Grenergy Finalises $268m Financing for Monte Águila Hybrid Solar Plant in Chile
The new facility combines 342MW of solar capacity with 1.03GWh of storage and is backed by a 12-year daytime power purchase agreement, with operations expected to commence between 2026 and 2027.
Spanish clean energy producer Grenergy has completed a $268m senior non-recourse financing deal for its Monte Águila hybrid plant in Chile. The transaction, which was finalised this week, marks a significant step in the development of the Central Oasis platform and reinforces the developer's strategic footprint in Latin America.
The financing consortium is led by an international banking group headed by BNP Paribas as the coordinating bank. The group also includes KfW IPEX-Bank, Coöperatieve Rabobank, Natixis, and the Bank of Nova Scotia. This deal adds to the nearly $2bn in non-recourse financing Grenergy has already secured for its Oasis platforms in Chile over the last 18 months.
The Monte Águila project is designed to replicate the successful hybrid model deployed at the Oasis de Atacama site, which is noted as one of the largest battery platforms globally. The facility will feature 342MW of solar capacity paired with 1.03GWh of energy storage. It is scheduled to become operational between 2026 and 2027.
Financial backing for the project is secured through a 12-year daytime power purchase agreement. Additionally, Grenergy indicated that a significant portion of the surplus energy generated will be sold through its energy trading subsidiary, GR Power. This approach mirrors the strategy used for previous phases of the Central Oasis platform, which spans the Gran Teno, Maule, and Aysén regions.
The broader Central Oasis initiative aims for a total capacity of 1.1GW of solar and 4GWh of storage, with an estimated total investment of $900m. Grenergy plans to update its investment strategy through May 2028, a move that will cover new hybrid projects in Chile as well as its European Greenbox platform.
Grenergy CEO David Ruiz de Andrés highlighted the success of the recent financing round, stating that securing nearly $2bn for the Chilean OASIS platforms demonstrates the strength of their execution model. The company now intends to replicate this success in Europe through its upcoming strategic updates.
