DNV Supports USD 325 Million Financing for Major Battery and Solar Portfolio in Chile

DNV Supports USD 325 Million Financing for Major Battery and Solar Portfolio in Chile

(IN BRIEF) DNV acted as market consultant on a USD 325 million financing package for T Power, a renewable energy platform managed by Toesca, supporting the development of one of Chile’s largest battery energy storage systems alongside a broad solar generation portfolio. The financing will fund a 141 MW/677 MWh BESS, refinance a 141 MW solar PV plant, and support 18 distributed solar facilities totaling 121 MWp. By providing market due diligence, PPA analysis, and advanced revenue modelling, DNV helped strengthen the project’s bankability and support Chile’s rapidly advancing energy transition toward a resilient, low-carbon power system.

(PRESS RELEASE) LONDON, 21-Jan-2026 — /EuropaWire/ — DNV has supported the successful close of a USD 325 million financing package for T Power, a renewable energy platform managed by Chilean asset manager Toesca, by acting as market consultant on one of the most significant clean energy transactions in Chile to date. The financing will enable large-scale investment in battery storage and solar generation, strengthening grid resilience and accelerating the country’s transition toward a low-carbon energy system.

The financing was arranged with a group of international and regional lenders, including SMBC, Natixis, and BCI, reflecting strong confidence in Chile’s renewable energy market. The capital will be used to develop a greenfield battery energy storage system with a capacity of 141 MW/677 MWh, refinance a co-located 141 MW utility-scale solar photovoltaic plant, and support a portfolio of 18 distributed solar generation facilities totaling 121 MWp.

Together, these assets are expected to play a critical role in stabilizing the power system, reducing renewable energy curtailment, and replacing carbon-intensive generation sources. The combination of large-scale storage and solar generation supports Chile’s decarbonization objectives while enhancing system flexibility as renewable penetration continues to rise.

DNV was engaged by Toesca to deliver comprehensive market advisory services across a geographically and technologically diverse asset base extending from the Atacama Desert to the Biobío Region. The scope of work included in-depth market due diligence, assessment of project feasibility, and detailed qualitative and quantitative reviews of complex power purchase agreements, including contracts with distribution companies.

A central element of DNV’s advisory role focused on strengthening the bankability of the battery energy storage system. This included advanced revenue stacking analysis, long-term power price forecasting, and stabilized price modelling to evaluate future market exposure and revenue potential. These insights provided lenders and sponsors with a robust understanding of financial risks and opportunities associated with large-scale storage deployment in Chile.

Chile’s electricity sector continues to transform rapidly. Renewable sources accounted for more than 60 percent of total power generation in 2025, with solar energy representing over 30 percent of installed capacity. The rapid expansion of wind and solar has led to increasing curtailment levels, reaching approximately 5 TWh during the first eleven months of 2025. This trend has reinforced the importance of energy storage as a cornerstone of system reliability as the country advances toward its 2050 net-zero target.

The transaction also highlights the growing importance of specialized advisory services in structuring and de-risking complex energy infrastructure investments. Legal advisory support was provided by White & Case LLP and Claro & Cia for the sponsor, and Milbank LLP and Barros & Errazuriz for the lending group. DNV’s market expertise played a key role in aligning the project’s innovative design with the expectations of international financiers, supporting the successful financial close of a portfolio set to become a major contributor to Chile’s evolving clean energy landscape.

About DNV
DNV is an independent assurance and risk management provider, operating in more than 100 countries. Through its broad experience and deep expertise DNV advances safety and sustainable performance, sets industry standards, and inspires and invents solutions.

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.

Driven by its purpose, to safeguard life, property, and the environment, DNV helps its customers seize opportunities and tackle the risks arising from global transformations. DNV is a trusted voice for many of the world’s most successful and forward-thinking companies.

In the energy industry
DNV provides assurance to the entire energy value chain through its advisory, monitoring, verification, and certification services.  As the world’s leading resource of independent energy experts and technical advisors, the assurance provider helps industries and governments to navigate the many complex, interrelated transitions taking place globally and regionally, in the energy industry. DNV is committed to realizing the goals of the Paris Agreement, and supports customers to transition faster to a deeply decarbonized energy system.

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SOURCE: DNV