Grenergy, an independent solar and wind power producer, 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.
BYD Energy Storage, a global company specializing in energy solutions, is supplying a total of 6,240 units of its MC Cube T model batteries for the Elena project. Currently, Elena includes a 77 MW operational solar project.
With this transaction, Grenergy has secured about £1.23 billion (~$1.75 billion) in non-recourse financing for the entire Oasis de Atacama project, which comprises a total of 0.8 GW of solar capacity and 6.7 GWh of energy storage.
Earlier this month, Grenergy entered into an agreement to sell the fourth phase of its Oasis de Atacama project in Chile to funds managed by CVC DIF, the infrastructure investment arm of global private equity firm CVC Capital Partners. The transaction is expected to total an enterprise value of up to $475 million, including earn-outs and financial adjustments.
In September last year, Grenergy acquired 1 GW of solar projects, including a 1 GW energized line, from Repsol and Ibereólica. The transaction comprised the purchase of a 77 MW solar project and a solar portfolio totaling 923 MW in various stages of development. Additionally, it included a 1 GW interconnection line that is already operational, which will facilitate the connection process of the projects under development.
According to Mercom’s 1H and Q2 2025 Funding and M&A Report for Energy Storage report, announced Energy Storage project financing increased 168% year-over-year in 2025.
