DNV, the independent energy expert and assurance provider, is pleased to share that MYTILINEOS S.A. has successfully closed financing with a group of lenders, including BNP Paribas, Intesa San Paolo, SMBC, Rabobank, and Santander Chile. DNV  served as a market advisor in this financing deal for a portfolio of solar farms including the Willka, Doña Antonia, Tocopilla, and Tamarico projects in Chile, totalling 588 MWp.

Chile, known for its solar potential and commitment to decarbonization, is a promising solar and storage power market. The projects are at different construction stages, with Willka already operational, Doña Antonia set to be energized in February, and Tocopilla and Tamarico under construction. Once operational, these solar power plants are expected to generate around 1.6 TWh of green electricity annually, reducing over 1 million tons of CO₂ emissions yearly. Enel Chile has committed to purchasing most of the power produced through 10-year Power Purchase Agreements. The projects will also be eligible to receive capacity payments from the Coordinador Eléctrico Nacional (Chilean ISO).

DNV’s expertise and guidance have been instrumental in facilitating this momentous achievement. Their market advisory services have not only ensured the successful financial close but have also contributed to the acceleration of renewable energy deployment in Chile. This collaboration between DNV and MYTILINEOS S.A. signifies a significant step towards a sustainable future.

This is MYTILINEOS’ third project financing of solar PV projects internationally, and first in Chile. DNV’s advisory role played a key part in achieving this financing milestone, supporting MYTILINEOS and contributing to the acceleration of renewable energy deployment in Chile.

“This collaboration signifies a meaningful step toward a sustainable and greener future,” added Santiago Blanco, Executive Vice President and Regional Director, Southern Europe, Middle East, Africa and Latin America, Energy Systems at DNV. “DNV remains committed to supporting the energy transition and facilitating the growth of renewable energy projects worldwide, using our knowledge and experience to drive the realization of ambitious decarbonization goals.”

In its latest Energy Transition Outlook, DNV forecasts that the share of renewables will expand to 82% of the global energy mix by 2050. Economics play a pivotal role in this shift towards renewables : solar, with its dwindling levelized costs, will command a 39% share in the 2050 global power mix, with an appeal enhanced by the cost reduction of storage solutions allowing energy consumption after sunset.