Financing also covers the entirely separate Palmas cluster of projects, which comprises 204MW solar PV and 289MWh BESS.
The Algarrobal is backed by a 12-year hybrid power purchase agreement that is set to begin in 2028. The previous four phases of the Oasis de Atacama are already operational, with the latest phase being energised at the beginning of the year. Once all phases of the Oasis de Atacama are operational, the project will combine 2GW of solar PV with 11GWh of BESS in the northern region of Antofagasta.
On the other hand, the Palmas cluster comprises 21 distributed generation (also known as PMGD) solar projects located across northern and central Chile. All the PV projects are operational, with six of them being retrofitted with five-hour BESS.
The financing was coordinated and underwritten by French multinational universal bank 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.
Grenergy has secured more than US$2.4 billion in total non-recourse financing in Chile with this latest financing deal. The financing covers the company’s flagship solar-plus-storage project, Oasis de Atacama, as well as Central Oasis and the Palmas cluster.
David Ruiz de Andrés, Grenergy’s CEO, said: “This is the largest financing transaction in our 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.
“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.”
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