Brookfield, one of the world's largest infrastructure and renewable energy asset managers, has acquired a majority stake in Verano Energy, the Chilean developer of solar and storage projects. With that backing, Verano plans to invest about US$1.6 billion over the next five years to develop 2.5 GW of solar and batteries, mainly in Chile and Colombia, the company told Revista Electricidad on 13 November.
The parties did not disclose the price or the exact size of the stake. Founder and CEO Dylan Rudney and the management team will remain in charge of the company, which was founded in 2012 and has raised more than US$800 million in equity and debt for its projects.
View the data as a table
| Planned investment | US$1,600 million |
| Capacity to develop | 2.5 GW |
| Equity and debt raised | US$800 million |
What Brookfield is buying in Verano Energy
Verano Energy specialises in projects that combine solar panels with batteries (BESS), the fastest-growing model in Chile because it stores midday energy, when there is a surplus and its price drops to zero in many hours, and sells it in the evening. Brookfield will contribute capital and its global experience in operations and equipment procurement, according to the company.
“Brookfield's investment marks an important milestone for the Verano team and platform, giving us the capital needed to accelerate our growth”, Rudney said. Tomás Escrich, senior vice president in Brookfield's Energy group, said Verano “is well positioned to capture the growing demand for renewable energy and energy storage in Latin America”.
| Item | Verano Energy |
|---|---|
| New controlling shareholder | Brookfield (majority stake) |
| Planned investment | US$1.6 billion over five years |
| Capacity to develop | 2.5 GW of solar and storage |
| Priority markets | Chile and Colombia |
| Founded | 2012 |
| Equity and debt raised | More than US$800 million |
| CEO | Dylan Rudney (founder), remains |
Source: Verano Energy and Brookfield statement, via Revista Electricidad (13 November 2026). The transaction value was not disclosed.
Verano Energy's projects in Chile
The company's first hybrid project is Domeyko, near Vallenar in Atacama: an 83 MW solar plant with 660 MWh of batteries. In August 2025 it closed US$204 million of financing with SMBC, Société Générale and Scotiabank, on a total investment of US$247 million, according to Electrominería. Commercial operation was scheduled for the end of 2026.
The second is Observatorio, in Marchigüe, O'Higgins Region: 123 MWp of solar and about 600 MWh of batteries able to deliver full power for five hours. In October it secured US$187 million in green loans led by MUFG, and its energy is bought by Copec Emoac, as we reported in our story on the Observatorio financing.
- 2012FoundedDylan Rudney starts the company.
- Aug 2025Finances DomeykoUS$204 million for 83 MW of solar and 660 MWh of batteries.
- Oct 2026Finances ObservatorioUS$187 million in green loans.
- 13 Nov 2026Brookfield comes inTakes a majority and backs US$1.6 billion over five years.
Why Brookfield is betting on solar plus storage in Chile
Storage is changing how Chile's power system runs. Batteries delivered 4.5 TWh in the 12 months to October 2026, 2.7 times the previous year, and helped renewable generation exceed 90% for the first time that month, according to a Galilei analysis of Coordinator data that we covered in our story on the record 1,262 hours above 90% renewables.
At the same time, curtailment of solar and wind energy, the output lost because the grid cannot carry it, reached 5.6 TWh in that period. That makes plants able to store their output and sell it at night more valuable. In Colombia the business is different: according to Verano, electricity demand is growing and the country needs to diversify its power mix, in which hydropower plants dominate.
| Chilean system indicator | Value | Period |
|---|---|---|
| Energy delivered by batteries | 4.5 TWh | Nov 2025-Oct 2026 |
| Growth versus the previous year | 2.7 times | Nov 2025-Oct 2026 |
| Solar and wind curtailment | 5.6 TWh | Nov 2025-Oct 2026 |
| Renewable generation in October | Over 90% | October 2026 |
Source: Galilei analysis of hourly data from the National Electricity Coordinator, via Electrominería (13 November 2026).
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See advertising optionsBrookfield returns to Chile's energy sector
This is not Brookfield's first investment in Chile's power system. In 2006 a consortium it was part of bought Transelec, the country's largest transmission company, for US$1.69 billion. In March 2018, Brookfield Infrastructure completed the sale of its roughly 27.8% stake in Transelec's parent company to China Southern Power Grid for US$1.3 billion, according to the company's statement and law firm Carey, which advised it.
Globally, Brookfield has grown strongly in renewables by buying entire platforms. In 2024 it led, with other investors, the acquisition of France's Neoen, one of the largest developers of solar, wind and batteries, valued at about €6.1 billion, according to BNN Bloomberg. With Verano it repeats the formula on a smaller scale: it comes in as majority owner and leaves the founding team in charge of developing the pipeline.
| Year | Brookfield transaction | Amount |
|---|---|---|
| 2006 | Consortium buys Transelec (Chile) | US$1.69 billion |
| 2018 | Sells its ~27.8% of Transelec's parent to China Southern Power Grid | US$1.3 billion |
| 2024 | Leads the acquisition of Neoen (France) | Valued at about €6.1 billion |
| 2026 | Takes a majority stake in Verano Energy (Chile) | Not disclosed |
Sources: Brookfield Infrastructure (March 2018), Carey, BNN Bloomberg (December 2024) and Revista Electricidad (November 2026).
Verano Energy in the sector's wave of deals
The deal comes in a year of heavy capital flows into solar plus storage in Chile, with financial closes worth hundreds of millions of dollars, such as Grenergy's US$457 million for Algarrobal and Palmas, and sales of complete projects. For independent developers, adding a financially strong partner lowers the cost of capital and makes it possible to go from two projects to a portfolio of several GW.
Verano did not detail which projects make up the 2.5 GW or how many will be in each country. With battery prices falling and the system needing flexibility, competition for good grid connection points will in practice decide how many of those projects get built.
Frequently asked questions
What did Brookfield buy?
A majority stake in Verano Energy, a Chilean developer of solar-plus-storage projects. The amount was not disclosed.
How much will Verano Energy invest?
About US$1.6 billion over five years to develop 2.5 GW of solar and storage, mainly in Chile and Colombia.
Who runs Verano Energy?
Its founder and CEO, Dylan Rudney, who will remain in charge with the current management team.
What projects does Verano Energy have in Chile?
Domeyko, in Atacama (83 MW of solar and 660 MWh of batteries), and Observatorio, in O'Higgins (123 MWp of solar and about 600 MWh of batteries).
