ContourGlobal, a London-based power generation business owned by KKR, has closed its inaugural offering of green bonds, a milestone in the company’s transition to become a predominantly renewable independent power producer.

With strong investor interest across the United States and Europe, the offering was 4.5x oversubscribed. ContourGlobal issued €500 million ( US$522.68 million ) of 5.00% green senior secured notes due 2030, and US$510 million of 6.75% green senior secured notes due 2030.

Goldman Sachs International and KKR Capital Markets acted as joint global coordinators and joint physical bookrunners. BNP Paribas, Crédit Agricole Corporate and Investment Bank, HSBC and Mizuho served as joint physical bookrunners or joint bookrunners.

Kirkland & Ellis International and Hogan Lovells ( Luxembourg ) acted as legal advisers for ContourGlobal, while Cravath, Swaine & Moore advised the initial purchasers. Sustainable Fitch provided a second-party opinion on ContourGlobal’s green bond framework.

As part of its global expansion plans, ContourGlobal acquired last December the first three phases of Oasis de Atacama in Chile, the largest battery storage project in the world, from Spanish firm Grenergy for US$962 million in enterprise value, including potential earn-outs.

The three independent projects – Quillagua I, Quillagua II, and Victor Jara – represent 23% of the seven-phase Oasis de Atacama. The first three phases comprise a portfolio of three plants with aggregate installed capacity of 451 megawatts of solar and 2.5 gigawatt-hours of storage, generating more than 1.3 terrawatt-hours of energy annually.

The three plants are already under construction and have power sales agreements through hybrid PPAs already signed by Grenergy.