Qualitas Energy closes $286 million green financing for Chile

Qualitas Energy closed on October 28, 2026 a $286 million non-recourse green financing for its renewable portfolio in Chile, which totals 259 MW of generation and 840 MWh of battery storage. The deal covers the entirety of the Qualitas Energy Fund V (QE V) assets in the country and combines the refinancing of operating plants with the construction of new projects, according to reporting by pv magazine Latam.

The structure includes senior debt, letter of credit lines and a line to finance value added tax. Under the non-recourse modality, repayment depends on the financed assets and on revenue from long-term power purchase agreements (PPAs). BNP Paribas acted as sole structuring bank, global coordinator and green financing coordinator, while Banco Santander served as administrative agent and joint lead arranger, according to coverage by Energy Global.

The portfolio brings together eight assets across three technologies: 66 MW of run-of-river hydroelectric plants in operation, a 154 MWp solar photovoltaic park with an 840 MWh battery energy storage system (BESS) and 39 MW of onshore wind. Solar, wind and batteries are under construction and are scheduled to reach commercial operation in 2028. Qualitas Energy did not specify the MW capacity of the battery system or the location of the solar park, data that would allow estimating its duration of discharge at full power.

The Chilean case serves as a reference for the region: an independent developer manages to leverage construction-stage projects and operating assets within a single bank structure, with storage as part of the package. For Mexico, where the framework for storage paired with renewables is still under development, the amount and the participants indicate what international banks require before lending: long-term contracts and revenue visibility. What follows is the entry into operation of the solar plant and the BESS in 2028 and the terms of the PPAs, which have not been published.

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