Grenergy, a renewable energy company, closed a $355 million senior non-recourse financing agreement for its Gran Teno, Tamango, and Planchón projects, which together contribute 398 MW of solar capacity and 1.4 GWh of battery energy storage capacity to the Central Oasis platform in Chile.
An international consortium of banks led by BNP Paribas, as the coordinating bank, alongside Banco Santander and Rabobank, provided the financing.
The transaction will allow Grenergy to refinance its existing solar projects and hybridize Gran Teno, a 241 MW solar and 884 MWh storage project, and Tamango, a 49 MW solar and 158 MWh storage project, both of which are currently operational. In addition, it will fund the construction of the Planchón hybrid project, featuring 108 MW of solar and 379 MWh of storage. All three of these projects are part of Central Oasis, one of Grenergy’s battery platforms in Chile.
Further, the three projects benefit from long-term solar power purchase agreements. Additionally, any excess energy will be marketed through GR Power, Grenergy’s energy trading subsidiary in Chile.
With a planned capacity of 1.1 GW of solar and 4 GWh of storage capacity, the Central Oasis platform represents an investment of approximately $900 million and is expected to reach commercial operations in 2026 and 2027.
Previously, in September, the company also raised $270 million in senior non-recourse financing, including a term loan and letters of credit, to deploy 3.5 GWh of battery energy storage capacity for the sixth phase of the Oasis de Atacama project, known as Elena.
In September 2025, Grenergy also 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.
Large-scale solar project funding increased by 37% in 2025 compared with the funding raised in 2024, according to Mercom’s recently released Annual and Q4 2025 Solar Funding and M&A report.
