Clifford Chance advises on the €322m financing for the first two phases of Oasis de Atacama

Clifford Chance has advised Grenergy on the financing of phase 1 and 2 of Oasis de Atacama, comprising 220 MWp of solar and 1.24 GWh of storage. The construction of Oasis de Atacama represents a milestone for the Latin American market, as it is the world’s largest storage project. The financing has been granted by several international banks with experience in the Latin American market.

Specifically, Grenergy has signed a green loan of about $345 million (equivalent to about €322 million) along with other complementary credit lines with financial institutions BNP Paribas, Natixis Corporate & Investment Banking, Societe Generale, The Bank of Nova Scotia and SMBC.

Located in northern Chile, Oasis de Atacama is the largest storage project in the world, and is expected to supply energy to more than 145,000 homes annually, while reducing the emission of more than 146,000 tons of CO2. This financing covers the first two phases of the project, corresponding to 220 MWp solar and 1.24 GWh of storage. The first phase is expected to be connected by the end of 2024, while the remaining phases will be mostly connected by 2025.

The firm team was led by global financial markets partner José Guardo, and counsel Eduardo Sánchez, supported by associates Alejandro Cubilo and Elena Euba Hernández.