Clifford Chance advises Zelestra on $282m for the construction of the Aurora project
Clifford Chance has advised Zelestra on a $282.5 million green financing for the construction of the Aurora project, a hybrid solar photovoltaic plant with a Battery Energy Storage System (BESS), located in the municipality of Pozo Almonte, in the Tarapacá Region (Chile).
The project has an installed capacity of 221 MWDC / 187 MWAC and a BESS of 187 MW / 935 MWh, making it one of the largest energy storage schemes in Latin America. The financing was arranged with Natixis Corporate and Investment Banking (Natixis CIB) and BNP Paribas, with a VAT facility provided by BCI.
Aurora represents the largest financing in Zelestra’s history and its first multi-technology project. The solution designed by Zelestra will enable the delivery of solar energy during nighttime hours to the Chilean company Abastible, through a long-term Power Purchase Agreement (PPA). The project is expected to generate approximately 600 GWh of renewable electricity per year, equivalent to the annual consumption of 200,000 Chilean households, significantly contributing to the country’s decarbonization.
The firm team was led by Global Financial Markets partner José Guardo, with support from counsel Eduardo Sánchez, senior associate Ángel Muñoz, and associates Alejandro Cubillo and Yago López in Spain. The team also included partner Fabricio Longhin and special legal consultant Pedro Buchanan from the Washington D.C. office, as well as partner Darren Littlejohn from the New York office.
