The transaction covers two distinct asset groups. Algarrobal, the fifth phase of Grenergy’s Oasis de Atacama platform, accounts for 242 MW of solar generation and 1.5 GWh of storage. The project is underpinned by a 12-year hybrid power purchase agreement with an investment-grade offtaker, set to commence January 1, 2028. The second component is the Palmas cluster, consisting of 21 distributed generation solar projects across northern and central Chile totaling 204 MW. All Palmas assets are currently operational, and six are incorporating five-hour duration storage systems totaling 289 MWh.
The financing also includes refinancing of 14 of the 21 Palmas projects, whose original debt totaled $85 million. All Palmas projects operate under Chile’s PMGD stabilized pricing regime for small-scale distributed generation.
Grenergy CEO David Ruiz de Andrés emphasized that the deal represents the company’s largest financial close in its history. Combined with other financings secured over the past year, the transaction places Grenergy near 40% of the project finance debt target established in its 2026-2028 strategic plan. The executive highlighted that international banking confidence stems from the business model’s foundation on long-term PPAs, which provide revenue stability and enable access to more efficient financing terms.
With this closure, Grenergy surpasses $2.4 billion in non-recourse financing obtained in Chile. The figure encompasses both the Oasis de Atacama and Central Oasis hybrid platforms, plus the Palmas cluster. Together, the two Oasis platforms represent 3.9 GW of solar capacity and 19.2 GWh of storage.
The company is now replicating its Chilean solar-plus-storage model in Europe through Iberian Oasis, a platform targeting 1 GW of solar capacity and 3.2 GWh of storage across the Iberian Peninsula. Grenergy has already closed its first tolling agreement with an investment-grade international utility and Spain’s first hybrid project financing for its flagship Escuderos project. The Iberian platform continues expanding with the addition of the 285 MW Andrea project, supplementing the 100 MW Índalo project announced in the first quarter of 2026.
This article was curated and published as part of our South American energy market coverage.
