Grenergy Closes $457 Million Deal for 446 MW of Chilean Solar With 1.8 GWh of Batteries

Spanish developer Grenergy has announced, from Santiago and Madrid on October 9, 2026, the financial close of a USD 457 million non-recourse senior financing backing a Chilean portfolio of 446 MW of solar capacity and 1.8 GWh of energy storage. The transaction is the largest non-recourse financing and the largest financing of any kind, in the company's history.

Two Components Under One Financing

The package splits into two parts. The first is Algarrobal, the fifth phase of Grenergy's Oasis de Atacama platform, comprising 242 MW of solar and 1.5 GWh of storage. The second is the Palmas cluster, a group of 21 distributed generation solar projects with 204 MW of capacity and 289 MWh of storage.

The Banks Involved

BNP Paribas coordinated and underwrote the facility, joined by an international group of lenders comprising BBVA, J.P. Morgan Chase Bank, MUFG Bank, Santander and The Bank of Nova Scotia.

Algarrobal's Long-Term PPA

Algarrobal is underpinned by a 12-year hybrid power purchase agreement with an investment-grade offtaker, with deliveries set to begin on January 1, 2028.

Palmas: Operating Assets Getting Batteries

Palmas consists of 21 distributed generation (PMGD) solar projects spread across northern and central Chile, all of which are already operational. Six of the plants are being retrofitted with five-hour battery energy storage systems, contributing the cluster's 289 MWh total, and the cluster also includes the hybridization of six projects.

Chile Financing Passes USD 2.4 Billion

Following this close, Grenergy's non-recourse financing secured in Chile now exceeds USD 2.4 billion, spanning its hybrid platforms Oasis de Atacama and Central Oasis along with the Palmas cluster.

Scaling the Hybrid Platform Beyond Chile

Oasis de Atacama established the company's hybridization model, and together with Central Oasis, which extends the approach to central Chile, the platforms total 3.9 GW of solar and 19.2 GWh of storage.

The model has also been exported to Europe through Iberian Oasis, which applies the integrated solar-plus-storage formula across the Iberian Peninsula. There, Grenergy has signed its first financial tolling agreement with an investment-grade international utility and obtained the first hybrid project financing in Spain for its flagship Escuderos project. The platform is growing with the addition of Andrea (285 MW), after the 100 MW Índalo project announced in the first quarter, and is expected to reach 1 GW of solar and 3.2 GWh of storage.

Progress Toward Strategic Plan Targets

CEO David Ruiz de Andrés called the deal the largest financing in Grenergy'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," he said, adding that 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."

Company Background

Founded in 2007 and listed on the Spanish stock exchange since 2015, Grenergy is a Spanish multinational clean energy company that develops, builds and operates utility-scale solar PV projects and describes itself as a pioneer in energy storage.

With more than 600 professionals, it operates in Europe (Spain, Italy, Germany, Poland, Romania and the United Kingdom), North America (the United States) and Latin America (Chile, Peru, Mexico and Colombia). Its global portfolio stands at 63 GWh of storage capacity and 11 GW of solar capacity at various stages of development.