Grenergy secures US$457 million for solar and storage projects in Chile

Spanish renewable energy developer Grenergy has secured US$457 million in senior non-recourse debt to fund solar and battery storage projects in Chile. This represents the largest financing operation in the company’s history.

The funding will support a portfolio with a combined capacity of 446 MW of solar generation and approximately 1.8 GWh of energy storage. The capital is primarily allocated to two major developments:

1. Algarrobal: The fifth phase of the Oasis de Atacama platform, featuring 242 MW of solar capacity and 1.5 GWh of storage. This project includes a 12-year power supply contract scheduled to begin in January 2028.

2. Palmas Cluster: A group of 21 distributed solar projects providing 204 MW of solar capacity and 289 MWh of storage, with battery integration occurring in six of these sites.

The financing round was coordinated by BNP Paribas and included participation from several international financial institutions, including J.P. Morgan Chase.