Spanish independent power producer (IPP) Grenergy has secured a senior non-recourse financing agreement worth €98.8 million (US$115.8 million) for a 172MW solar PV project in Spain.
Located in the eastern region of Valencia, the financing of the Ayora solar PV plant has been fully underwritten by Spanish bank Banco Santander. The agreement also includes €13.6 million in lines of credit loans.
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The solar PV plant has already been built and is currently in the commissioning phase, while a 15-year power purchase agreement (PPA) has already been secured.
Although mostly active in Chile with the Oasis de Atacama flagship solar-plus-storage project, Grenergy has a pipeline of 3GWh of hybrid battery energy storage system (BESS) projects in its home country. This includes its flagship solar-plus-storage project in Castilla-la Mancha, central Spain, called Escuderos. Unveiled earlier this year, the hybrid project is expected to have 200MW of solar PV and 704MWh of BESS.
On top of its hybrid portfolio of projects in Spain, the company also aims to expand its standalone BESS portfolio in the country with a pipeline of 5.7GWh, including the Oviedo project in Asturias, northern Spain, which will have a 600MWh capacity and is scheduled to be operational in 2027.
Moreover, the IPP reached several significant financing agreements this year, aside from this latest one. In September, Grenergy secured a US$270 million senior non-recourse financing for the sixth phase of the Oasis de Atacama project. A project that has already secured more than US$1.2 billion in non-recourse financing and which saw the first two phases – that consist of 221MW solar PV and 1.2GWh BESS – begin operations in April of this year.
Aside from the Oasis de Atacama flagship project, the company recently began construction on another solar-plus-storage project in Chile. Unlike the Oasis de Atacama, which is located in the solar hotbed of the Atacama Desert, this new project is located in the central region of Biobío and comprises 340MW solar PV with 960MWh BESS. This project is one of the five phases of the Central Oasis platform project that will have a combined 1.1GW of solar PV and 3.8GWh of BESS. The platform is expected to begin operations in early 2027 and has already secured PPAs for each of the phases.
Outside of its home country of Spain and of Chile, Grenergy has also recently sold an 88MW Colombian solar PV portfolio consisting of seven projects. Delivery of the projects will be done independently and in stages throughout 2026.
PV Tech publisher Solar Media will host the 13th edition of the Solar Finance & Investment Europe event in London on 3 – 4 February 2026. This event annually attracts infrastructure funds, institutional investors, asset managers, banks and development platforms at the forefront of European renewables. For more details, visit the website.
