DNV Supports Grenergy in Securing USD 299 Million Financing for Landmark Renewable Energy Project in Chile

DNV Supports Grenergy in Securing USD 299 Million Financing for Landmark Renewable Energy Project in Chile

(IN BRIEF) DNV has assisted Grenergy in securing USD 299 million in financing for the Víctor Jara phase of the Oasis de Atacama project in Chile, which is set to be the world’s largest battery energy storage system. The project combines 230 MW of solar capacity with 1.3 GWh of energy storage, which will help stabilize the grid and support Chile’s renewable energy transition. DNV provided critical market due diligence, financial feasibility analysis, and strategies for maximizing energy storage revenue. The project received backing from top global financial institutions and represents a key step in Chile’s ambitious renewable energy goals. Grenergy’s commitment to expanding its renewable energy portfolio, especially in Chile, strengthens its position as a leader in the sector.

(PRESS RELEASE) SANTIAGO, 24-Jan-2025 — /EuropaWire/ — DNV, a global leader in energy expertise and assurance, has played a pivotal role in helping renewable energy developer Grenergy secure USD 299 million in financing for the Víctor Jara phase of the Oasis de Atacama project. This key milestone marks a significant advance in the creation of the world’s largest battery energy storage system, located in the sun-drenched Atacama Desert in Chile.

A Critical Step Toward Renewable Energy Transition

The Víctor Jara phase integrates 230 MW of solar capacity with 1.3 GWh of energy storage, a crucial combination for stabilizing the grid and providing a steady energy supply during periods without sunlight. This phase represents a cornerstone of the Oasis de Atacama project, an ambitious initiative designed to fast-track Chile’s transition to a sustainable energy future.

DNV’s support has been integral in navigating the complexities of the project, providing extensive market due diligence and expert advice. The company carried out a thorough evaluation of the project’s financial viability, focusing on power purchase agreements (PPAs) to ensure the long-term financial sustainability of the venture. Additionally, DNV developed advanced strategies for battery revenue stacking and power price forecasting to enhance energy storage revenue and maximize project profitability. The company also played a crucial role in facilitating collaboration between Grenergy and international financiers through effective stakeholder engagement.

Chile’s Renewable Energy Ambitions

Chile has set ambitious renewable energy goals, aiming to generate 70% of its electricity from renewable sources by 2030 and achieve carbon neutrality by 2050. The Atacama Desert, with its exceptional solar irradiance, is central to Chile’s renewable energy potential, positioning the country as a global leader in clean energy.

Santiago Blanco, EVP and Regional Director for Southern Europe, Middle East, and Latin America at DNV, remarked on the significance of the project: “The Víctor Jara phase of Oasis de Atacama is a prime example of the transformative potential of large-scale hybrid renewable projects. By combining solar power with cutting-edge energy storage, Grenergy is setting a new global standard for innovation, and DNV is proud to be part of this milestone in advancing Chile’s renewable energy goals.”

Securing Financial Backing

The successful financing of the Víctor Jara phase was achieved with the support of prominent global financial institutions, including BNP Paribas, Natixis Corporate Investment Banking, the Bank of Nova Scotia, Société Générale, and SMBC. These top-tier financial organizations recognized the solid foundation and long-term potential of the project, reinforced by DNV’s comprehensive advisory services.

Grenergy’s Continued Leadership in Renewable Energy

Founded in 2007, Grenergy is a Spanish renewable energy company, primarily focused on photovoltaic and energy storage solutions. The company has been listed on the Spanish stock exchange since 2015 and boasts a global platform of over 15 GW in development across 11 countries, including the European market, North America, and Latin America. The successful financing of the Víctor Jara phase solidifies Grenergy’s leadership in renewable energy innovation and accelerates the progress of the Oasis de Atacama project.

David Ruiz de Andrés, Executive Chairman and CEO of Grenergy, emphasized the company’s strategic focus on Chile: “Chile is a key market for Grenergy. With the Oasis de Atacama project, we are showcasing our ability to develop a strong project pipeline and execute projects efficiently. We are committed to expanding this model in Chile and replicating it across Latin America, Europe, and the United States in the coming years.”

A Model for Hybrid Solar and Energy Storage Projects

The Oasis de Atacama project highlights the growing demand for hybrid solar and energy storage investments in Chile. As the country works toward meeting its ambitious renewable energy goals, the Víctor Jara phase serves as an example of innovation, collaboration, and expert-driven success.

With projects like Oasis de Atacama, DNV continues to play a key role in supporting the global energy transition, reinforcing its reputation as a trusted partner in delivering sustainable, impactful energy solutions.

Media contact:

Penda Sall
Media Relations Advisor
Phone: +33651698864
Penda.Sall@dnv.com

Neil James Slater
Head of Media Relations, Energy Systems
Phone: +442038165702
contact.energysystems@dnv.com

SOURCE: DNV