Grenergy sells Oasis de Atacama phases for $962M
Deal News | Dec 31, 2024 | Iberian Lawyer
Grenergy, advised by Clifford Chance and Carey, has successfully sold the first three phases of the Oasis de Atacama project to ContourGlobal, a KKR portfolio company, for approximately USD 962 million. This sale represents a critical stage in Chile's renewable energy development, marking ContourGlobal's debut in the Chilean market. The transaction involves the acquisition of 100% of shares in GR Chaar and Parque Fotovoltaico Nuevo Quillagua and transferring intra-group credits, aligning with Grenergy's strategic plan to accelerate its asset rotation by 2026. The projects sold have a combined solar capacity of 451 MW and storage capacity of 2.5 GWh, with an expected annual energy production of over 1.3 TWh. Legal advisory was provided by partners and associates from both Carey and Clifford Chance, with counterpart advisory by Morales & Besa.
Sectors
- Renewable Energy
- Legal Services
Geography
- Chile – The transaction involves significant energy projects and investments within Chile, impacting its renewable energy landscape.
Industry
- Renewable Energy – The transaction involves the sale of energy storage and solar power assets, contributing to Chile's renewable energy industry.
- Legal Services – Legal advisory services were crucial to the transaction, involving international law firms Clifford Chance and Carey.
Financials
- 962,000,000 – The deal value for the sale of the first three phases of the Oasis de Atacama project.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Grenergy | Seller | Company | A renewable energy company involved in the sale of solar and storage assets. |
| ContourGlobal | Buyer | Company | A KKR portfolio company acquiring renewable assets in Chile. |
| Carey | Legal Advisor | Company | Chilean law firm advising Grenergy on the transaction. |
| Clifford Chance | Legal Advisor | Company | International law firm providing advisory services to Grenergy. |
| Morales & Besa | Legal Advisor | Company | Provided legal advisory services to the counterparty in the transaction. |
| KKR | Parent Company | Company | Private equity firm owning ContourGlobal, the buyer. |