Spanish renewables company Grenergy has secured US$148 million in green financing to complete the development of two solar PV projects in Chile with a combined capacity of around 300MW.
The financing was provided by French banks BNP Paribas and Societe Générale through a green Use of Proceeds loan, which is specifically designated for use in renewable energy projects and contains other complementary credit lines.
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The Gran Teno project in the province of Curicó represents the majority of the 300MW capacity – 241MW – whilst the Tamango project in Linares province makes up the remaining 48MW. The Tamango project is expected online in Q1 2024 and Gran Teno in December this year.
Grenergy said that Gran Teno will be its largest operational solar farm once complete, and it already has more than 60 renewables plants operational in Chile.
“This new step is further evidence of our leading position in green finance and confirms the support of international banks for our company,” said Grenergy CFO Emi Takehara.
Last month the company announced the signing of a 12-year power purchase agreement (PPA) with an undisclosed ‘international utility’ for 140GWh of Gran Teno’s total 477GWh of predicted annual production.
In June last year the company’s CEO, David Ruiz de Andrés, spoke with PV Tech Premium about Grenergy’s European expansion plans and its goals to replicate its Chilean success across other parts of South America like Peru and Colombia.