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Financing Secured for 840 MWh Battery Storage in Chilean Renewable Energy Portfolio
Qualitas Energy has secured $286 million in financing for a renewable energy portfolio in Chile. The portfolio includes 259 MW of generation capacity and an 840 MWh battery energy storage system (BESS). The projects, encompassing solar, wind, and storage, are slated for commercial operation in 2028. This funding supports both operational facilities and new projects currently under construction.
Qualitas Energy has secured $286 million in non-recourse financing for a renewable energy portfolio located in Chile. This funding package covers both the refinancing of operational facilities and the financing of new projects currently under construction. The portfolio comprises a total generation capacity of 259 MW and an 840 MWh battery energy storage system (BESS).
The eight assets within the portfolio include 66 MW of operational run-of-river hydropower plants, a 154 MWp solar photovoltaic project integrated with the 840 MWh BESS, and 39 MW of onshore wind facilities. The solar, wind, and battery storage components are presently under construction and are scheduled to commence commercial operations in 2028.
This financial arrangement, designed as green financing, incorporates non-recourse senior debt, letters of credit facilities, and a provision for financing value-added tax (VAT). BNP Paribas and Banco Santander supplied this funding. The portfolio is supported by long-term power purchase agreements (PPAs) with corporate off-takers, which provide contracted revenues to underpin the financing.
Qualitas Energy initiated its operations in Chile in 2023, establishing an office in Santiago and acquiring its first hydropower asset in the country. This project highlights the increasing investment in large-scale energy storage and renewable energy within the region.
Source: ESS News
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