2″ January 2025, Santiago, Chile — DNV, the global independent energy expert and assurance company, provided expertise and market due diligence, that has been instrumental in helping renewable energy developer Grenergy secure $299 million in financing for the Víctor Jara phase of the Oasis de Atacama project. This milestone marks a significant step forward in the development of the world’s largest battery energy storage system, located in Chile’s Atacama Desert.
Supporting the renewable energy transition
The Víctor Jara phase integrates 230 MW of solar capacity with 1.3 GWh of energy storage, a critical combination for stabilizing the grid and ensuring a reliable energy supply during non-solar hours. This phase is a cornerstone of the Oasis de Atacama initiative, a visionary project aimed at accelerating Chile’s shift to a sustainable energy future.
DNV’s expertise was instrumental in addressing the complexities of the project and attracting investor confidence, with advisory services encompassing a comprehensive evaluation of the project’s financial feasibility through market due diligence, as well as a detailed analysis of power purchase agreements (PPA) to ensure long-term financial stability. Additionally, DNV developed advanced strategies for battery revenue stacking and power price forecasting to optimize energy storage revenue and project profitability. They also facilitated productive collaboration between Grenergy and international financiers through effective stakeholder engagement and communication.
Chile has ambitious renewable energy goals: generating 70% of its electricity from renewables by 2030 and achieving carbon neutrality by 2050. With its unparalleled solar irradiance, the Atacama Desert plays a pivotal role in harnessing Chile’s renewable potential, positioning the country as a global leader in clean energy.
Santiago Blanco, EVP and Regional Director, Southern Europe, Middle East and Latin America, Energy Systems at DNV, highlighted the significance of this milestone: “The Víctor Jara phase of Oasis de Atacama exemplifies the transformative impact of large-scale hybrid renewable projects. By integrating solar power with advanced energy storage, Grenergy is setting a global benchmark for innovation, which DNV is pleased to support, while advancing Chile’s renewable energy ambitions.”
Building confidence with financial institutions
Securing financing for the Víctor Jara phase was achieved with the support of leading global financial institutions, including BNP Paribas, Natixis Corporate & Investment banking, the Bank of Nova Scotia Société Générale and SMBC. These top-tier organizations recognized the project’s strong fundamentals and long-term potential, bolstered by DNV’s comprehensive advisory services.
A positive outlook for renewable energy investment
Grenergy is a Spanish company founded in 2007, an independent producer of energy from clean sources, mainly photovoltaic and storage, which has been listed on the Spanish stock exchange since 2015. The company has a global platform of over 15 GW at various stages of development across the eleven countries where it operates in the European market, North America (United States), and Latin America. The successful financing of Víctor Jara reinforces Grenergy’s leadership in renewable innovation and accelerates progress on the Oasis de Atacama project.
David Ruiz de Andrés, Executive Chairman and CEO of Grenergy, states: “Chile is a key market for Grenergy. We have chosen this country to develop the world’s largest battery project. With Oasis de Atacama, we are demonstrating our great capacity to generate a robust pipeline and execute projects efficiently. We want to continue growing this successful model in Chile and replicate it in other markets in Latin America, Europe, and the United States in the coming years.”
The Oasis de Atacama project reflects the growing appetite for hybrid solar and energy storage investments in Chile. As the nation races to meet its renewable energy targets, the Víctor Jara phase serves as a model of innovation, collaboration, and expert-driven success.
Through projects like this, DNV continues to empower the global energy transition, reinforcing its position as a trusted partner in delivering impactful, sustainable energy solutions.
About DNV
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In the energy industry
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