Spanish renewable energy company Grenergy has obtained $457m (€408.26m) in a non-recourse senior financing package for 446MW of solar projects and 1.8GW-hours (GWh) of energy storage in Chile.
The debt, representing Grenergy’s largest financing transaction to date, has been arranged and underwritten by BNP Paribas.
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Additional participating banks include BBVA, JPMorgan Chase Bank, MUFG Bank, Santander and the Bank of Nova Scotia.
The financing covers two key components of Grenergy’s portfolio in Chile.
The first is the Algarrobal project, which forms the fifth phase of the Oasis de Atacama platform and comprises 242MW of solar capacity and approximately 1.5GWh of battery storage.
The second is the Palmas cluster, a portfolio of 21 distributed generation solar schemes mainly located in northern and central Chile, with a combined capacity of 204MW and 289MW-hours of battery storage.
Six projects within the Palmas cluster are currently being retrofitted with five-hour battery energy storage systems.
The Algarrobal project is supported by a 12-year hybrid power purchase agreement, anticipated to begin on 1 January 2028. This agreement has been signed with a counterparty described as an investment-grade offtaker.
All the projects included in this financing are operational, Grenergy said.
Grenergy CEO David Ruiz de Andrés said: “This is the largest financing transaction in our company’s history. Together with the financings secured over the past year, this transaction brings us close to 40% of the project finance debt target set out in our 2026–2028 Strategic Plan.
“It reflects the confidence that international banks have in the model we have developed in Chile and are now replicating across Europe, supported by long-term PPAs that provide stable revenues and enable us to access financing on more efficient terms.”
With the completion of this transaction, the company said it had secured more than $2.4bn in non-recourse funding for its Chilean hybrid energy platforms, including Oasis de Atacama and Central Oasis, as well as the distributed Palmas cluster.
Furthermore, Grenergy’s Oasis platforms in Chile comprise a combined 3.9GW of solar generation capacity and 19.2GWh of energy storage.
The company is also expanding its hybrid solar and storage model to Europe through its Iberian Oasis venture.
In April 2026, Grenergy signed a financial tolling agreement with an international utility and secured project financing in Spain for its Escuderos project.
