Grenergy Renovables secured approximately $457 million in non-recourse senior financing for solar and energy storage projects in Chile. It is the largest financing in the company’s history.
BNP Paribas arranged and underwrote the package. BBVA, J.P. Morgan, MUFG Bank, Santander, and The Bank of Nova Scotia also participated.
The financing will support 446 MW of solar capacity and 1.8 GWh of battery energy storage. It covers the 242 MW Algarrobal project, the fifth phase of Grenergy’s flagship Oasis de Atacama mega-project, and the Palmas cluster.
The Palmas cluster comprises 21 distributed generation solar projects totaling 204 MW.
CEO David Ruiz de Andres said the deal brings Grenergy close to 40% of the project finance debt target in its 2026-2028 Strategic Plan. The financing underscores international banks’ confidence in Grenergy’s model as the company expands its solar-plus-storage projects.