DNV has served as the market consultant for Grenergy to support $270 million in financing for the Elena hybrid power project in Chile’s Antofagasta region. The project, which is part of the larger Oasis de Atacama complex, consists of a 77 MW operational solar plant with a 430 MW/3.5 GWh battery energy storage system. The financing was led by Sumitomo Mitsui Banking Corporation, with participation from BNP Paribas, BBVA, and KfW.
For the Elena project, the company conducted market due diligence to assess feasibility, and provided a detailed battery revenue forecast to de-risk complex revenue streams for lenders. The analysis included projections of income from energy arbitrage and capacity markets, which enabled banks to evaluate the project’s financial stability within a changing market environment.
The project forms a crucial component of Chile’s clean energy strategy. The country currently generates nearly 70 per cent of its electricity from renewable sources, five years ahead of its earlier 2030 target, and has now raised this goal to 80 per cent. Additionally, to manage the variability of solar output in the Atacama Desert, Chile aims to install 2 GW of energy storage capacity by 2030 and is reportedly on track to achieve this by 2026.
