DNV Strengthens Grenergy’s Renewable Ambitions in Chile with Key Role in Financing One of Latin America’s Largest Hybrid Plants

DNV Strengthens Grenergy’s Renewable Ambitions in Chile with Key Role in Financing One of Latin America’s Largest Hybrid Plants

(IN BRIEF) DNV has acted as the market consultant for Grenergy’s $270 million financing of the Elena hybrid solar and storage project in Chile’s Antofagasta region. Combining 77 MW of solar PV with a 430 MW/3.5 GWh battery system, the Elena project represents one of the world’s largest hybrid clean energy plants. The financing, led by SMBC with participation from BNP Paribas, BBVA, and KfW, was supported by DNV’s in-depth due diligence and revenue forecasting. The project enhances Chile’s renewable integration strategy by providing dispatchable power, reducing curtailment, and reinforcing the national grid. With BYD supplying 624 battery containers—the largest deal of its kind in Latin America—the project exemplifies how large-scale storage can drive energy reliability and sustainability. DNV’s role was crucial in de-risking the venture, ensuring confidence among investors, and advancing Chile’s transition toward a coal-free energy system.

(PRESS RELEASE) HØVIK, 17-Oct-2025 — /EuropaWire/ — DNV has played a central advisory role in securing $270 million in financing for Grenergy’s landmark Elena hybrid power plant in Chile’s Antofagasta region. As the market consultant for the transaction, DNV provided essential market due diligence and revenue analysis to help de-risk the project and strengthen lender confidence. The Elena project forms a major part of Grenergy’s ambitious Oasis de Atacama platform and integrates 77 MW of operational solar PV with a 430 MW/3.5 GWh battery energy storage system (BESS), making it one of the largest hybrid installations in Latin America.

The financing was led by Sumitomo Mitsui Banking Corporation (SMBC) with participation from BNP Paribas, BBVA, and KfW, marking a major step in bringing large-scale storage online in Chile. Once operational, the Elena facility will store energy from both its own solar generation and the national grid during periods of low demand and cost, ensuring consistent, dispatchable renewable power during nighttime hours. This approach not only minimizes renewable curtailment but also enhances energy reliability and supports Chile’s transition away from coal-based generation.

DNV’s consultancy was instrumental in evaluating the project’s economic framework. Its team developed detailed forecasts of potential revenues from energy arbitrage, load shifting, and capacity markets—key insights that gave financiers assurance about the project’s long-term viability. This work builds on DNV’s longstanding collaboration with Grenergy, having supported previous financing rounds for earlier Oasis de Atacama phases, recognized among the world’s largest renewable and storage ventures.

Santiago Blanco, Executive Vice President and Regional Director for Southern Europe & Latam at DNV, emphasized the project’s broader impact: “The scale of the Elena project is a clear signal that large-scale storage is now a fundamental pillar of a reliable, modern grid. Our continued collaboration with Grenergy demonstrates how deep market analysis can transform innovative engineering into a bankable asset. This project is a blueprint for how countries can leverage storage to maximize the value of their renewable resources and accelerate the energy transition.”

Chile, a global leader in renewable energy, currently generates around 70% of its electricity from clean sources, reaching this milestone five years ahead of its original 2030 target. With a revised goal of 80% clean generation, the country is scaling up storage capacity at an unprecedented rate. Its original aim of 2 GW of storage by 2030 is expected to be met by 2026, and the Elena project’s 3.5 GWh system represents a significant milestone toward that achievement.

Grenergy has partnered with BYD to supply 624 battery containers for the project—the largest battery supply contract ever signed in Latin America and one of the largest globally. This partnership underscores Elena’s scale and its role in shaping new industrial standards across the region. Through DNV’s independent expertise and analytical depth, the project successfully bridged the gap between Grenergy’s innovative renewable vision and the rigorous expectations of international financiers, marking a major advancement in Chile’s sustainable energy transformation.

About DNV
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Whether assessing a new ship design, qualifying technology for a floating wind farm, analyzing sensor data from a gas pipeline or certifying a food company’s supply chain, DNV enables its customers and their stakeholders to manage technological and regulatory complexity with confidence.

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In the energy industry
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Media contact:

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

Penda Sall
Media Relations Advisor
Phone: +33 651 69 88 64
contact.energysystems@dnv.com

SOURCE: DNV