Spanish fund manager Qualitas Energy has closed a US$286 million financing for its entire portfolio in Chile: eight renewable assets with 259 MW of generation and 840 MWh of battery storage. The company announced it on October 28, 2026, according to Revista Electricidad and REDIMIN.
The portfolio, which comprises all the Chilean assets of its fifth fund (Qualitas Energy Fund V), combines run-of-river hydro plants already in operation, a 154 MWp solar project with batteries and a 39 MW wind farm. The solar, wind and storage projects are under construction and are expected to reach commercial operation in 2028.
The loan is non-recourse senior debt, meaning it is backed only by the assets and their revenues, and it was presented as green financing. It was structured by BNP Paribas and Banco Santander.
Qualitas Energy's financing in figures
The deal groups three generation technologies and one storage technology in a single structure. Besides the main debt, it includes letter of credit lines and a facility to finance the VAT on construction, which is common in projects that pay for large equipment purchases before selling any energy.
| Portfolio component | Capacity | Status |
|---|---|---|
| Run-of-river hydro plants | 66 MW | In operation |
| Solar photovoltaic project | 154 MWp | Under construction (operation in 2028) |
| Batteries (BESS) at the solar project | 840 MWh | Under construction (operation in 2028) |
| Onshore wind farm | 39 MW | Under construction (operation in 2028) |
| Total | 259 MW of generation and 840 MWh of storage | 8 assets |
Source: Qualitas Energy, via Revista Electricidad and REDIMIN, October 28 and 29, 2026. The company did not disclose the names or locations of each asset, how the loan is split among them or the batteries' power rating in MW.
At 840 MWh, the Qualitas battery would be among the large ones in the country. If it discharged over four hours, a common duration in Chile, it would have about 210 MW of power, but that figure was not disclosed and is only an Energía Futura reference.
Who took part in the deal
BNP Paribas acted as sole structuring bank, global coordinator and green loan coordinator. Banco Santander was administrative agent, joint lead arranger and joint bookrunner. The portfolio has long-term power purchase agreements (PPAs) with companies Qualitas describes as top-tier, without naming them.
| Participant | Role |
|---|---|
| BNP Paribas | Sole structuring bank, global coordinator and green loan coordinator |
| Banco Santander | Administrative agent, joint lead arranger and joint bookrunner |
| White & Case (New York) | Legal adviser to Qualitas Energy |
| Philippi Prietocarrizosa Ferrero DU & Uría (Chile) | Legal adviser to Qualitas Energy |
| Milbank (New York) | Legal adviser to the lenders |
| SCLB Abogados (Chile) | Legal adviser to the lenders |
Source: Revista Electricidad, October 28, 2026. Cristóbal Santa Cruz, managing partner and head of strategy and Chile at Qualitas Energy, said the deal "reflects Qualitas Energy's ability to generate value by integrating different technologies", according to that outlet.
Who Qualitas Energy is and what it does in Chile
Qualitas Energy is a Spanish investment manager specializing in renewable energy. According to a 2023 profile by Capital & Riesgo, its team has been investing since 2006, has deployed more than 11 billion euros through five vehicles and holds a portfolio of more than 5 GW in Spain, Germany, the United Kingdom, Italy, Poland and Chile. It opened its Santiago office in June 2023, its first in Latin America.
In July 2026, the company also launched a process to sell up to 517 GWh a year of energy from its portfolio of small distributed generation plants (PMGD) and utility-scale projects, with 10, 12 or 15-year contracts, through the Plataforma Energía marketplace, according to the release published on July 11 by BNamericas and REDIMIN. That tender offered round-the-clock, solar or nighttime supply, with projects in central Chile and the Coquimbo Region, and was open to generators, traders, banks and free customers.
The nighttime supply offer helps explain the weight of the 840 MWh battery in the financing. In Chile, solar energy is abundant at midday and its price falls, while at night it is scarce. A project that stores daytime energy and sells it in the evening and at night can sign more stable contracts, and those contracts are what banks look at when lending without recourse.
The wave of battery financings in Chile
The Qualitas loan adds to other recent closings for solar-plus-storage projects. Grenergy, for example, closed US$457 million for Algarrobal and Palmas, with 446 MW of solar and 1.8 GWh of batteries.
In October, Verano Energy also secured US$187 million for Observatorio, a 123 MWp park with a battery of about 600 MWh in O'Higgins. The pattern repeats: banks finance the solar plant together with the battery, which allows energy to be sold at night and avoids midday curtailment.
| Sector indicator (September 2026) | Figure | Source |
|---|---|---|
| Power projects under construction | 120, worth US$9,288 million | Ministry of Energy |
| Batteries under construction | 32 systems, 3,702 MW / 15,398 MWh | Ministry of Energy |
| Investment in batteries under construction | US$3,172 million | Ministry of Energy |
| Batteries in operation | 3,123 MW | Ministry of Energy |
| Renewable energy curtailed (Jan-Sep) | 3,546 GWh | ACERA |
Source: Ministry of Energy monthly report with data to September 2026 and ACERA bulletin, cited by REDIMIN on October 27. Transmission is also drawing capital: investment in power lines multiplied ninefold in 2026, with 48 works under way.
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See advertising optionsFrequently asked questions about Qualitas Energy's financing
How much financing did Qualitas Energy secure in Chile?
US$286 million in non-recourse senior debt, plus letters of credit and a VAT facility, announced on October 28, 2026.
Which projects does it finance?
Eight assets: 66 MW of run-of-river plants in operation, a 154 MWp solar project with 840 MWh of batteries and 39 MW of wind, the latter under construction.
When will they start operating?
The solar, wind and battery projects are expected in 2028, according to the company.
Which banks took part?
BNP Paribas, as sole structuring bank and green loan coordinator, and Banco Santander, as administrative agent and joint lead arranger.
Where are the projects?
Qualitas did not disclose each asset's location. It only said the portfolio is geographically diversified within Chile.
