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Grenergy says $457 million financing covers Chile solar and storage projects

The October 9 company announcement covers 446 MW of solar capacity and approximately 1.8 GWh of storage. Existing Palmas solar operation is separate from its battery retrofits.

By Greener Numbers Editorial Team · Published October 9, 2026 · Updated 10/9/2026

Grenergy said on October 9 that it had secured $457 million in non-recourse senior financing for a Chilean portfolio with 446 MW of solar capacity and approximately 1.8 GWh of energy storage. The headline rounds financing to about $460 million; the body gives the more precise $457 million figure.

The financing covers Algarrobal, the fifth phase of Oasis de Atacama, and the Palmas cluster. Grenergy lists Algarrobal at 242 MW of solar capacity and 1,480 MWh of storage, and Palmas at 204 MW of solar capacity and 289 MWh of storage. Solar generation capacity in MW and stored energy in MWh measure different things and should not be added into a single capacity total.

BNP Paribas coordinated and underwrote the transaction, with participation from BBVA, J.P. Morgan Chase Bank, MUFG Bank, Santander and The Bank of Nova Scotia. Grenergy calls it the largest non-recourse financing in its history to date. That is a company-specific claim, not a national or global record.

Algarrobal is backed by a 12-year hybrid power purchase agreement scheduled to begin on January 1, 2028. The company describes the buyer as investment-grade without naming it. The agreement's start date is not evidence that construction is complete or a guarantee of a commissioning date.

Palmas comprises 21 distributed-generation solar projects in northern and central Chile. Grenergy says those solar projects are operating and six are being retrofitted with five-hour battery systems adding 289 MWh of storage. Existing solar operation is separate from completion of the battery additions.

This is a financing announcement. It does not establish a measured household-bill reduction, customer tariff, or continuous solar supply. The company says total non-recourse financing secured in Chile now exceeds $2.4 billion across its platforms, a broader figure than this transaction.

Official source: grenergy.eu ↗