en.Wedoany.com Reported - DNV (Det Norske Veritas) recently announced that it has completed a total refinancing and new financing package of $156 million for Innergex, an independent renewable energy producer headquartered in Canada, for a renewable energy and storage asset portfolio in Chile. The transaction includes $114 million for the development of two new standalone battery energy storage projects and $42 million for refinancing wind, run-of-river hydro, and photovoltaic power facilities with storage.
According to White & Case, which advised Sumitomo Mitsui Banking Corporation, the two new energy storage systems will be located in northern Chile, with a total installed capacity of 62 megawatts and a duration of 5 hours. Innergex collaborated with DNV to complete market analysis to help financiers assess the commercial risks of the portfolio. SMBC Group was among the lenders that committed to providing financing only after adopting DNV's independent analysis.
The new storage projects aim to help reduce renewable energy curtailment in Chile by storing excess solar power generated during the day and shifting it to periods of increased electricity demand and system needs in the afternoon and evening. DNV noted that these facilities can also provide ancillary services to support grid stability and security.
DNV explained that its work included marginal spot price forecasting, capacity revenue forecasting, curtailment and transmission analysis, supply contract modeling with distribution companies, and a specialized assessment of the storage assets in the portfolio. Brice Le Gallo, Vice President of DNV Energy Systems and Regional Director for Southern Europe, Middle East, Africa, and Latin America, stated that the growth of renewable energy generation and storage in Chile is raising new questions about project bankability. According to DNV, market due diligence aims to help developers and financiers assess price volatility, curtailment risks, and regulatory changes in renewable energy and storage investments.
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