Spanish renewables player Grenergy has closed an additional $299m in financing for the third phase of a large solar-storage plant in northern Chile.

The third phase of Oasis de Atacama (Víctor Jara) includes 230MW of solar capacity and 1.3 GWh of energy storage.

Grenergy has signed a new non-recourse green loan for phase three of the project (Víctor Jara) with international financial institutions BNP Paribas, Natixis Corporate & Investment Banking, Societe Generale, Bank of Nova Scotia and SMBC.

These international banks also financed phases one and two of Oasis de Atacama.

Altogether, the financing for the project’s first three phases amounts to $644m.

All three financed phases of the project comprise 451MW of solar capacity and 2.5GWh of storage.

The first phase of the project will be connected in the coming weeks with remaining phases scheduled between 2025 and 2026.

David Ruiz de Andres (pictured), executive chairman of Grenergy, said: “This milestone reaffirms the trust of leading international institutions in our solid business model and our ability to develop large-scale innovative projects."

Oasis de Atacama, located in northern Chile, will eventually consist of seven phases with a total capacity of 11GWh and nearly 2GW of solar capacity.

It is expected to generate approximately 5.5 TWh of annual energy, which will be stored and supplied during non-solar hours.

The energy generated by the first four phases of the project has already been secured through power purchase agreements, with additional agreements expected to be concluded in the coming months.