Spanish renewable energy developer Grenergy has secured $457 million in non-recourse senior financing for a Chilean portfolio comprising 446 MW of solar capacity and approximately 1.8 GWh of battery energy storage.
The financing covers Algarrobal, the fifth phase of Grenergy’s Oasis de Atacama platform, with 242 MW of solar capacity and approximately 1.5 GWh of battery storage, and the Palmas cluster, which comprises 21 distributed solar projects totaling 204 MW. Six of the Palmas projects will incorporate battery systems with a combined capacity of 289 MWh.
BNP Paribas coordinated and underwrote the financing, with participation from BBVA, JPMorgan Chase Bank, MUFG Bank, Santander and The Bank of Nova Scotia.
Algarrobal has a 12-year hybrid power purchase agreement (PPA) with an investment-grade-rated buyer. Deliveries are scheduled to begin on Jan. 1, 2028, under an agreement covering 350 GWh of electricity annually. The project is expected to enter operation in the third quarter of 2027.
The Palmas cluster comprises 21 small distributed generation projects in northern and central Chile. All the solar plants are operational, while six are being fitted with battery storage systems designed for five hours of discharge.
With the latest transaction, Grenergy has secured more than $2.4 billion in non-recourse financing in Chile for its Oasis de Atacama and Central Oasis hybrid platforms and the Palmas cluster.
Previous transactions include $268 million in financing announced in May for Monte Águila, a Central Oasis project combining 342 MW of solar capacity with 1,034 MWh of battery storage.
Grenergy’s current portfolio across Oasis de Atacama and Central Oasis totals 3.9 GW of solar capacity and 19.2 GWh of storage. The company is also developing its Iberian Oasis platform in Spain and Portugal, which is planned to reach 1 GW of solar capacity and 3.2 GWh of storage.
Grenergy CEO David Ruiz de Andrés said the latest financing, together with transactions closed over the past year, brings the company close to 40% of its 2026–2028 strategic plan target for project-finance debt.
From pv magazine LatAm
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