The transaction represents the largest non-recourse financing secured by the company to date. Algobarral consists of 242 MW of solar capacity and 1.5 GWh of energy storage, while the Palmas Cluster totals 204 MW of solar capacity and 289 MWh of energy storage.
Algarrobal is backed by a 12-year hybrid power purchase agreement (PPA), which is scheduled to commence on January 1, 2028. The agreement has been signed with an investment-grade offtaker.
Palmas is Grenergy’s cluster of 21 distributed generation (PMGD) solar projects located across northern and central Chile. All projects are currently operational, and six are being retrofitted with five-hour battery energy storage systems, adding a total of 289 MWh of storage capacity.
With this latest financial close, the company has secured more than $2.4 billion in non-recourse financing in Chile thus far, covering its hybrid platforms Oasis de Atacama and Central Oasis, as well as the Palmas cluster.
Oasis de Atacama laid the foundation for Grenergy’s hybridisation model. Together with Central Oasis, which extends this model to central Chile, the two platforms comprise a combined 3.9 GW of solar capacity and 19.2 GWh of energy storage.
Grenergy has also brought this model to Europe through Iberian Oasis, a platform that replicates its integrated solar plus storage approach across the Iberian Peninsula. As part of this expansion, the company has signed its first financial tolling agreement with an investment-grade international utility and secured the first hybrid project financing in Spain for Escuderos, its flagship project.
In addition, Iberian Oasis continues to expand with the addition of Andrea (285 MW), following the 100 MW of the Índalo project announced in the first quarter. The platform is expected to reach 1 GW of solar capacity and 3.2 GWh of energy storage.
“This is the largest financing transaction in our company’s history” said David Ruiz de Andrés, Grenergy’s CEO. “Together with the financings secured over the past year, this transaction brings us close to 40 percent 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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