Chile and Colombia will be the focus of Verano Energy's next growth phase in Latin America. The developer is combining solar projects with storage systems, power purchase agreements, and financing structures to move from a regional portfolio to assets under construction and in operation.
“ Currently, Verano Energy has an international portfolio that exceeds 2500 MW in clean energy projects and +2000 MWh in BESS ,” said Carolina Galleguillos, General Manager Latin America of Verano Energy , in dialogue with Energía Estratégica.
The company's platform includes more than 60 solar plants designed and built in Latin America , an installed capacity exceeding 800 MWp , and over $800 million raised to finance projects . While it has also developed plants that are currently operating in Peru and Argentina, its immediate expansion is focused on the Chilean and Colombian markets.
The choice reflects two different dynamics. Chile is experiencing an acceleration in large-scale energy storage , driven by the need to manage solar production and reduce energy spills. Colombia, on the other hand, is beginning to incorporate batteries into its long-term planning with the recent award of its auction, in which 995 MW of solar photovoltaic capacity and 100 MW of battery storage were allocated.
Chile focuses its efforts on hybrid projects
Domeyko Solar + BESS is the most advanced project within Chile's strategy. The development combines 83 MWp of photovoltaic capacity with 660 MWh of storage.
“It recently reached a key milestone by completing the download and full installation of its BESS system, complementing the solar project which is 90% complete. This progress demonstrates how energy storage is transforming the way renewable energy is developed, allowing for greater flexibility in the electrical system, optimizing the use of generated energy, and helping to reduce curtailment,” Galleguillos stated.
The project is being developed in partnership with Abastible , which will purchase its production through a supply agreement. Verano Energy, in turn, secured $204 million in financing to support the construction of the solar power plant with storage.
“The joint development with Abastible demonstrates the growing market interest in energy solutions that are not only more flexible and sustainable, but also more economical,” the executive noted.
“In Chile we already have a Solar + BESS portfolio in different stages of development and we are also starting the construction of a new Solar + BESS Park, our Observatory project which is expected to reach COD in the first half of 2028, whose energy will be purchased by Copec Emoac,” he added.
Construction of the Observatory is now being incorporated into the company's roadmap. The project, located in Marchigüe, O'Higgins Region, includes 123 MWp of solar power, 660 MWh of storage, and an estimated investment of US$190 million . Its annual generation is expected to be around 150 GWh, and it is scheduled to become operational in February 2028.
Between Domeyko and Observatorio, Verano Energy has added 206 MWp of solar capacity and 1320 MWh of storage across two hybrid projects. This means that a significant portion of its regional BESS platform is now linked to concrete initiatives in Chile.
This investment comes amid a market discussing how to integrate up to 10 GW of storage and adapt dispatch rules to the growth of this technology. It also coincides with a tender for the supply of 2,835 GWh annually and 15-year contracts, processes that raise the technical and financial demands for developers.
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Colombia: from Chicalá to a portfolio exceeding 400 MWp
Chicalá marks Verano Energy's operational entry into Colombia. The plant, located in Sabanalarga, Atlántico department, has completed 100% of its solar module installation and has become the company's first project under construction in the country.
The plant has a capacity of 13 MWp and an estimated annual generation of 25.9 GWh. It was structured under a project finance agreement with the National Development Finance Corporation and has a power purchase agreement (PPA) with AES Colombia, two elements that support its financial and commercial viability.
“The project represents a strategic step for the consolidation of the company in the Colombian market,” Galleguillos highlighted.
Although its scale is smaller compared to Chilean developments, Chicalá functions as the first piece of a portfolio exceeding 400 MWp in Colombia .
“In Colombia, we are finishing our first construction project and also moving forward with our Magdalena portfolio, which consists of three projects with more than 40 MWp of power. We will then move forward with two large-scale projects in the next five years. We believe this will be a great opportunity for BESS installations, allowing us to bring our expertise from Chilean projects to the Colombian market,” explained the General Manager for Latin America.
The Colombian market is beginning to make room for energy storage. Its recent long-term auction awarded 995 MW of solar capacity and 100 MW of battery storage , a sign that it may expand opportunities for developers with prior experience in hybrid projects.
The transfer of this experience will depend on Colombia consolidating remuneration mechanisms, operating rules, and contracting signals compatible with capital-intensive projects. For Verano Energy, batteries are not an isolated complement, but a central component of the next phase of regional renewable energy.
“ We believe that battery storage will be one of the main drivers of the next stage of renewable energy growth in Latin America ,” the executive added.
However, converting the portfolio into operational capacity will require resolving bottlenecks that are beyond the scope of each individual project .
“Today the challenge is no longer just to incorporate more generation capacity, but to develop infrastructure capable of delivering energy reliably, flexibly and in line with the needs of the electrical systems,” warns Galleguillos.
In this scenario, the scale announced by Verano Energy will be relevant to the extent that it translates into new power plants, contracts, and grid connections. Domeyko and Observatorio are focusing their hybrid development in Chile, while Chicalá and Magdalena are paving the way to expand their presence in Colombia.
“The energy transition will depend on the ability to develop technically robust, financially sustainable and socially responsible projects,” the executive concludes.