The Spanish renewables firm has sold three separate projects, constituting 23% of the world's largest storage project, to ContourGlobal for US$962 million.
Grenergy has agreed to sell three independent projects, which constitute 23% of Oasis de Atacama, located in northern Chile, to ContourGlobal - a KKR company - for a value of US$ 962 million (about 916 million euros).
This transaction includes approximately US$ 50 million (47.6 million euros) based on the fulfillment of certain milestones ( earn-outs ), as explained by the company to the National Securities Market Commission (CNMV). Additionally, this figure includes an associated project debt of US$ 643 million (612.8 million euros).
The transaction covers 3 of the 7 phases of Oasis de Atacama, the largest energy storage facility in the world, which includes a portfolio of three plants with an aggregate installed capacity of 451 MW of solar and 2.5 GWh of storage. These phases will generate more than 1.3 TWh of energy annually.
Phase 1 is expected to be connected before the end of the year and fully operational during the first quarter of 2025. Phases 2 and 3 are expected to be operational in the second quarter of 2025 and the fourth quarter of 2025, respectively.
The transfer of this asset, which is subject to compliance with certain customary conditions, is expected to close in the coming days.
The agreement with ContourGlobal, an independent energy producer that enters the Chilean market through this transaction, includes both the operation and maintenance of the assets for 5 years, as well as the supply of equipment such as batteries, thanks to the strategic agreements reached by Grenergy with third parties.
With this transaction, Grenergy advances its asset rotation target set for 2026. In this way, it secures the financing to invest the 2.6 billion euros foreseen in its strategic plan to become a world leader in storage.
For Grenergy CEO David Ruiz de Andrés, it has been a pleasure to close this agreement with ContourGlobal, generating great value for the company with this transaction.
For his part, ContourGlobal CEO Antonio Cammisecra commented that the acquisition of this Grenergy portfolio is a key step in ContourGlobal's strategy to become a predominantly renewable Independent Power Producer by 2030.
"It also marks an exciting milestone as we enter the promising Chilean market with assets already in operation or under construction, and with a business model that represents the cutting edge of the energy transition, with photovoltaics charging batteries that can dispatch solar energy also during the night," he said.
