Atlas Renewable Energy has secured $475m in financing for the Copiapó hybrid solar and battery storage project in Chile, with DNV acting as the market advisor.  

This project financing was arranged through a consortium of financial institutions, including BBVA, BCI, Crédit Agricole CIB, Natixis CIB, SMBC, and Société Générale. 

Situated in Chile’s Atacama Region, the Copiapó project will combine 357MWp of solar capacity with a 320MW battery system, capable of providing up to four hours of electricity storage.  

The facility is expected to supply approximately 750GWh of clean energy annually. 

The electricity generated will be supplied under two 15-year power purchase agreements (PPAs) to CAP Group subsidiaries: CMP and Aguas CAP. 

The Copiapó project aims to deliver reliable, continuous renewable power, supporting the decarbonisation of Chile’s steel and mining industries, which are among the country’s largest energy consumers.  

DNV’s involvement encompassed market due diligence, evaluation of the PPAs, and analysis of battery revenue stacking and dispatch optimisation to demonstrate the long-term bankability of the project to lenders. 

DNV energy systems executive vice-president and regional director for Latin America Santiago Blanco said: “Chile is showing what the next chapter of the energy transition looks like. Projects like Copiapó 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.  

“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.” 

This transaction brings Atlas’ total project financings closed in the last 13 months to over $1.2bn. 

Atlas boasts a portfolio exceeding 8.4GW, and is engaged in the development, financing, construction and operation of clean energy projects throughout the region, including 1.5GW of contracted capacity in Chile. 

The company currently operates three large-scale solar plants, comprising Javiera in Atacama, Quilapilún in the Metropolitan Region, and Sol del Desierto in Antofagasta, as well as the battery storage system del Desierto, Chile’s first large-scale standalone storage project.