DNV has enabled Spanish-headquartered 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 during nighttime hours under a long-term Power Purchase Agreement (PPA), Aurora addresses Chile’s dual challenge of grid reliability and decarbonization, 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 by providing a full suite of market advisory and technical due diligence services, including revenue forecasting, PPA structure assessments, and battery dispatch optimization.
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Chile is racing ahead in its energy transition, already generating nearly 70% of its electricity from renewables - reaching its 2030 target years ahead of target. The country is leveraging the world’s highest solar irradiance (in the Atacama Desert) with over 11 GW of installed solar capacity, accounting for over a fifth of the electricity output. The country 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 embodies this comprehensive critical infrastructure strategy, combining Chile's exceptional solar potential with cutting-edge storage to provide dispatchable renewable power. As the country pushes toward 80% renewables by 2030, such hybrid solutions, crucial for balancing the grid, are proving to be game-changers in making renewable energy systems both clean and dependable.
Precedent for large-scale renewable investments
Santiago Blanco, Executive Vice President and Regional Director for Southern Europe, Middle East and Latin America at DNV, added: “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.”
Storage and co-location seen as remedy for fragile PPAs
By helping de-risk Aurora, DNV has contributed to setting a precedent for large-scale renewable investments in emerging markets—where innovation and credibility remain critical to accelerating the energy transition. (hcn)
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