Grenergy: Landmark Oasis de Atacama Project Phases Sold to ContourGlobal
Deal News | Jan 07, 2025 | Iberian Lawyer
Clifford Chance has advised Grenergy Renovables on the sale of the first three phases of its Oasis de Atacama project, located in northern Chile, to ContourGlobal, a subsidiary of KKR. As a significant milestone in the renewable energy sector, the Oasis de Atacama project is the largest battery storage project globally, featuring seven phases with a total of 11 GWh of storage and around 2 GW of solar photovoltaic capacity. These initial phases involved in the transaction—comprising Quillagua 1, Quillagua 2, and Vctor Jara—represent a combined installed capacity of 451 MW of solar energy and 2.5 GWh of energy storage. The enterprise value could reach $962 million, which includes earn-outs. The legal advisory team from Clifford Chance was led by corporate and M&A partner Luis Alonso, with support from counsel Javier Hermosilla and senior associate Juan Valcrcel.
Sectors
- Renewable Energy
- Legal Advisory
Geography
- Chile – The Oasis de Atacama project is located in northern Chile, making this region a focal point for renewable energy innovations and international investments.
Industry
- Renewable Energy – The article discusses a major transaction in the renewable energy sector involving solar photovoltaic and battery storage projects, highlighting advancements in clean energy technology.
- Legal Advisory – Clifford Chance, a prominent law firm, plays a crucial role in advising on the transaction, showcasing the intersection of legal expertise and corporate transactions.
Financials
- 962 million dollars – Potential enterprise value of the transaction, including earn-outs.
- 451 MW – Combined installed capacity of solar photovoltaic energy from the project phases involved in the sale.
- 2.5 GWh – Energy storage capacity of the project phases included in the transaction.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Grenergy Renovables | Target Company | Company | A listed renewable energy producer focusing on photovoltaic, wind, and storage projects. |
| Clifford Chance | Legal Advisor | Company | An international law firm providing advisory services for the transaction. |
| ContourGlobal | Purchaser | Company | A subsidiary of KKR, involved in purchasing phases of the Oasis de Atacama project. |
| KKR | Other | Company | An American global investment firm, parent company of ContourGlobal. |