according to Grenergy’s official statement.

Additional Financing Secured

Earlier this week, Grenergy secured $299 million in green non-recourse financing for phase three of Oasis de Atacama, also known as the Víctor Jara phase. The funding was provided by a consortium of international financial institutions, including BNP Paribas, Natixis Corporate & Investment Banking, Société Générale, The Bank of Nova Scotia, and SMBC.

This latest financing deal reflects the confidence these institutions have in Grenergy’s growth strategy and robust business model. The same banks were involved in financing the first two phases of the project. In total, the financing secured for the first three phases amounts to $644 million.

A Testament to Growth and Stability

Grenergy’s sale and financing activities highlight its ability to attract substantial investments for its ambitious renewable energy projects. The successful development and sale of the Oasis de Atacama project underscore the company’s strong position in the energy sector and its potential for future growth.

As the world shifts toward sustainable energy solutions, Grenergy continues to play a pivotal role, leveraging its innovative projects and solid financial backing to drive the transition to renewable energy.