Spanish clean energy producer Grenergy has completed a $268m (€227.66m) senior non-recourse financing deal for its Monte Águila hybrid plant in Chile.
The project, which features 342MW of solar capacity and 1.03GW-hours (GWh) of storage, forms part of the Central Oasis platform.
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The financing was provided by an international banking group headed by BNP Paribas as the coordinating bank, and including KfW IPEX-Bank, Coöperatieve Rabobank, Natixis and the Bank of Nova Scotia.
The transaction builds on the non-recourse financings Grenergy previously secured for the Gran Teno, Tamango and Planchón hybrid plants, representing the initial three phases of the Central Oasis platform in Chile.
Overall, the company has obtained nearly $2bn in non-recourse financing for its Oasis platforms, encompassing Oasis de Atacama in northern Chile and Central Oasis in the regions of Gran Teno, Maule and Aysén.
The project features a 12-year daytime power purchase agreement.
Additionally, a large share of the surplus energy will be sold through Grenergy’s energy trading subsidiary, GR Power.
Central Oasis is said to be a strategic initiative for Grenergy in Chile, aiming for 1.1GW of solar capacity and 4GWh of storage, with an estimated investment of $900m.
Expected to be operational between 2026 and 2027, the platform intends to replicate the successful hybrid model used at Oasis de Atacama, noted as one of the largest battery platforms globally and the first in Latin America.
Grenergy plans to update its investment strategy through 2028 on 27 May. This will include new hybrid projects as well as Greenbox, its independent platform in Europe.
Grenergy CEO David Ruiz de Andrés said: “Securing nearly $2bn in financing for our OASIS platforms in Chile in just 18 months demonstrates the strength of our model and our ability to execute large-scale projects. We now aim to bring this success to Europe.”
