PVTIME – Spanish renewable energy developer Grenergy has secured its largest ever non-recourse senior debt package, worth USD 457 million, to develop a hybrid solar-storage asset portfolio in Chile. The financing supports two distinct project groups: Algarrobal, Phase 5 of the landmark Oasis de Atacama complex, and the Palmas distributed-generation cluster. These projects bring together 446MW of photovoltaic generation, paired with 1.8GWh of battery storage capacity.
Algarrobal hosts 242MW of solar output and 1,480MWh of battery storage. This flagship development benefits from a 12-year hybrid power-purchase agreement with an investment-grade offtaker, with commercial delivery due to begin on 1 January 2028. Separately, the Palmas cluster comprises 21 distributed solar plants that have already been commissioned and are spread across northern and central Chile, with a total capacity of 204MW. Six of these operating sites will be retrofitted to add 289MWh of five-hour-duration battery systems.
BNP Paribas acted as the coordinating lead underwriter for the multi-bank facility, bringing together an international lending syndicate featuring BBVA, JPMorgan Chase, MUFG Bank, Santander, and the Bank of Nova Scotia. With this deal finalised, Grenergy’s cumulative non-recourse project finance raised in Chile now exceeds USD 2.4 billion, covering its Oasis de Atacama, Central Oasis and Palmas platforms.
Oasis de Atacama was the first project to implement Grenergy’s solar-and-battery hybrid model, which was later replicated at Oasis Central in the heart of Chile and adapted for European markets through the Iberian Oasis initiative. The two Chile-based Oasis platforms collectively hold a combined pipeline of 3.9GW solar and 19.2GWh of storage capacity. According to CEO David Ruiz de Andrés, the financing marks significant progress towards the firm’s strategic debt targets for 2026–2028 and signals strong international banking confidence in its hybrid-asset business model.
Long-term PPAs provide a reliable source of income, reducing project risk and enabling the company to access competitive debt terms. As Algarrobal approaches its construction milestones, Palmas is focusing on retrofitting operational solar assets with batteries. This offers a capital-efficient way to increase the volume of dispatchable clean energy on Chile’s national grid.
