March 26, 2026: Spanish multinational Grenergy has secured an undisclosed package of finance to build 1.4GWh of BESS systems in Chile.
Energy expert and assurance firm DNV said on March 23 it had acted as market consultant for Grenergy’s Central Oasis portfolio, which includes 398MW of solar photovoltaic capacity for the systems in the southern Maule and the Bíobío regions.
DNV said financing was arranged with major institutions including BNP Paribas as coordinating bank, along with Santander and Rabobank, which Grenergy said marks a significant step in boosting Chile’s energy transition.
The announcement came after Grenergy said on March 13 it had registered a new green bond programme on the Alternative Fixed-Income Market for up to €250 million ($290 million), the largest transaction of its kind in the company’s history and 2.5x the size of its 2022 programme.
Grenergy said funds raised will consolidate growth, international expansion and support plans to allocate €3.5 billion to investments up to 2027.
Brice Le Gallo, VP and regional director for southern Europe, MEA & LATAM, energy systems at DNV, said hybrid renewable projects combining solar and large-scale storage are essential to completing Chile’s coal phase-out and ensuring a reliable, low-cost power system.
Le Gallo said its work with Grenergy showed that bankable, utility-scale storage was no longer a future concept.
In Chile, the country aims to have 80% of electricity provided by renewables by 2030, with a legally binding target to achieve carbon neutrality by 2050. Solar and energy storage has emerged as critical to meeting that target.
According to Grenergy, Chile’s renewable ambitions are among the most ambitious in Latin America, with the country expected to deploy several gigawatts of storage capacity over the coming decade.
The southern Chile solar-BESS deal comes just six months after Batteries International reported that a unit of global private markets manager, CVC, was acquiring a large scale hybrid solar and BESS project under construction in the north of the country from Grenergy.
Grenergy is continuing as a partner in the project, which is backed by a 15-year US$-denominated, inflation-indexed hybrid power purchase agreement.
Increasing recent investment in the Chilean BESS market tracked by Batteries International has included an agreement Grenergy signed in November 2024 with China’s CATL for the supply of batteries for phase four of its 2GW/1GWh Oasis de Atacama project.
Early in 2025, China-based Trina Storage shipped the first 1.2GWh batch of its self-developed, containerized ‘Elementa 2’ LFP battery storage system to Chile.
Last August, global renewables group Zelestra confirmed it had secured a $282 million financial close to develop a 1GWh battery and solar ESS plant in Chile’s Atacama Desert region.
