Qualitas Energy has secured US$286 million in financing for a Chilean portfolio comprising 259MW of renewable generation and 840MWh of battery storage, combining the refinancing of operating assets with funding for projects under construction.
BNP Paribas and Banco Santander provided the package, which covers all Chilean assets held under Qualitas Energy Fund V. The portfolio includes run-of-river hydroelectric plants, solar generation, onshore wind and battery energy storage.
The transaction, announced on 28 October 2026, brings eight assets into a single financing structure. Long-term power purchase agreements support the portfolio’s revenues, although Qualitas Energy did not disclose the buyers, contract prices or agreement lengths.
Solar and storage project forms largest component
The portfolio includes 66MW of operational run-of-river hydroelectric capacity, a 154MWp solar photovoltaic project incorporating 840MWh of battery storage and 39MW of onshore wind capacity.
The solar, battery and wind projects are under construction, with commercial operation expected in 2028. The hydroelectric assets are already operating and form the refinancing component of the transaction.
The headline generation total combines solar capacity stated in MWp, a measure of peak photovoltaic capacity, with hydroelectric and wind capacity stated in MW. Battery capacity is reported separately in MWh, measuring the amount of energy that can be stored.
Qualitas Energy did not disclose the battery system’s power rating in MW. The announcement therefore does not establish how many hours the system could discharge at full output.
It also did not identify the individual assets, their locations within Chile or the construction schedules leading to the planned 2028 start dates.
Package includes project debt and supporting facilities
The US$286 million package comprises senior non-recourse project financing, letters of credit and a VAT facility.
The total therefore covers several financing instruments rather than a single construction loan. Qualitas Energy did not provide a breakdown between refinancing, new project funding and the supporting facilities.
The non-recourse structure places lending at project level, with repayment supported by the financed assets and their revenues, subject to the financing agreements.
Long-term power purchase agreements provide visibility over part of those revenues and support the borrowing structure. However, the announcement does not specify how much generation is contracted or whether the agreements cover all technologies in the portfolio.
Interest rates, financing maturity, repayment terms and the equity contribution were not disclosed.
Banks finance operating and construction assets together
BNP Paribas acted as sole structuring bank, global coordinator and green loan coordinator. Banco Santander served as administrative agent, joint lead arranger and joint bookrunner.
The transaction combines assets at different stages of development and across three generation technologies, alongside storage.
Cristóbal Santa Cruz, managing partner at Qualitas Energy, said bringing hydroelectric, solar, battery and wind projects into one financing allowed the company to capture the benefits of a diversified portfolio.
The structure provides funding for both existing operations and the next phase of construction. Delivery of the solar, wind and battery projects remains tied to their expected commissioning in 2028.
Financing covers Fund V’s Chilean holdings
Qualitas Energy said the agreement secured financing for its entire Chilean portfolio under Fund V. That scope relates specifically to the fund’s assets in Chile.
The company described the package as green financing but did not identify the applicable green loan framework or disclose details of an external assessment in the announcement.
White & Case in New York and Philippi Prietocarrizosa Ferrero DU & UrÃa in Chile advised Qualitas Energy. Milbank in New York and SCLB Abogados in Chile advised the lenders.
