Grenergy, a renewable energy company, secured €98.8 million (~$116.26 million) senior non-recourse financing for the 172 MW Ayora solar project. The financing also includes a €13.6 million (~$15.97 million) line of credit loan.
The project is located in Valencia, Spain. Banco Santander has fully underwritten the transaction. The project’s construction is already completed and is currently under the commissioning phase. The project also benefits from a 15-year power purchase agreement.
In Spain, the company has developed a 3 GWh pipeline of hybrid battery storage projects, led by its flagship Escuderos project in Castilla-La Mancha, which will integrate 200 MW of solar capacity with 704 MWh of energy storage.
In addition, the company holds a portfolio of stand-alone battery storage projects totaling 5.7 GWh, including the 600 MWh Oviedo project in Asturias, which is scheduled to come into operation in early 2027.
In January, the company secured an additional $324 million in green project financing for Phase 4 of the Gabriela project with international financial institutions BNP Paribas, Natixis Corporate & Investment Banking, Société Générale, The Bank of Nova Scotia, and SMBC. Phase 4 of the project has an estimated capacity of 269 MW of solar and 1.1 GWh of storage.
Also, in September, the company raised $270 million in senior non-recourse financing, including a term loan and letters of credit. The facility will be used to deploy 3.5 GWh of battery energy storage capacity for the sixth phase of the Oasis de Atacama project, known as Elena. A group of lenders comprising international financial institutions, led by Sumitomo Mitsui Banking Corporation as the structuring bank, along with BNP Paribas, BBVA, and KfW, provided the financing.
According to Mercom’s 9M and Q3 2025 Solar Funding and M&A report, large-scale project funding increased by 43% in the first nine months of 2025 compared with the same period in 2024.
