Spain’s Grenergy enlists top banks for 103MW bifacial PV push in Chile

Facebook
Twitter
LinkedIn
Reddit
Email
Image credit: Fotopedia

Some of Chile’s largest banks have rallied behind a bifacial solar project in the Atacama Desert, already being built at one of the world’s driest inhabited locations.

Madrid-based developer Grenergy said this week it has lined up US$71 million from four financial institutions to bankroll a 103MW project near the Quillagua oasis, in north Chile.

This article requires Premium SubscriptionBasic (FREE) Subscription

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

Banco Security, Banco del Estado de Chile and Penta Vida Compañía de Seguros de Vida will each supply one third of a US$60.3 million senior debt facility, structured against a 17-year timeframe.

Meanwhile, a further US$11 million will come in the form of mezzanine credit from Sinia Renovables, an energy investment entity owned by Spain’s Banco Sabadell.

The funding package has been secured with the 103MW project already under construction. Under Grenergy’s timetable, the plant should be linked to the grid by Q3 2020.

The Quillagua project will require US$97.5 million in overall investment. Once up and running, the 301GWh-a-year plant is expected by Grenergy to produce annual revenues of US$14 million.

The installation, Grenergy explained, will be bifacial-powered. According to the firm’s estimates, the use of two-sided modules will boost power output by up to 15%.

The firm also touted the solar potential of its project location choice, a spot widely seen as one of the world’s driest. In Quillagua, Grenergy noted, irradiation nears 3,000 net hours a year.

Bifacial plays into the world’s top irradiation hotspot

According to Grenergy, the Quillagua 103MW solar project is the largest it has ever undertaken worldwide. It is not, however, its first PV venture in Chile, a country it sees as “strategic”.

The Madrid-listed firm claims to have linked more PV plants (25) to Chile’s grid than anyone else. A few weeks back, it opened a new base in the country to oversee Latin American plays.

The group – which recently made its green bond debut – owns 1.937GW worth of solar projects at various stages in Chile, followed by 980MW in Spain, 458MW in Colombia and others.

The firm’s 103MW new push brings another solar newcomer to the Atacama Desert, seen by researchers as home to the highest long-term solar irradiation levels in the entire planet.

This year alone, strides have been made by projects by Mainstream (145MW), Sonnedix (171MW), Valhalla (561MW) and Google, which will be the offtaker of a 125MW hybrid.

Much like Grenergy, Enel is amongst those tapping into bifacial’s potentially higher yields to make the most of Atacama’s solar resource, with a 382MW plant under construction since August.

The gradual spread of bifacial modules comes as the dedicated exports by Chinese manufacturers into one of the world’s top markets become mired in geopolitics.

The US decision to spare bifacial modules from Section 201 import tariffs, to then backtrack but see its u-turn blocked by the courts, have cast doubts on the long-term access bifacial will enjoy.    

The prospects and challenges of Latin American solar and storage will take centre stage at Solar Media's Energy Storage Latin America, to be held in Colombia on 28-29 April 2020.

Read Next

September 17, 2025
Struggling Swiss solar manufacturer Meyer Burger has formally entered into a debt moratorium, with the possibility of rescuing the entire group now looking unlikely.
September 12, 2025
Colombian energy supplier Celsia is seeking more than US$1.2 billion in investment to build wind and solar generation projects in Peru. 
September 11, 2025
Madison Energy Infrastructure has raised US$800 million to accelerate the deployment of clean energy assets across the US. 
September 10, 2025
A project claimed to be Germany’s largest agriPV plant has been commissioned in the north-east of the country.
September 10, 2025
Voltalia is seeking compensation for the ongoing curtailment of its Brazilian solar and wind fleet, which has exceeded expectations this year.
September 2, 2025
Spanish construction firm GES (Global Energy Services) has secured a contract to build a roughly 700MW solar-wind-storage hybrid project in Chile.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines
Solar Media Events
October 7, 2025
San Francisco Bay Area, USA