The initial phase is set for connection by the end of 2024. Credit: The Desert Photo / Shutterstock.

Spanish energy recovery marketing company Grenergy Renovables has secured a $345m green loan for the initial two phases of the Oasis de Atacama project, a solar and battery energy storage system (BESS) in Chile.

The company signed a loan agreement and additional credit lines with financial institutions BNP Paribas, Natixis Corporate & Investment Banking, Société Générale, the Bank of Nova Scotia and SMBC.

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Grenergy executive chairman David Ruiz de Andrés stated: “This operation demonstrates the bank’s confidence in the hybridisation of solar plants with storage, and in Grenergy’s business model, which continues to make progress in becoming a world leader in storage.”

Oasis de Atacama in northern Chile is one of the largest storage projects globally. It will supply electricity to 145,000 homes annually and remove 146,000mt of CO₂ emissions.

The funding supports the project’s first two phases: 220 megawatts peak of solar power and 1.24 gigawatt hours of energy storage capacity.

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The initial phase is set for connection by the end of 2024, with the subsequent phases expected to follow suit by 2025.

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Grenergy will invest up to $1.4bn in the Oasis de Atacama project, which has already secured 75% of its energy output through long-term purchase agreements.

This includes a 15-year contract announced in early 2024, set to deliver 8 terawatt hours of energy.

The project has made headlines with one of the world’s first-night PPAs, ensuring a 15-year supply of green energy to the Chilean company EMOAC.

BNP Paribas energy, resources and infrastructure finance Americas co-head Jean-Valery Patin stated: “We are proud to support Grenergy in this transaction and to expand our leadership in renewables in Chile to battery storage and renewables.

“This is in line with BNP Paribas’ ambitious low carbon objectives and commitment to our clients.”