Verano Energy, a utility-scale solar and green hydrogen project developer, has secured a $204 million project finance facility for its Domeyko hybrid project, which includes an 83 MWp solar with 660 MWh of battery energy storage system.
The project is currently under construction and is located in northern Chile near Vallenar in the Atacama region. The project is scheduled for commercial operation by the end of 2026.
According to the company, the Domeyko project will require a total capex of $247 million. Of this, a syndicate of international banks comprising SMBC, Société Générale, and Scotiabank will provide a term loan of $176 million, along with $12 million in VAT debt financing provided by Scotiabank.
In December 2024, Verano Energy entered into a long-term Power Purchase Agreement (PPA) with Abastible, securing steady revenues for the project while contributing to Chile’s energy decarbonization.
“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.”
According to Mercom’s 1H and Q2 2025 Solar Funding and M&A report, large-scale project funding increased by 65% in the first half of 2025 compared to the same period in 2024.
In August, Helexia, a solar project developer and a subsidiary of Voltalia, raised a second incremental tranche of its financing program, amounting to €50 million (~$58 million), to support the development of its solar project portfolio across Europe.
