Renewable energy investor Qualitas Energy has closed a $286 million financing package for its renewable energy portfolio in Chile, covering 259 MW of generation capacity and an 840 MWh battery energy storage system (BESS).
The financing, provided by BNP Paribas and Banco Santander, covers eight assets held under Qualitas Energy Fund V (QE V). The transaction combines refinancing for operating renewable energy facilities with funding for new projects currently under construction.
The portfolio includes run-of-river hydropower, solar photovoltaic (PV) generation paired with battery storage, and onshore wind installations. According to the company, the assets comprise 66 MW of operational hydropower capacity, a 154 MWp solar project integrated with an 840 MWh BESS, and 39 MW of onshore wind capacity.
While the hydropower facilities are already operational, the solar, wind and battery storage projects are under construction and are scheduled to enter commercial operation in 2028.
BNP Paribas and Santander Structure $286 Million Financing
The financing has been structured as green, non-recourse debt. Its components include senior non-recourse financing, letters of credit and a credit line to cover value-added tax (VAT) financing requirements.
Under a non-recourse structure, lenders primarily rely on the financed project’s assets and associated cash flows for debt repayment, subject to the terms of the financing agreements. This structure is commonly used for project finance transactions in renewable energy, where long-term contractual revenues can support debt servicing.
BNP Paribas acted as sole structuring bank, global coordinator and green finance coordinator. Banco Santander served as administrative agent, joint lead arranger and joint placement coordinator.
Qualitas Energy received legal advice from White & Case and Philippi Prietocarrizosa Ferrero DU & UrÃa. Milbank and SCLB Abogados advised the financing institutions.
Long-Term PPAs Support Project Revenues
Qualitas Energy said the portfolio includes long-term power purchase agreements (PPAs) with electricity buyers. These contracts provide a framework for securing revenue from electricity sales and support the financing of the assets.
However, the company has not disclosed the identities of the purchasing companies, contracted electricity volumes, agreed prices or PPA durations.
The solar project combines 154 MWp of photovoltaic generation capacity with an 840 MWh battery storage system. The storage installation is expected to support the project’s participation in electricity markets and provide flexibility alongside renewable generation.
The company has not disclosed the battery system’s power rating in megawatts (MW). Without this information, its potential discharge duration at full output cannot be determined from the stated 840 MWh energy capacity alone.
Qualitas Energy Expands Its Chilean Renewable Energy Portfolio
Qualitas Energy began operations in Chile in 2023, establishing an office in Santiago and acquiring its first hydropower asset in the country.
In July 2026, the company also announced a tender seeking up to 517 GWh of electricity annually from its portfolio of small-scale distributed generation projects, known as PMGD, and large-scale renewable energy assets in central Chile and the Coquimbo Region.
The tender covered physical and financial power contracts, with supply options for continuous, solar and nighttime electricity. Contract terms ranged from 10 to 15 years.
The latest financing marks a further step in the company’s Chilean investment strategy, combining operating renewable generation assets with new solar, wind and battery storage infrastructure.
Bioenergy Business Analysis
Qualitas Energy’s $286 million financing highlights the growing role of battery storage in renewable energy investment strategies in Chile. Pairing solar generation with large-scale storage can help address the variability of solar output and make electricity supply more flexible across different periods of the day.
The distinction between the battery’s energy capacity and power rating is important when assessing the project’s potential contribution to the electricity system. While the 840 MWh figure indicates how much energy the system can store, its MW rating determines how quickly that energy can be discharged. The absence of this specification limits assessment of the installation’s full operating profile.
The portfolio’s financing structure also illustrates the importance of contracted electricity revenues in securing project debt. Long-term PPAs can provide greater revenue visibility for lenders, although the undisclosed contract prices, volumes and durations make it difficult to assess the extent of that revenue protection.
