Spanish IPP Grenergy has secured US$268 million towards a 342MW/1,034MWh solar-plus-storage project in Chile.
The Monte Águila project is part of Grenergy’s Central Oasis solar-plus-storage platform, at which it intends to host 1.1GW of solar PV and 4GWh of energy storage capacity, representing around US$900 million in investment.
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The Central Oasis platform is planned in five phases, of which Monte Águila is the fourth, all expected to come online between 2026 and 2027. Grenergy said it has a 12-year daytime power purchase agreement (PPA) in place, with the remaining power expected to be traded through its energy trading subsidiary.
The non-recourse financing was led by BNP Paribas as coordinating bank, with the participation of KfW IPEX-Bank, Coöperatieve Rabobank, Natixis, and The Bank of Nova Scotia.
“Securing nearly US$2 billion in financing for our OASIS platforms in Chile in just 18 months demonstrates the strength of our model and our ability to execute large-scale projects. We now aim to bring this success to Europe,” said David Ruiz de Andrés, CEO of Grenergy.
The company said it is seeking to replicate the model deployed at its 2GW/11GWh Oasis de Atacama solar-plus-storage project with the Central Oasis platform. It powered up the fourth phase of Oasis de Atacama in February, adding 272MW of solar PV and 1.1GWh of BESS capacity. It said the initial project was “one of the world’s largest battery platforms and the first of its kind in Latin America.”
Earlier this year, Grenergy secured US$355 million non-recourse financing to support the first three phases of the Central Oasis project. All five phases of the site are contracted under PPAs, including one with the Chilean state-owned mining firm Codelco.
The company has invested significantly in Latin America, with projects in Colombia as well as Chile, as well as its native Spain. Last May, Grenergy announced a €3.5 billion investment plan to expand its energy storage and hybrid plant capacity between 2025 and 2027, focusing on its massive Chile platforms and European developments.
