Grenergy, the Spanish developer and operator of renewable energy assets, has obtained a milestone $355 million in senior non-recourse financing. This funding will help scale its Central Oasis solar and storage platform in Chile. Financing Grenergy’s win comes as part of its recently-launched strategic plan for 2025–2027. That investment will allow the company to accelerate its renewable energy footprint throughout the state and beyond.
The Central Oasis platform will produce a remarkable 1.1 gigawatts (GW) of solar power. On top of that, it will include 4 GWh of energy storage capacity. Grenergy expects that the platform will begin operations in a range between 2026 and 2027, solidifying Chile’s pioneering stance amongst countries leading the renewable energy transition.
According to Grenergy’s CEO, David Ruiz de Andrés, this transaction was key because,
“This transaction strengthens the support of international banks for our hybridisation model, first initiated at Oasis de Atacama and now extended with Central Oasis.”
This project financing deal is a testimony to Grenergy’s commitment to its hybrid business model. It’s concentrated on hybridizing new varieties of plants already in cultivation, including Gran Teno and Tamango. The company is funding the construction of the Planchón hybrid project, enhancing its new renewable sector capacities further.
Grenergy has more than 1.5GW of projects under active construction in Chile. Meanwhile, they’re busy looking to take their hybrid model to new markets such as Spain. The firm’s Oasis de Atacama platform, found in northern Chile, is quickly becoming one of the world’s largest battery platforms of any kind. This joint initiative is a historic first for Latin America. To date, Grenergy has closed around $1.6 billion in non-recourse financing for its different Oasis platforms.
Grenergy has been making waves across Europe with the advancement of its Greenbox initiative. This stand-alone battery platform will provide 398 megawatts (MW) of solar capacity paired with 1.4 GWh of storage. Greenbox’s innovative development is a clear reflection of Grenergy’s broader strategy. It’s designed to advance broader energy storage adoption and enhance the value of long-term solar power purchase agreements (PPAs).
In parallel, Grenergy has launched a new energy trading subsidiary, GR Power. Through this new subsidiary, Longroad will now be able to manage the sale of energy surplus generated by its projects. Furthermore, the company’s wide figured nine capacity contracts for five stand-alone storage projects in Poland, totaling 2.1 GWh.
“It also confirms our execution capabilities, both in the development and signing of PPAs and in project financing.”
Under this new law, Grenergy is already moving full speed with its initiatives. This advancement cements its place as a leader in the renewable energy revolution, both nationally within Chile and globally.
As Grenergy moves forward with these initiatives, it solidifies its position as a key player in the renewable energy sector, advancing both locally in Chile and internationally.