Verano Energy has successfully closed financing for its Domeyko Solar + Battery Energy Storage System (BESS) project, an 83 MWp solar plant with 660 MWh of storage that will supply clean, reliable energy under a long-term offtake agreement. With commercial operations expected by the end of 2026, Domeyko is one of Chile’s most innovative renewable energy projects, combining large-scale solar generation with grid-strengthening storage.
Domeyko project will demand a total capex of USD 247 million, which will be financed through a project finance term-loan of USD 176 million provided by a consortium of leading international banks – SMBC, Société Générale, and Scotiabank –, and together with a USD 12 million in VAT debt financing provided by Scotiabank. Equity will be provided as part of Verano’s partnership with Lumina Capital Management, a global investment fund specializing in sustainable infrastructure. This robust structure reflects both the bankability of large-scale solar-plus-storage projects and Verano Energy’s strength as a developer, EPC contractor, and long-term operator.
“This financing is a transformational step for Verano Energy and for renewable energy in Chile and Latin America. Domeyko demonstrates the ability of solar plus storage to directly replace fossil fuels and provide reliable, low-cost power to major energy users,” said Dylan Rudney, CEO of Verano Energy. “In just over a decade, we have evolved from a solar developer into a fully integrated Independent Power Producer with projects across Chile, Colombia, Argentina and Peru. Domeyko financing reflects not only the strength of our model but also the confidence of global financial institutions in Verano’s role as a leader in Latin America’s energy transition. We are proud to partner with Lumina, and our lenders to bring this flagship project to life.”
Located in northern Chile near Vallenar in the Atacama Region, Domeyko reinforces Verano Energy’s leadership in Latin America’s energy transition and its commitment to building a resilient and sustainable energy future. In December 2024, Verano Energy signed a long-term Power Purchase Agreement (PPA) with Abastible, ensuring stable revenues for the project while directly supporting the decarbonization of Chile’s energy matrix. Construction is underway, with commercial operations expected by the end of 2026.