Grenergy Closes Green Financing for Two Solar Parks in Chile for 148 million dollars

? BNP Paribas and Societe Générale will finance the transaction
? Both two solar parks have a peak power of close to 300MW

Grenergy has closed the green financing for the construction of the Gran Teno and Tamango solar parks, both located in Chile, with a combined capacity of 300 MWp, for 148 million dollars (equivalent to around 136 million euros).

The transaction, which has been signed with French banks BNP Paribas and Societe Générale, is a green loan. This also includes other complementary credit lines. This is transaction is structured as a Green Use of Proceeds loan with the funds used to finance renewable energy projects.

Gran Teno is, with a capacity of 241 MW, Grenergy's largest solar farm. It is located in the province of Curicó, near Santiago de Chile, and has an estimated annual production capacity of 477GWh. It is expected that, once it became 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 48MW. Currently under construction, it is scheduled to come on stream in the first quarter of 2024. By that time it will provide clean energy to more than 33,000 homes and save more than 29,000 tonnes of CO2 per year.

The company has extensive experience in the Chilean market, where it has more than 60 connected plants, making it the country's leading player. It is currently building 500 MW in this market and developing 3.3 GW between solar and wind and 4 GWh of battery projects.

"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.

"We at BNP Paribas are delighted to support Grenergy in its growth plans. BNP Paribas is fully committed to driving the energy transition, where Grenergy is playing a key and leading role," said Luis Choya, BNP Paribas’ Managing Director.

“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.