Grenergy has secured $457 million in senior non-recourse financing for a portfolio of projects in Chile totaling 446 MW of solar capacity and 1.8 GWh of energy storage.
This transaction represents the largest non-recourse financing obtained by the company to date. It includes Algarrobal, the fifth phase of Oasis de Atacama, with 242 MW of solar capacity and 1.5 GWh of energy storage, as well as the Palmas cluster, comprising 21 distributed generation solar projects in Chile and the hybridization of six of them, with a total solar capacity of 204 MW and 289 MWh of energy storage.
The financing was coordinated and underwritten by BNP Paribas, with the participation of an international group of banks, including BBVA, JP Morgan Chase Bank, MUFG Bank, Santander and The Bank of Nova Scotia.
Algarrobal , the fifth phase of Oasis de Atacama, is backed by a 12-year hybrid power purchase agreement (PPA), which will come into effect on January 1, 2028. The contract has been signed with an investment-grade rated buyer.
Palmas is the set of 21 distributed generation solar projects (PMGD) of Grenergy, located in the north and center of Chile.
Currently, all projects are operational, and six of them are being modernized with five-hour battery energy storage systems, adding a total of 289 MWh of storage capacity.
With this latest financial closing, the company has secured more than $2.4 billion in non-recourse financing in Chile, covering its Oasis de Atacama and Central Oasis hybrid platforms, as well as the Palmas cluster.
Oasis Platforms
Oasis de Atacama laid the foundation for Grenergy's hybridization model. Together with Central Oasis, which extends this model to central Chile, the two platforms comprise a combined solar capacity of 3.9 GW and energy storage of 19.2 GWh.
Grenergy has also brought this model to Europe through Iberian Oasis, a platform that replicates its integrated approach to solar energy with storage across the Iberian Peninsula. As part of this expansion, the company has signed its first finance toll agreement with an international utility company with an investment-grade credit rating and secured its first hybrid project financing in Spain for Escuderos, its flagship project.
Furthermore, Iberian Oasis continues its expansion with the addition of Andrea (285 MW), following the 100 MW Indalo project announced in the first quarter. The platform is expected to reach 1 GW of solar capacity and 3.2 GWh of energy storage.
David Ruiz de Andrés , CEO of Grenergy, stated: “This is the largest financing transaction in our company’s history. Together with the financing obtained over the past year, this transaction brings us closer to 40% of the debt target for project financing set out in our 2026-2028 Strategic Plan. It reflects the confidence that international banks have in the model we developed in Chile and are now replicating across Europe, supported by long-term power purchase agreements that provide stable revenue and allow us to access financing on more favorable terms.”