Zelestra Secures $282M for Chile’s Aurora Solar Project
Zelestra, a leading global renewable energy company, has successfully reached Financial Close for its Aurora project in Chile, securing a $282 million financing package. The financing was facilitated through a partnership with Natixis CIB and BNP Paribas, with a VAT facility provided by Banco de Crédito e Inversiones (BCI).
The Aurora project, located in Tarapacá, Chile, is a hybrid energy scheme that will include a significant 220 MWdc solar plant and approximately 1GWh of energy storage, marking it as one of the largest energy storage projects in Latin America.
Key Features of the Aurora Project
The hybrid scheme combines solar power generation with energy storage to ensure a continuous, reliable energy supply. The project has been specifically designed to guarantee a steady supply of solar energy during night-time hours, in line with a long-term Power Purchase Agreement (PPA) with Abastible, one of Chile’s leading energy companies.
Abastible, which has established itself as a dominant player in the liquefied natural gas (LNG) market and is expanding into the electricity sector, will benefit from this project by securing renewable energy for its operations.
When completed, the Aurora project is expected to generate approximately 600 GWh of renewable electricity annually, which is enough to power around 200,000 households in Chile. This contribution aligns with Chile’s broader goals of decarbonization and renewable energy integration.
Project Financing and Development
The financing package provided by Natixis CIB and BNP Paribas highlights the growing confidence in Zelestra’s strategy of providing customer-centric, multi-technology energy solutions. Zelestra's internal Engineering, Procurement, and Construction (EPC) division is leading the development of the project, with construction already underway.
Leo Moreno, CEO of Zelestra, said, “Aurora is landmark transaction for Zelestra and reinforces the financial community’s confidence in our customer-first strategy to develop multi-technology solutions that deliver for our clients.”
He added, “This is a very ambitious project that includes one the largest battery storage projects in Latin America. With construction already underway, we are now focused on delivering the project on-time and on-budget.”
Also read: Tesla Signs 130 GWh Renewable Energy PPA with Zelestra
Impact on Chile’s Energy Sector
The completion of the Aurora project will be a significant step forward in Chile’s energy transformation.
The integration of large-scale energy storage with renewable energy generation will not only enhance the reliability of the grid but also contribute significantly to the country’s environmental and decarbonization targets. This project exemplifies Zelestra’s commitment to leveraging innovative solutions to address global energy challenges, providing both environmental and economic benefits.
