Grenergy closes $457 million financing for solar and batteries in Chile

Grenergy closed on October 9, 2026 a $457 million senior non-recourse financing, about €407 million, for a portfolio of 446 MW of solar and 1.8 GWh of storage in Chile. It is the largest project debt transaction in the history of the Spanish independent power producer, according to El Economista.

The package finances two blocks. Algarrobal, the fifth phase of Oasis de Atacama, contributes 242 MW of solar and 1,480 MWh of batteries, and is backed by a 12-year hybrid power purchase agreement (PPA) that takes effect on January 1, 2028, signed with an investment-grade buyer. The Palmas cluster brings together 21 distributed-generation solar projects under the PMGD stabilized price regime, with 204 MW and 289 MWh of storage spread across the north and center of the country. Infobae notes that the transaction refinances 14 of those 21 projects, whose original financing totaled $85 million. For developers in the region, the closing sets the standard that project lenders now demand of a hybrid asset: non-recourse debt against a long PPA and an investment-grade buyer.

BNP Paribas coordinated and underwrote the transaction, joined by BBVA, J.P. Morgan Chase Bank, MUFG Bank, Santander and The Bank of Nova Scotia. The amount includes $26 million in credit lines. With this deal, Grenergy has accumulated more than $2,400 million in non-recourse financing in Chile, where Oasis de Atacama and Central Oasis total 3.9 GW of solar and 19.2 GWh of storage. PV Tech reports that, once all its phases are complete, Oasis de Atacama will combine 2 GW of solar with 11 GWh of batteries in Antofagasta. The company is replicating the model on the Iberian peninsula with the Iberian Oasis platform, which targets 1 GW of solar and 3.2 GWh.

The next milestone is the energization of Algarrobal and the start of the PPA in January 2028. Chief executive officer David Ruiz de Andrés said the transaction puts Grenergy close to 40% of the project finance debt target in its 2026-2028 strategic plan, a benchmark for those structuring hybrid projects in Latin America.

This article was written with the assistance of artificial intelligence from verified sources and reviewed by a human editor before publication.