DNV Helps Atlas Renewable Secure $475M for 677-MW Chilean Solar and Battery Storage Project

Atlas Renewable Energy has secured $475 million in financing to fund construction of a nearly 700-MW solar-and-battery storage project to power mining companies in Chile.

The Copiapo hybrid site will combine 357 MW of solar photovoltaic with a 320-MW/1.28-GWh battery storage system, capable of four hours of discharge capacity. Located in the country’s Atacama region, the solar and storage is intended to power part of Chile’s steel and mining conglomerate CMP and Aguas CAP.

The financing was arranged with a consortium of financial institutions including BBVA, BCI, Crédit Agricole CIB (CACIB), Natixis CIB, SMBC, and Societe Generale. DNV was appointed as a market advisor to support Atlas Renewable Energy in securing the loan.

“Projects like Copiapo thrive because the country has combined exceptional natural resources — including world-class solar irradiance to a domestic lithium industry — with strong public support and clear, long-term policy signals,” said Santiago Blanco, Executive Vice President and Regional Director for Latin America, Energy Systems at DNV, in a statement. “This combination creates the conditions for large-scale solar-plus-storage projects to deliver reliable, clean power to industry and serve as a model for other nations to follow.”

Chile's has grown its wind and solar energy portfolio to about 40% of the power grid mix, according to reports.

DNV’s scope of work included market due diligence, review of the power purchase agreements, and battery revenue-stacking and dispatch-optimization analysis to demonstrate long-term bankability. The independent validation strengthened lender confidence and supported the achievement of competitive financing terms.

Including the Copiapo project, Atlas Renewable Energy brought its total project financings closed in the last 13 months to over US$1.2 billion in Chile. The company has more than 8.4 GW in its total portfolio, including 1.5 GW of contracted capacity in Chile.

“The Copiapo project reflects Chile’s growing capability to pair renewable generation with storage and supply clean energy to key industrial sectors,” said Esteban Uauy, Global Head of Project Finance at Atlas Renewable Energy. “DNV’s support helped reinforce lender confidence and highlight the project’s strengths in a rapidly evolving market.”