Spanish independent power producer (IPP) Grenergy has closed a US$355 million senior non-recourse financing agreement for its Central Oasis solar-plus-storage platform in Chile.
The financing will cover three projects under the Central Oasis platform, which was unveiled in May 2025, totalling 398MW of solar PV and 1.4GWh of battery energy storage systems (BESS).
Try Premium for just $1
- Full premium access for the first month at only $1
- Converts to an annual rate after 30 days unless cancelled
- Cancel anytime during the trial period
Premium Benefits
- Expert industry analysis and interviews
- Digital access to PV Tech Power journal
- Exclusive event discounts
Or get the full Premium subscription right away
Or continue reading this article for free
The transaction will allow for the refinancing of two operational solar PV plants, the Gran Teno (241MW) and the Tamango (49MW), both of which will be paired with BESS, with a capacity of 884MWh and 158MWh, respectively.
The third project impacted by the financing is the Planchón solar-plus-storage project, which will have 108MW of solar PV and 379MWh of BESS.
“This transaction strengthens the support of international banks for our hybridisation model, first initiated at Oasis de Atacama and now extended with Central Oasis. It also confirms our execution capabilities, both in the development and signing of PPAs and in project financing,” said David Ruiz de Andrés, CEO of Grenergy.
Projects under the Oasis Central platform—comprised of five phases—are expected to become operational in 2026 and 2027, and will have a combined capacity of 1.1GW and 4GWh of energy storage. Construction for 340MW solar PV and 960MWh energy storage began in October 2025 and is expected to begin operation in 2027. As the platform’s name implies, these projects are located in central Chile.
According to the IPP, all three solar-plus-storage projects benefit from long-term power purchase agreements (PPAs), while any excess energy will be marketed through GR Power, Grenergy’s energy trading subsidiary in Chile.
Financing for the three solar-plus-storage projects has been secured with an international syndicate of banks led by BNP Paribas as coordinating bank, together with Banco Santander and Rabobank.
Replicating the Oasis de Atacama project
Central Oasis, as well as the Spanish project Escuderos, were both conceived to replicate the Oasis de Atacama, Grenergy’s flagship project. Both hybrid projects are at the heart of the company’s plan to invest €3.5 billion between 2025-2027, as Grenergy aims to reach 4.4GW of installed solar PV and 18.8GWh of BESS.
Financing for several projects under the Central Oasis platform comes only days after the Spanish IPP energised the fourth phase of its flagship solar-plus-storage project in Chile. Known as Gabriela, the fourth phase comprises 272MW of solar PV and 1.1GWh of BESS and is located in the northern region of the Atacama Desert.
