In a significant boost to renewable energy development in Chile, Clifford Chance has successfully facilitated a $270 million senior secured green bridge financing for Grenergy. This financing is earmarked for the expansion of Grenergy’s ambitious Oasis de Atacama project, which includes the development of a 77 MWp solar photovoltaic plant and the installation of a 3.5 GWh battery energy storage system.

The Oasis de Atacama project represents a pivotal phase in hybrid renewable energy projects across Latin America. David Ruiz de Andrés, CEO of Grenergy, expressed his satisfaction with the progress, stating, "This operation reinforces the confidence of international banks in our hybrid model and the soundness of our strategic plan. Elena is not only the largest phase of the Oasis de Atacama megaproject, but also an example of the excellent execution of our EPC teams."

With the integration of large-scale solar power generation and long-duration storage, the project aims to enhance grid stability and aid Chile in its transition to cleaner energy sources. Ruiz de Andrés highlighted the strategic advantage of this setup, noting that "with the accelerated installation of batteries, we are maximizing the value of the project by taking advantage of market opportunities during non-solar hours, consolidating our leadership in large-scale energy storage."

The Clifford Chance team, led by Global Financial Markets partner José Guardo, played a crucial role in advising on the transaction. The team included counsel Eduardo Sánchez, senior associate Ángel Muñoz, associate Alejandro Cubillo, and junior associate Ana De la Torre.

This deal not only underscores Clifford Chance’s prowess in renewable energy and project finance but also reinforces its commitment to supporting clients in the delivery of sustainable infrastructure and innovative green technologies globally.

Grenergy, founded in 2007 and based in Madrid, has evolved from a small team focused on sustainability to a publicly listed powerhouse managing a 12.5 GW solar platform and 78 GWh of storage capacity. The firm, led by Ruiz de Andrés, employs over 600 individuals and is a key player in the global shift toward sustainable energy.

Clifford Chance, a member of the Magic Circle, stands as a global law firm with a century of history and a presence in 23 countries through 34 offices. Renowned for its deep expertise across a variety of sectors, the firm continues to deliver high-quality legal solutions by merging international best practices with local market insights.