DNV supports Grenergy in securing financing for major solar and battery storage portfolio, accelerating Chile's energy transition

DNV has acted as market consultant to Grenergy Renovables, supporting the company in securing project financing for its Central Oasis portfolio in Chile. The transaction covers 398 MW of solar photovoltaic capacity, alongside 1.4 GWh of battery energy storage systems (BESS) located in the Maule and Bíobío regions.

The financing, arranged with leading international financial institutions including BNP Paribas as coordinating bank, along with Santander and Rabobank, marks a significant step in Chile’s accelerated energy transition. As the country pursues its legally-binding target of carbon neutrality by 2050 and advances the decommissioning of coal-fired power plants, large-scale hybridization of solar generation with energy storage has emerged as a critical enabler. By storing surplus solar energy and dispatching it during periods of low irradiation or high grid demand, projects like Central Oasis reduce curtailment, enhance grid stability, and displace thermal generation.
 
Chile’s renewable ambitions are among the most ambitious in Latin America. The national energy policy aims for 80% renewable electricity by 2030 and a fully decarbonized matrix by 2050. However, the integration of variable renewable energy at scale requires firm capacity. Battery storage is now rapidly scaling to meet this need, with the country expected to deploy several gigawatts of storage capacity over the coming decade. The Central Oasis portfolio represents a strategic addition to this build-out, located in the central grid where demand is concentrated.
 
DNV was engaged to provide comprehensive market consultancy and technical advisory services to support the financing process. The scope included market due diligence to evaluate project feasibility, detailed review of power purchase agreements, and independent auditing of the expected operational strategy for the BESS assets. DNV’s analysis assessed the plant’s ability to meet Chilean regulatory requirements and PPA obligations through optimized dispatch, revenue stacking, and capacity income forecasting. Tailored scenarios were developed to support lenders in understanding long-term market risks and revenue certainty.
 

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

“Hybrid renewable projects combining solar and large-scale storage are essential to completing Chile’s coal phase-out and ensuring a reliable, low-cost power system,” said Brice Le Gallo, Vice-president and regional director for Southern Europe, MEA & LATAM, Energy Systems at DNV. “Our role was to provide the market clarity that lenders require to finance these complex assets with confidence. This project demonstrates that bankable, utility-scale storage is no longer a future concept: it is happening now in Chile.”
 
By enabling the financing of this portfolio, DNV supports not only its customer’s growth strategy but also Chile’s broader energy transition objectives. Projects like Central Oasis illustrate how storage is transforming solar from an intermittent resource into a dispatchable, firm capacity contributor – an evolution that will be replicated across renewable grids worldwide.

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