Spanish clean energy company Grenergy has secured a USD 457 million non-recourse senior financing for a portfolio of projects in Chile totaling 446 MW of solar capacity and 1.8 GWh of energy storage.

Deal Overview

Announced on October 9, 2026, from Santiago and Madrid, the transaction represents the largest non-recourse financing and the largest financing transaction of any kind in the company's history to date.

The financing covers two distinct components: Algarrobal, the fifth phase of the Oasis de Atacama platform, with 242 MW of solar capacity and 1.5 GWh of energy storage, and the Palmas cluster, a group of 21 distributed generation solar projects totaling 204 MW of solar capacity and 289 MWh of energy storage.

Banking Group Behind the Transaction

The financing was coordinated 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: Fifth Phase of Oasis de Atacama

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

Palmas Cluster: Distributed Generation with Battery Retrofits

Palmas is Grenergy's cluster of 21 distributed generation (PMGD) solar projects located across northern and central Chile. All of the projects are currently operational, and six of them are being retrofitted with five-hour battery energy storage systems, adding a total of 289 MWh of storage capacity. The cluster also includes the hybridization of six of the projects.

Cumulative Financing in Chile Exceeds USD 2.4 Billion

With this latest financial close, Grenergy has secured more than USD 2.4 billion in non-recourse financing in Chile. That cumulative figure covers the company's hybrid platforms Oasis de Atacama and Central Oasis, as well as the Palmas cluster.

The Oasis Platform Model

Oasis de Atacama laid the foundation for Grenergy's hybridization model. Together with Central Oasis, which extends the model to central Chile, the two platforms comprise a combined 3.9 GW of solar capacity and 19.2 GWh of energy storage.

The company has also brought the model to Europe through Iberian Oasis, a platform that replicates its integrated solar-plus-storage approach across the Iberian Peninsula.

As part of that expansion, Grenergy has signed its first financial tolling agreement with an investment-grade international utility and secured the first hybrid project financing in Spain for Escuderos, its flagship project there.

Iberian Oasis continues to expand with the addition of Andrea (285 MW), following the 100 MW of the Índalo project announced in the first quarter. The platform is expected to reach 1 GW of solar capacity and 3.2 GWh of energy storage.

Management Perspective

David Ruiz de Andrés, Grenergy's CEO, described the transaction as the largest financing in the company'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.

"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."

About Grenergy

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

With a team of more than 600 professionals, Grenergy operates across three key regions: 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 comprises 63 GWh of energy storage capacity and 11 GW of solar capacity at different stages of development.

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