In Chile, the debate on energy storage is shifting from the technical and regulatory sphere to the financial one. For DNV , the key question now regarding batteries is not whether the system needs them, but rather which projects can demonstrate sufficient, predictable, and defensible revenue to secure financing.
“Chile remains an attractive market for energy investment, but it is also more demanding. There is interest in financing renewable energy projects, storage, and electrical infrastructure, but capital is becoming much more selective,” said Mario Acevedo Bilbao , country chair at DNV , in an interview with Energía Estratégica .
The warning comes amid the expansion of BESS ( Basic Energy Storage Systems). According to the National Electric Coordinator , as of March 2026, the National Electric System had 2,283 MW of installed capacity in operation and 9,346 MWh of manageable energy in storage. By year-end, the projection is 5,081 MW and 18,643 MWh .
The pressure on bankability is also reflected in the development portfolio. As of April 30, 2026, the Ministry of Energy registered 16 storage systems in the testing phase , totaling 2,225 MW and 10,180 MWh , along with 38 systems under construction , totaling 4,852 MW and 19,875 MWh , with associated investments of USD 4.192 billion .
The growth has a clear operational explanation: batteries allow for the displacement of surplus renewable energy, provide flexibility , and reduce curtailment. But for financiers, this systemic contribution alone is not enough. The focus is increasingly on location , grid connection capacity , exposure to curtailment , contractual structure, and the quality of revenue assumptions.
“Storage is a key technology for the Chilean system, but its financing depends on the revenues being sufficiently understandable, modelable, and defensible to banks and investors,” Acevedo Bilbao stated.
This filter gains weight after the publication of Supreme Decree No. 32 , which modifies the Regulation of Coordination and Operation of the National Electric System and incorporates relevant adjustments for new technologies , including storage systems.
“The Decree is a positive sign because it moves forward in better integrating storage systems into the operation of the system and the short-term market,” said the DNV representative.
But the financial impact of the regulation will depend on its practical implementation . For banks and investors , regulatory recognition of warehousing is just the starting point: bankability will hinge on how these rules translate into concrete revenue .
“For financing, the value lies not only in the existence of the regulation, but in how it is implemented. Investors will look at how the operation is scheduled, how the opportunity cost is calculated, how revenues are settled, how risks are allocated, and how the asset behaves under different scenarios of congestion, prices, and system operation,” Acevedo Bilbao explained.
The new Supply Tender 2026/01 adds another area for analysis. The preliminary terms contemplate 2,835 GWh annually for regulated customers, divided into time blocks and zones, with 15-year contracts. Furthermore, they expressly recognize storage systems as valid assets to support bids.
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This recognition comes with specific requirements. For each time slot where bids are submitted, the terms and conditions require proof of a ratio between expected backup capacity and maximum awardable energy greater than or equal to 0.6 over the projected years. Overall, the ratio between backup capacity and potential contracting must be greater than or equal to 1 .
The design may favor renewable energy plus battery storage schemes, especially in blocks where time-of-use align is crucial. However, DNV cautioned that a long-term contract will not be sufficient if the price, guarantees, systemic risks, and nodal exposure are not financially viable.
“The bidding process can be positive, but its impact will depend on whether it manages to deliver sufficient economic signals and truly bankable contracts,” Acevedo Bilbao stated.
This is a significant point in a market where transactions already demonstrate banks' appetite for hybrid projects. In February, Grenergy closed a USD 355 million senior non-recourse financing for the Gran Teno, Tamango, and Planchón plants, which together comprise 398 MW of solar capacity and 1.4 GWh of storage in Chile. The transaction was underwritten by BNP Paribas , Banco Santander , and Rabobank , and the assets include long-term PPAs plus complementary energy trading.
That precedent sets a pattern: financing exists, but it is concentrated in projects capable of supporting a robust structure of contracts , connectivity , engineering , and commercial strategy .
Along those lines, Acevedo Bilbao outlined the variables that currently influence a financing decision: “First, the revenue structure and contracts: whether there is a PPA, duration, counterparty, indexation, and time-of-use profile. Second, nodal risk, congestion, and connection capacity. The location and connection point can completely change a project's revenue profile.”
The analysis takes on a different dimension in light of the progress of stand-alone projects. According to the Ministry of Energy report, as of the end of April, Chile had 21 independent storage systems under environmental assessment, equivalent to 4,325 MW and 22,324 MWh , with estimated investments of USD 4.501 billion .
In projects with greater exposure to the spot market , the analysis also begins to incorporate a less obvious risk: price cannibalization .
“This is especially relevant for storage projects, because the massive influx of capacity can reduce spreads at certain times,” the DNV executive warned.
In that scenario, the filter for batteries will be increasingly financial: it will not be enough for them to be necessary for the system, but they will have to demonstrate technical, contractual and commercial resilience .
“The projects that secure financing are those that transform uncertainty into measurable and manageable risk. They typically have advanced permits, a credible connection, solid engineering, proven technology, a clear contractual strategy, and robust market analysis,” Acevedo Bilbao summarized.