Grenergy, a solar, wind, and storage independent power producer, secured $148 million in green financing for the Gran Teno and Tamango solar projects located in Chile, with a combined capacity of 300 MW.
The transaction, signed with French banks BNP Paribas and Societe Générale, is a green loan. It also includes other complementary credit lines. The transaction is structured as a Green Use of Proceeds loan with the funds used to finance renewable energy projects.
Gran Teno has a capacity of 241 MW, Grenergy’s largest solar project, located in the province of Curicó, near Santiago de Chile, and has an estimated annual production capacity of 477 GWh. It is expected that, once it becomes operational, more than 136,000 homes will be supplied with clean energy from this infrastructure, which will prevent the emission of more than 147,000 tonnes of CO2 per year. Located in the province of Linares, also close to the country’s capital, Tamango has a capacity of 48 MW. It is currently under construction and scheduled to come on stream in the first quarter of 2024. By then, it will provide clean energy to more than 33,000 homes and save more than 29,000 tonnes of CO2 annually.
The company has extensive experience in the Chilean market, with more than 60 connected plants, making it the country’s leading player. It is building 500 MW in this market and developing 3.3 GW between solar and wind and 4 GWh of battery projects.
“Societe Generale is thrilled to have supported Grenergy on the financing of Gran Teno and Tamango as Grenergy continues to establish itself as a key player in the Chilean renewables market,” Ben Koehler, Societe Generale’s Managing Director.
According to Mercom’s Q1 2023 Solar Funding and M&A report, announced large-scale project funding came to $5.3 billion in 62 deals, a decrease of 46% compared to $9.8 billion in 52 deals in Q4 2022.
