Grenergy has secured a USD 457 million non-recourse senior financing for a portfolio of projects in Chile totaling 446 MW of solar capacity and 1.8 GWh of energy storage. According to the company, it is the largest transaction of its kind in its history. The portfolio, which includes installations comparable to the Tenevo complex, with 242 MWp of solar and batteries, combines Algarrobal and the Palmas cluster. BNP Paribas coordinated and underwrote the financing.

Algarrobal and Palmas at the core of the transaction

Algarrobal, the fifth phase of Oasis de Atacama, represents 242 MW of solar capacity and 1,480 MWh of storage. The project is backed by a 12-year hybrid power purchase agreement (PPA), signed with an investment-grade offtaker and scheduled to start on January 1, 2028.

The Palmas cluster groups 21 distributed generation (PMGD) solar projects spread across northern and central Chile, much like the 40 MW Kirknewton solar farm approved in Scotland. It totals 204 MW of solar capacity and 289 MWh of storage. According to Grenergy, all projects are operational and six of them are being retrofitted with five-hour batteries.

An international banking pool

BBVA, J.P. Morgan Chase Bank, MUFG Bank, Santander and The Bank of Nova Scotia are taking part in the financing alongside BNP Paribas. With this closing, Grenergy says it has secured more than USD 2.4 billion in non-recourse financing in Chile. This covers the hybrid platforms Oasis de Atacama and Central Oasis, as well as the Palmas cluster.

The two Oasis platforms total 3.9 GW of solar capacity and 19.2 GWh of storage, according to the company. Grenergy is deploying the same model in Europe with Iberian Oasis, which has produced a first financial tolling agreement with an investment-grade international utility and the first hybrid project financing in Spain for Escuderos. The platform is expanding with Andrea (285 MW), following the 100 MW Índalo project announced in the first quarter, and targets 1 GW of solar and 3.2 GWh of storage.

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David Ruiz de Andrés, Grenergy's chief executive, says the transaction brings the company close to 40% of the project finance debt target set out in its 2026–2028 Strategic Plan. He attributes international banks' confidence to the model developed in Chile and to long-term PPAs that provide stable revenues.