DNV has enabled Spain-based Zelestra to secure a $282 million green financing package for Chile’s Aurora project, a 220 MW solar PV and 1 GWh battery storage hybrid facility. By delivering renewable energy at night under a long-term Power Purchase Agreement (PPA), Aurora addresses Chile’s dual challenge of grid reliability and decarbonisation, setting a benchmark for large-scale renewable projects in Latin America.
Backed by financing from several banks
Backed by financing from Natixis CIB, BNP Paribas and BCI, Aurora ranks among the largest hybrid renewable projects in Latin America. DNV supported the financial close with market advisory and technical due diligence services, including revenue forecasting, PPA assessments and battery dispatch optimisation.
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Chile is racing ahead in its energy transition, already generating nearly 70 percent of its electricity from renewables and reaching its 2030 goal years early. The country is leveraging the world’s highest solar irradiance in the Atacama Desert, with more than 11 GW of installed solar capacity accounting for over a fifth of electricity output. It is linking these resources to demand centres via a 3 GW transmission line and targeting 5 GW of battery storage by 2030 to manage intermittency.
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The Aurora project reflects this critical infrastructure strategy, combining Chile's exceptional solar potential with advanced storage to provide dispatchable renewable power. As the country pushes toward 80 percent renewables by 2030, such hybrid solutions, vital for balancing the grid, are proving decisive in making renewable energy systems both clean and dependable.
Hybrid facility reinforces bankability of renewables
Santiago Blanco, Executive Vice President and Regional Director for Southern Europe, the Middle East and Latin America at DNV, said: “DNV is proud to support Zelestra in unlocking financing for this landmark project. Our data-driven approach demonstrates how tailored solutions can bridge the gap between ambitious climate targets and investable opportunities.”
By helping de-risk Aurora, DNV has set a precedent for large-scale renewable investments in emerging markets, where innovation and credibility are critical to accelerating the energy transition. (hcn)
Storage and co-location seen as remedy for fragile PPAs
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