Grenergy Renovables has raised $457 million (EUR 407 million) in non-recourse senior debt to finance a portfolio of Chilean solar-plus-storage projects, according to trade-press reporting on October 9. The financing backs platforms that will add 446 MW of solar generation and 1.8 GWh of battery storage capacity in Chile.
The raise fits Grenergy’s develop-to-monetize playbook on its flagship Oasis de Atacama platform, which carries 14.1 GWh of total planned storage. In September the company completed the sale of the Gabriela phase, 272 MW of solar with 1,100 MWh of storage, to infrastructure investor CVC DIF for an enterprise value of $475 million, after the project entered commercial operation. With the earlier ContourGlobal phase sale, the two monetizations represent about 25 percent of the platform at a combined enterprise value near $1.5 billion.
The non-recourse structure matters: lenders are funding the projects against their own cash flows, not Grenergy’s balance sheet, which is a vote of confidence in the contracted economics of hybrid solar-plus-storage in Chile’s market.