Grenergy secures approximately US$460 million of financing for solar and storage in Chile

The transaction represents the largest non-recourse financing secured by the company to date. It includes Algarrobal, the fifth phase of Oasis de Atacama, with 242 MW of solar capacity and 1.5 GWh of energy storage, as well as the Palmas cluster, comprising 21 distributed generation solar projects in Chile and the hybridisation of six of them, totalling 204 MW of solar capacity and 289 MWh of energy storage.

The financing was co-ordinated and underwritten by BNP Paribas, with the participation of an international pool of banks, including BBVA, J.P. Morgan Chase Bank, MUFG Bank, Santander, and the Bank of Nova Scotia.

Algarrobal, the fifth phase of Oasis de Atacama, is backed by a 12-year hybrid power purchase agreement (PPA), which is scheduled to commence on 1 January 2028. The agreement has been signed with an investment-grade offtaker.

Palmas is Grenergy’s cluster of 21 distributed generation (PMGD) solar projects located across northern and central Chile.

All projects are currently operational, and six are being retrofitted with five-hour battery energy storage systems, adding a total of 289 MWh of storage capacity.

With this latest financial close, the company has secured more than US$2.4 billion in non-recourse financing in Chile, covering its hybrid platforms Oasis de Atacama and Central Oasis, as well as the Palmas cluster.

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Read the article online at: https://www.energyglobal.com/energy-storage/09102026/grenergy-secures-approximately-us460-million-of-financing-for-solar-and-storage-in-chile/