Atlas Renewable Energy has secured what it says is the largest financing deal in its history, to support the development of Estepa, a hybrid solar photovoltaic and battery energy storage system (BESS) project in Chile’s Antofagasta region.
Atlas worked with financial institutions including BNP Paribas, Crédit Agricole Corporate & Investment Bank, DNB Bank, Scotiabank Chile, Sumitomo Mitsui Banking Corporation, and the Bank of Nova Scotia, to secure the $510 million investment.
Solar and storage
The hybrid renewable energy project will combine a 215 MW solar photovoltaic plant with a BESS offering 418 MW of capacity, capable of storing four hours of energy.
The facility will generate an estimated 600 GWh annually, with the BESS capable of supporting continuous clean energy even during non-solar hours.
‘Significant financing’
“I am very proud of this significant financing that marks a key milestone for another iconic project for Atlas, and very grateful to our distinguished financing partners for supporting us again,” commented Carlos Barrera, CEO of Atlas Renewable Energy.
“As the industry focus on profitability becomes more pronounced, we at Atlas are firmly focused on this path while continuing to help our clients and partners source more competitive clean energy solutions. All this while remaining dedicated to accelerating a clean energy transition.”
The financing deal was supported by long-term power purchase agreements signed with Chilean mining and energy giants Codelco and Colbún.
The project is set to commence operations by the end of 2026.
Atlas’ latest announcement comes just five months on from the business signing an agreement for 450 GWh hours annually from its Copiapo hybrid project, also in Chile, from mining firm Grupo CAP, through its subsidiaries Compañía Minera del Pacífico and Aguas CAP.
Atlas, which was founded in 2017, oversees a total asset base exceeding 8.4 GW, with 3.6 GW in operation and 2.5 GW in advanced development. Read more here.
