DNV market due diligence supports Innergex's USD 156 million financing for renewables and storage in Chile

DNV today announced that it supported Canadian-based independent international renewable power producer Innergex in closing a refinancing and new financing package totalling 156 million USD for a portfolio of renewable and storage assets in Chile. The transaction includes 114 million USD for two new standalone battery energy storage systems (BESS) and 42 million USD to refinance existing wind, run-of-river, and hybrid PV+BESS plants. 

The two new BESS projects will help Chile manage growing renewable curtailment, shift solar energy to evening hours when it’s most needed, and provide ancillary services to the grid. That role is critical as Chile phases out coal by 2040, replacing baseload thermal generation with storage. Lenders including SMBC Group relied on DNV’s independent market due diligence to understand price and curtailment risks before committing funds. 

DNV’s analysis covered marginal spot price forecasts, capacity revenue projections, curtailment and transmission studies, Distribution Companies power purchase agreement (PPA) modelling, and a dedicated storage evaluation for assets with BESS.  

Brice Le Gallo, DNV
Brice Le Gallo, Vice-president and regional director for Southern Europe, MEA & LATAM, Energy Systems at DNV

“Chile’s electricity system is changing fast, with rapid growth in renewables and storage – which creates new challenges for project bankability,” said Brice Le Gallo, Vice-president and regional director for Southern Europe, MEA & LATAM, Energy Systems at DNV. “Our market due diligence helps developers and financiers navigate price volatility, curtailment risk, and changing regulations. This transaction shows that banks trust our analysis to support financing decisions.” 

Chile has led Latin America’s energy transition, with a target to phase out coal by 2040. Battery storage is expected to reduce daytime curtailment, shift energy to night hours, lower evening prices, and provide ancillary services for system security. The two new BESS projects add to that trend, reinforcing the role of storage in replacing baseload thermal generation. 

The transaction serves as a signal to other renewable and storage developers that financing is available when backed by robust market analysis. DNV’s Energy Markets Analytics team in Chile led the work, using models that feed into the company’s broader Power Analytics service. 

Looking ahead, this milestone sets a precedent for future BESS and renewable projects in Chile, showing that banks are willing to finance storage assets when market risks are clearly understood. Showing that confidence is essential as Chile moves toward a fully renewable grid. 

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