DNV served as a market advisor in a financing deal involving Mytilineos S.A. and a group of lenders, including BNP Paribas, Intesa San Paolo, SMBC, Rabobank and Santander Chile 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 decarbonisation, is a promising solar and storage power market. The projects are at different construction stages, with Willka already operational, Doña Antonia set to be energised 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).
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” said 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 realisation of ambitious decarbonisation goals.”
In its latest Energy Transition Outlook, DNV forecasts that the share of renewables will expand to 82 percent of the global energy mix by 2050. Economics play a pivotal role in this shift towards renewables : solar, with its dwindling levelised costs, will command a 39 percent share in the 2050 global power mix, with an appeal enhanced by the cost reduction of storage solutions allowing energy consumption after sunset.
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