Norway-based DNV, a global energy assurance leader, has played a pivotal role in helping Spanish renewable energy player Grenergy secure $299 million in financing for the Victor Jara phase of the Oasis de Atacama project in Chile.
According to a statement, the initiative is located in the Atacama Desert and integrates 230 megawatts of solar power with 1.3 gigawatt-hours of energy storage, making it a critical element in the world’s largest battery energy storage system.
Global Financial Institutions Back the Project
DNV provided comprehensive market due diligence, financial analysis, and advanced revenue optimization strategies, ensuring investor confidence. Prominent global financial institutions supported the financing, including BNP Paribas and Societe Generale.
“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,” said Santiago Blanco, EVP and regional director for Energy Systems at DNV, in a statement.
This project aligns with Chile’s goal to generate 70 percent of its electricity from renewables by 2030 and achieve carbon neutrality by 2050. It also positions Grenergy as a pioneer in hybrid solar and storage solutions.
Setting a Benchmark
Founded in 2007, Grenergy is an independent energy producer from clean sources, mainly photovoltaic and storage. It 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 11 countries.
“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,” said David Ruiz de Andres, CEO of Grenergy.
The Victor Jara phase exemplifies Chile’s renewable energy ambitions, setting a benchmark for global innovation in hybrid renewable projects. DNV’s involvement underscores its commitment to driving the global energy transition.
