DNV has played a pivotal role as market consultant in securing a USD 325 million financing package for T Power, the renewable energy platform managed by Chilean asset manager Toesca. This landmark transaction will accelerate Chile’s energy transition by enabling the construction of one of the country’s largest battery energy storage systems and supporting a diverse portfolio of solar power generation.
The financing, arranged with leading international financial institutions including SMBC, Natixis, and BCI, underscores strong investor confidence in Chile’s renewable energy sector. It will fund a greenfield 141 MW/677 MWh battery energy storage system (BESS) and refinance a co-located 141 MW utility-scale solar PV plant, alongside a portfolio of 18 small-scale distributed generation (PMGD) solar plants totaling 121 MWp. Together, these assets will enhance grid stability, reduce renewable energy curtailment, and displace carbon-intensive generation, directly contributing to Chile’s ambitious decarbonization goals.
DNV was engaged by Toesca to provide comprehensive market consultancy for this highly diverse portfolio, spanning multiple technologies, scales, and geographies from the Atacama Desert to the Biobío Region. DNV’s experts conducted detailed market due diligence to evaluate project feasibility and performed quantitative and qualitative reviews of complex power purchase agreements (PPAs), including those with distribution companies. A key component of DNV’s work was optimizing the financial viability of the BESS through advanced revenue stacking analysis, power price forecasting, and stabilized price modelling—providing lenders and developers with critical insights into future market risks and revenue opportunities.
Chile’s energy transition is advancing at remarkable speed. The country has already achieved over 60% of its electricity generation from renewable sources in 2025, with solar power alone accounting for more than 30% of total generation capacity. Chile was the first Latin American nation to introduce a carbon tax in 2017, and it is now phasing out coal faster than any other developing economy. In the first eleven months of 2025, renewable curtailments reached 5 TWh (around 15% of the available wind and solar generation), highlighting the urgent need for storage solutions to fully harness the nation’s abundant solar and wind resources. The integration of large-scale battery systems such as T Power’s BESS represents the next critical step in ensuring reliability and resilience as Chile moves toward its net-zero target by 2050.
'Securing financing for a multi-technology, multi-site portfolio requires deep market insight and a clear analysis of long-term revenue streams and risks,' said Brice Le Gallo, Regional Director for SEMELA, Energy Systems at DNV. 'Our advisory services helped Toesca and its financing partners navigate this complexity, demonstrating how strategic storage deployment is essential for unlocking the full potential of Chile’s renewable energy abundance and supporting its national climate ambitions.'
The successful closure of this financing package, advised legally by White & Case LLP and Claro & Cia on the Sponsor’s side and Milbank LLP and Barros & Errazuriz on the lenders’ side, highlights the crucial role of specialized technical and market advisory in de-risking large-scale energy infrastructure investments. DNV’s contribution was instrumental in bridging the gap between the project’s innovative design and the requirements of international financiers, ensuring the bankability of a portfolio that is set to become a cornerstone of Chile’s cleaner energy matrix.
Source: DNV
