Carey Advises on US$268 Million Monte Aguila Project Financing

Carey advised Grenergy Renovables on a USD268 million financing governed by New York law for the construction, development and operation of the Monte Aguila project in Chile, a hybrid solar photovoltaic (PV) facility with a battery energy storage system (BESS). The project comprises 342 MW of installed solar capacity and 1,034 MWh of energy storage.

The financing involved BNP Paribas, KfW IPEX-Bank, Coöperatieve Rabobank, Natixis, and The Bank of Nova Scotia.

The transaction follows Grenergy’s previous non-recourse financings for the Gran Teno, Tamango, and Planchón hybrid plants, which constitute the first three phases of the Central Oasis platform in Chile.

Central Oasis represents one of Grenergy’s key strategic projects in Chile, with a planned total capacity of 1.1 GW of solar generation and 4 GWh of storage, supported by an estimated investment of USD900 million. Across its Oasis platforms, including Oasis de Atacama in northern Chile and Central Oasis in the regions of Gran Teno, Maule and Aysén, the company has secured close to USD2 billion in non-recourse financing.

The transaction closed on 7 May 2026.

Carey’s team was led by partner Felipe Moro, with associates Mateo Weinborn and Benjamín Hernández.

Clifford Chance acted as international counsel to Grenergy Renovables through partner José Guardo, counsel Eduardo Sánchez, associates Alejandro Cubillo, and junior associates Yago López and Asier Vivanco.

The lenders were advised by Garrigues, with partner Antonio Morales, associate Edgardo Conde, associate Makarena Faúndez, and trainee Jacinta Izcue, and by Milbank, with partner Jaime Ramírez, special counsel Daniel Rios, and associates Jacqueline Pasquel and Sebastián León.

Grenergy’s in-house legal team included Yocelin Quispe, Senior Legal Counsel, and Daniela Salaya, Senior Legal Counsel Chile.

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