Grenergy lands $457m for Chilean solar-plus-storage portfolio
Grenergy secured $457 million in non-recourse senior financing for a Chilean portfolio with 446 MW of solar capacity and 1.8 GWh of energy storage. The financing covers Algarrobal, the fifth phase of the Oasis de Atacama project with 242 MW of solar and 1,480 MWh of storage, and the Palmas cluster of 21 distributed generation solar projects totaling 204 MW and 289 MWh of storage. Algarrobal has a 12-year hybrid power purchase agreement starting January 1, 2028, while all Palmas projects are operational and six are being retrofitted with five-hour battery energy storage systems.
Grenergy’s Chilean package blends utility-scale and distributed solar with batteries. Algarrobal, part of Oasis de Atacama, pairs 242 MW of solar with 1,480 MWh of storage and has a 12-year hybrid offtake contract starting in 2028. The Palmas cluster covers 21 operating distributed solar sites totaling 204 MW; six are gaining five-hour batteries that add 289 MWh.
BNP Paribas arranged and underwrote the $457 million non-recourse senior facility, joined by BBVA, J.P. Morgan Chase Bank, MUFG Bank, Santander, and Scotiabank. Separately, Grenergy signed a 20-year Georgia Power agreement in May 2026 for Beaver Creek’s full output, expected to produce about 400 GWh yearly.
The financing may help accelerate Chile’s shift toward firmer renewable supply by pairing solar with storage. Local communities near projects could see construction and operational jobs, while grid operators may benefit from added flexibility and reduced curtailment risk. Electricity users might eventually see more stable supply, though outcomes depend on execution, transmission access, and how project benefits are shared. Investors and lenders could gain exposure to hybrid renewable