FinanceIndustry News

World’s largest battery project gets £240 million

Giant solar and storage site planned for Chile's Atacama desert

The world’s largest battery energy storage system, located in Chile’s Atacama Desert, has received a huge cash boost.

DNV has helped renewable energy developer Grenergy secure $299 m (£240m) in financing for the Víctor Jara phase of the Oasis de Atacama project.

The Víctor Jara phase combines 230 MW of solar capacity with 1.3 GWh of energy storage, ensuring reliable energy supply during non-solar hours and stabilising the grid.

This phase is a cornerstone of the Oasis de Atacama initiative, which will accelerate Chile’s transition to sustainable energy, it aims for 70% renewables by 2030 and carbon neutrality by 2050.

The Atacama Desert’s unparalleled solar potential positions the nation as a leader in clean energy.

DNV provided comprehensive advisory services, critical in building investor confidence and securing support from financial institutions, including BNP Paribas and Société Générale.

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