QAZAQ GREEN.  Financial close has been reached for the first two phases of the world’s largest battery storage project, the Oasis de Atacama in Chile, with 1.24GWh now financed and an eventual 4.1GWh once all five phases are completed, reports Renew Economy.

Independent energy expert and assurance provider DNV announced on Wednesday that it had supported developer Grenergy Renovables (Grenergy) in securing financial close for the first phase of the Oasis de Atacama project. Grenergy made a separate announcement a month ago.

Financing currently secured for the first two phases will fund development of a 220MW solar farm and 1.24GWh of battery storage, with the first phase expected to be connected by year’s end and the remaining four phases to be connected next year, reaching full operation by 2026.

Once finished, the Oasis de Atacama project will consist of 1GW of solar generation and 4.1GWh of energy storage. Grenergy expects the completed project will generate electricity equivalent for the needs of 145,000 homes and reduce CO2 emissions by over 146,000 tonnes.

Already 75 per cent of the project’s energy has been contracted through various long-term power purchase agreements (PPAs).

Financing worth $US345 million for the first two phases was secured from financial institutions BNP Paribas, Natixis Corporate & Investment Banking, Societe Generale, The Bank of Nova Scotia, and SMBC.

“This operation demonstrates the banks’ 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,” said David Ruiz de Andrés, executive chairman of Grenergy.

“Chile is renowned for its solar potential and dedication to decarbonisation and represents a promising market for solar and storage power,” added Santiago Blanco, executive vice president & regional director for Latin America, energy systems at DNV.

“This project is a significant step towards enhancing energy storage capabilities in the region and aligns with our commitment to supporting sustainable energy initiatives. Successful financing underscores the importance of comprehensive due diligence and expert analysis in renewable energy projects.”