• The transaction has been fully underwritten by Banco Santander
• The plant, located in Valencia, has already been built and is currently in the commissioning phase

Grenergy has secured a senior non-recourse financing agreement worth €98.8 million, including €13.6 million in lines of credit (“LC Loans”), for the Ayora solar plant. The project, located in Valencia (Spain), has an installed capacity of 172 MW.

The financing has been fully underwritten by Banco Santander. The solar plant, already constructed, is currently in the commissioning phase. Additionally, Ayora already benefits from a 15-year power purchase agreement (PPA).

Financial closures

Grenergy has reached significant financing agreements during 2025. In September, Grenergy secured a senior non-recourse financing of $270 million for the sixth phase of the Oasis de Atacama megaproject, known as ‘Elena’, underwritten by an international syndicate of banks.

Earlier this year, Grenergy secured an additional $324 million for the fourth phase of the same project, known as Gabriela. In total, the company has now secured $1.237 billion in non-recourse financing for the entire Oasis de Atacama project.

Projects in Spain

In Spain, Grenergy has a pipeline of 3 GWh in hybrid battery storage projects, with Escuderos (Castilla-La Mancha) as its flagship: an installation that will combine 200 MW of solar generation with 704 MWh of storage capacity.

The company also has a portfolio of stand-alone battery projects totaling 5.7 GWh, including the Oviedo project (Asturias), which will have a capacity of 600 MWh and is scheduled to come online in early 2027.

KeyFacts Energy Industry Directory: Grenergy