DNV, a global energy consultancy, has supported a record $510 million financing deal for Chile’s Estepa hybrid energy project, marking a major milestone in the country’s renewable energy transition. The project, which combines 215 megawatts (MW) of solar power with 418 MW of battery storage, is set to become one of the largest of its kind in Latin America.

Hybrid System to Boost Grid Reliability

Scheduled to begin operations in late 2026, the Estepa facility aims to provide stable, renewable electricity to Chile’s energy-intensive industrial sector. Once operational, it will supply enough power to meet the annual energy needs of over 250,000 households. The project supports Chile’s national goal of sourcing 70% of its electricity from renewable sources by the end of the decade.

By integrating large-scale battery storage with solar generation, the Estepa project is designed to overcome the intermittency of solar power and improve grid reliability. This approach is seen as a crucial step in transitioning away from fossil fuels while maintaining energy security.

International Banks Support Project with DNV’s Guidance

DNV played a central role in enabling the complex financing arrangement by providing independent advisory services. The firm conducted extensive market due diligence and developed battery dispatch strategies to enhance the project’s grid value and long-term revenue prospects.

These efforts helped secure favorable financing terms from a consortium of international lenders, including Crédit Agricole, BNP Paribas, DNB, SMBC, and The Bank of Nova Scotia.

“The success of this financing reflects the growing confidence in hybrid renewable projects to deliver clean, reliable energy at scale,” said Santiago Blanco, Vice President and Regional Director at DNV.

A Model for Industrial Decarbonization

The Estepa project is also expected to serve as a model for industrial energy users seeking to reduce their carbon footprint. Esteban Uauy, Managing Director at Capital Solutions, highlighted DNV’s technical expertise as a key factor in gaining the trust of lenders and project stakeholders.

As Chile continues to prioritize renewable infrastructure, the Estepa project represents a significant advance in both clean energy delivery and innovation in energy storage solutions.

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