EXECUTIVE SUMMARY
DNV acted as market consultant in securing a USD 325 million financing package for T Power, enabling the development of large-scale battery energy storage and solar assets across Chile. The transaction supports a 141 MW / 677 MWh BESS, refinancing of a co-located solar PV plant, and a diversified distributed solar portfolio, strengthening Chile’s renewable integration and grid stability.
PROJECT SNAPSHOT
Norway-based assurance and advisory organization, DNV has acted as market consultant in securing a USD 325 million financing package for T Power, a renewable energy platform managed by Santiago-based asset manager, Toesca. The transaction supported the development of large-scale battery energy storage and solar power assets across Chile.
According to the company, the financing will support the construction of a greenfield 141 MW / 677 MWh battery energy storage system (BESS), the refinancing of a co-located 141 MW utility-scale solar PV plant, and 18 small-scale distributed generation (PMGD) solar facilities totaling 121 MWp. The financing was arranged with a group of international and regional financial institutions, including SMBC, Natixis, and BCI.
DNV was engaged by Toesca to provide market consultancy across the portfolio from the Atacama Desert in northern Chile to the Biobío Region in the south. Its work included market due diligence, reviews of power purchase agreements and analysis to optimize the BESS’s financial volatility.
Chile’s power system has rapidly increased renewable generation. Renewable sources accounted for more than 60% of electricity generation in 2025, with solar representing over 30% of installed capacity. Renewable curtailment totaled about 5 TWh in the first 11 months of the year, indicating increased demand for large-scale energy storage to support grid operations.
Legal advisory for the transaction was provided by White & Case LLP and Claro & Cia on the sponsor side, and by Milbank LLP and Barros & Errázuriz on the lender side. The transaction reflects the role of technical and market advisory services in assessing risk and meeting lender requirements for large-scale energy infrastructure portfolios.
Brice Le Gallo, Regional Director for SEMELA, Energy Systems at DNV, said that financing multi-technology, multi-site portfolios require detailed market analysis and long-term revenue assessment, and that DNV’s advisory services supported Toesca and lenders in evaluating storage-related commercial risks.