Clifford Chance has advised Grenergy Renovables, a listed renewable energy producer and specialist in the development, construction and management of photovoltaic, wind and storage projects, on the sale of the first three phases of the Oasis de Atacama project, located in northern Chile, to KKR subsidiary, ContourGlobal.
The Oasis de Atacama project is a milestone for the renewable energy market globally: it is the largest battery storage project (BESS) in the world. It has seven phases totalling 11 GWh of storage and approximately 2 GW of solar photovoltaic capacity, which will produce about 5.5 TWh of electricity per year.
The three phases of the project involved in the transaction (Quillagua 1, Quillagua 2 and VĂctor Jara) make for a combined total aggregate installed capacity of 451 MW of solar photovoltaic energy and 2.5 GWh of energy storage. The enterprise value may reach 962 million dollars (about 915 million euros), including earn-outs.
The Clifford Chance team that advised on the transaction was led by Corporate / M&A partner Luis Alonso, counsel Javier Hermosilla and senior associate Juan Valcárcel.
