EXECUTIVE SUMMARY
A USD 457 million non-recourse financing agreement will support Grenergy’s solar-plus-storage portfolio in Chile, comprising 1.8 GWh of battery energy storage and 446 MW of solar capacity. The financing covers Algarrobal, the fifth phase of Oasis de Atacama, and the Palmas cluster. BNP Paribas arranged and underwrote the company’s largest financing transaction to date.
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Grenergy, a Spanish renewable energy company headquartered in Madrid, has secured USD 457 million in non-recourse senior financing for a solar-plus-storage portfolio in Chile, comprising 446 MW of solar capacity and approximately 1.8 GWh of battery energy storage. The financing covers the Algarrobal project and Palmas cluster, with a combined battery storage capacity of 1,769 MWh. It represents the largest non-recourse financing transaction secured by the company to date.
The Algarrobal project, the fifth phase of Grenergy’s Oasis de Atacama platform, comprises 242 MW of solar capacity and 1,480 MWh of battery energy storage. The project is backed by a 12-year hybrid power purchase agreement (PPA) signed with an investment-grade offtaker. The agreement is scheduled to commence on January 1, 2028, providing a long-term contractual arrangement for the solar-plus-storage development.
The Palmas cluster comprises 21 distributed generation solar projects under Chile’s PMGD framework, located across northern and central Chile. These projects have a combined solar capacity of 204 MW, and all are currently operational. Six projects are being retrofitted with five-hour battery energy storage systems, adding 289 MWh of storage capacity. The retrofits will integrate battery storage with existing solar generation facilities.
BNP Paribas coordinated and underwrote the financing, with participation from BBVA, J.P. Morgan Chase Bank, MUFG Bank, Santander and The Bank of Nova Scotia. With this financial close, Grenergy has secured more than USD 2.4 billion in non-recourse financing in Chile, covering the Oasis de Atacama and Central Oasis hybrid platforms and the Palmas cluster.
Grenergy’s solar-plus-storage development strategy extends beyond these financed projects. Oasis de Atacama and Central Oasis together comprise 3.9 GW of solar capacity and 19.2 GWh of energy storage. The company is also expanding its hybrid model into Europe through Iberian Oasis, which is expected to reach 1 GW of solar capacity and 3.2 GWh of battery storage.
In Spain, Grenergy has secured its first hybrid project financing for Escuderos and signed its first financial tolling agreement with an investment-grade international utility. Iberian Oasis has expanded with the addition of Andrea, with 285 MW, following the previously announced 100 MW Índalo project. According to CEO David Ruiz de Andrés, the latest Chilean financing brings Grenergy close to 40% of its project finance debt target under the 2026–2028 Strategic Plan.