DNV supports $270 million financing for Grenergy's landmark solar+storage project in Chile

DNV acted as market consultant to support Grenergy’s successful $270 million financing for the Elena hybrid power plant. The project, a major part of the Oasis de Atacama platform, combines 77 MW of operational solar PV with a 430 MW/3.5 GWh battery energy storage system (BESS) in Chile’s Antofagasta region.

The financing, led by Sumitomo Mitsui Banking Corporation (SMBC) and including BNP Paribas, BBVA, and KfW, will enable the immediate installation of one of the world's largest battery systems. The Elena project will charge its batteries with both its own solar generation and from the grid during periods of low cost, providing dispatchable clean power after sunset. This reduces renewable energy curtailment, enhances grid stability, and supports Chile’s commitment to phasing out coal-fired generation.
 
This transaction builds on an established partnership between DNV and Grenergy. DNV previously provided the market analysis and due diligence that secured financing for earlier phases of the Oasis de Atacama complex, which is among the largest energy storage projects globally.
 
For the Elena phase, DNV’s role was critical in de-risking the project’s complex revenue streams for the lenders. DNV provided market due diligence to evaluate feasibility and a detailed battery revenue forecast. The analysis included projections for income from energy arbitrage (load shifting) and capacity markets, providing the banks with confidence in the project’s financial model amid an evolving market.
 

Santiago Blanco, DNV
Santiago Blanco, Executive Vice President and Regional Director for Southern Europe & Latam at DNV

“The scale of the Elena project is a clear signal that large-scale storage is now a fundamental pillar of a reliable, modern grid,” said Santiago Blanco, Executive Vice President and Regional Director for Southern Europe & Latam at DNV. “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.”
 
The project is a key component of Chile’s energy strategy. The country is a global renewable leader, already generating around 70% of its electricity from clean sources—five years ahead of its former 2030 target, which has now been raised to 80%. To manage the intermittency of its vast solar resources in the Atacama Desert, Chile is rapidly scaling storage: while initial targets aimed at 2 GW by 2030, the country is on track to reach this number in 2026. The Elena project, with its 3.5 GWh capacity, represents a significant step toward this goal.
 
For the Elena project, Grenergy reached a major equipment supply agreement with BYD, which has provided 624 battery containers for the site. This constitutes the largest battery supply deal in Latin America and one of the largest globally, underscoring the project's monumental scale and its role in establishing a new industrial standard for the region.
 
By providing independent, expert analysis, DNV helped bridge the gap between Grenergy’s vision and the requirements of international financiers, facilitating the investment needed to turn one of the world’s most ambitious storage projects into a reality.

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