Grenergy (renewable energy company) has secured a USD 268 million senior non-recourse financing agreement for its Monte Águila hybrid plant in Chile, the latest in a series of large-scale transactions that have brought the Spanish renewable energy company's total non-recourse financing for its Oasis platforms to nearly USD 2 billion in 18 months.

The Monte Águila Transaction

The financing, announced on May 11, 2026, covers credit facilities for the Monte Águila plant, which combines 342 megawatts of solar capacity with 1,034 megawatt-hours of battery storage.

The plant forms part of Grenergy's Central Oasis platform, located in Chile. BNP Paribas acted as coordinating bank for the transaction, with KfW IPEX-Bank, Coöperatieve Rabobank, Natixis, and The Bank of Nova Scotia participating in the international banking syndicate.

The deal is structured as senior non-recourse financing, meaning lenders have no claim on Grenergy's broader corporate assets beyond the project itself. The Monte Águila plant carries a 12-year daytime power purchase agreement. A significant portion of the remaining energy output will be marketed through GR Power, Grenergy's energy trading subsidiary operating in Chile.

Central Oasis Platform Context

Monte Águila represents the latest addition to the Central Oasis platform, which Grenergy has been assembling across the Chilean regions of Gran Teno, Maule, and Aysén.

The new financing follows previously signed non-recourse agreements for three earlier phases of the platform: the Gran Teno, Tamango, and Planchón hybrid plants. Central Oasis is designed to reach a total planned capacity of 1.1 gigawatts of solar and 4 gigawatt-hours of storage, with an estimated total investment of USD 900 million.

The platform is expected to become operational between 2026 and 2027. Grenergy conceived the project to replicate the model it developed at Oasis de Atacama, which the company describes as one of the world's largest battery platforms and the first of its kind in Latin America.

The USD 268 million Monte Águila deal adds to a USD 355 million financing Grenergy secured for Central Oasis in February 2026, as well as earlier transactions tied to the Gran Teno, Tamango, and Planchón plants. In total, the company has now secured close to USD 2 billion in non-recourse financing across its two Chilean Oasis platforms, which include Oasis de Atacama in northern Chile alongside the Central Oasis development.

Battery Supply and Infrastructure

In late March 2026, Grenergy announced the acquisition of 2.6 gigawatt-hours of batteries from BYD Energy Storage for Central Oasis, a procurement move that aligns with the platform's 4 gigawatt-hour storage target as construction progresses toward the 2026-2027 operational window.

Grenergy's Broader Financing Activity

The Monte Águila deal comes during a period of sustained financial activity for Grenergy. In March 2026, the company launched a USD 294.25 million green bond program on Spain's MARF fixed-income market, subsequently completing a 170 million euro green bond issue under that program later the same month.

In the United Kingdom, Grenergy secured capacity contracts for 760 megawatt-hours across four storage projects in March and locked in a 20-year solar contract for its Fibden hybrid project in February.

The company also signed a 10-year financial tolling agreement for a stand-alone battery project in Oviedo in February, followed by a 12-year financial tolling agreement for the battery energy storage system of its Escuderos hybrid project in April 2026. Grenergy reported full-year 2025 results in February, showing EBITDA of USD 236.58 million and sales exceeding USD 1.18 billion for the first time.

Executive Commentary and Strategic Outlook

David Ruiz de Andrés, CEO of Grenergy, said that securing nearly USD 2 billion in financing for the Oasis platforms in Chile in just 18 months demonstrates the strength of the company's model and its ability to execute large-scale projects, adding that the company now aims to bring that success to Europe.

On May 27, 2026, Grenergy is scheduled to update its investment plan through 2028. The company has indicated that the update will cover new hybrid projects as well as Greenbox, its stand-alone storage platform in Europe.

About Grenergy

Grenergy is a Spanish multinational clean energy producer founded in 2007 and listed on the Spanish stock exchange since 2015, with a current market capitalization of more than USD 4.12 billion. The company develops, builds, and operates solar photovoltaic plants and has positioned itself as a pioneer in the energy storage sector.

It employs more than 600 people and operates across Europe, North America, and Latin America, with a global portfolio comprising 75 gigawatt-hours of storage capacity and 12 gigawatts of solar capacity at various stages of development.

Its European operations span Spain, Italy, Germany, Poland, Romania, and the United Kingdom, while its Latin American presence covers Chile, Peru, Mexico, and Colombia.

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