• Transformation of the energy sector in Chile
• Flagship renewable energy project Central Oasis

KfW IPEX-Bank is contributing to the financing of a solar and battery storage project in Chile as part of an international banking consortium. The total funding of USD 268 million will be used for the planning, construction, operation and maintenance of a 342 MW solar plant and a 1,034 MWh battery storage facility. Investments will also be made in the associated grid infrastructure.

The project Monte Águila is being developed in the Biobio region as part of the Central Oasis platform which comprises several projects across Chile. It aims to ensure a reliable supply of clean electricity for the country and contribute to the transformation of the energy sector. The electricity generated by the solar park during the day will be partially fed into the grid directly and partially used to charge the battery, which will discharge the stored energy and feed it into the Chilean grid at night.

The project was developed by Spanish multinational and producer of clean energy Grenergy, a long-standing customer of KfW IPEX-Bank in the field of renewable energy projects, which it supports worldwide in its projects, thereby promoting transformation pathways in the energy sectors of various economies.

Dr Velibor Marjanovic, member of the Management Board of KfW IPEX-Bank: "We are delighted to be contributing to this pioneering project for the expansion of renewable energies and modern storage capacity in Chile. In addition to supporting an European investor, we are also underlining our joint commitment to projects that contribute to the global transition to a carbon-neutral future."