DNV, the independent energy expert and assurance provider, has acted as market consultant to Grenergy Renovables, supporting the company in securing project financing for its Central Oasis portfolio in Chile. The transaction encompasses 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 banks including BNP Paribas as coordinating bank, together with Santander and Rabobank, represents a major step forward in Chile’s accelerated energy transition. As the country pursues its legally binding target of carbon neutrality by 2050 and continues the decommissioning of coal-fired power plants, large-scale hybrid projects that combine solar generation with energy storage have become a critical enabler. By storing excess solar energy and dispatching it during periods of low irradiation or high grid demand, the Central Oasis portfolio helps reduce curtailment, strengthen grid stability, and displace thermal generation.
Chile’s renewable energy ambitions are among the most ambitious in Latin America. National energy policy targets 80% renewable electricity by 2030 and a fully decarbonized power system by 2050. Achieving these goals requires firm capacity to integrate variable renewable energy at scale, and battery storage is rapidly scaling to meet this need. The Central Oasis portfolio is strategically located in the central grid, where electricity demand is concentrated, and represents a key addition to the country’s storage build-out.
DNV provided comprehensive market consultancy and technical advisory services to support the financing process. The company’s work included market due diligence to assess project feasibility, detailed review of power purchase agreements, and independent auditing of the expected operational strategy for the BESS assets. DNV’s analysis evaluated 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 help lenders understand long-term market risks and revenue certainty.
“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 facilitating the financing of the Central Oasis portfolio, DNV not only supports Grenergy Renovables’ growth strategy but also contributes to Chile’s broader energy transition objectives. Projects like Central Oasis show how battery storage is transforming solar energy from an intermittent resource into a dispatchable, firm-capacity contributor—a model that is expected to be replicated across renewable grids worldwide.
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