Atlas Renewable Energy has secured USD 475 million in financing for the Copiapó hybrid solar-storage project in Chile, with DNV acting as market advisor, the companies said on Friday.
Atlas said the financing was arranged with a consortium of lenders including BBVA, BCI, Crédit Agricole CIB, Natixis CIB, SMBC and Société Générale. “Atlas said the financing was arranged with BBVA, BCI, Crédit Agricole CIB, Natixis CIB, SMBC and Société Générale,” the company stated.
The Copiapó project will combine 357 MWp of solar capacity with a 320 MW/1.28 GWh battery system capable of providing up to four hours of storage. Located in Chile’s Atacama region, the facility is expected to deliver 750 GWh annually under two 15-year power purchase agreements with CAP Group subsidiaries CMP and Aguas CAP.
DNV said it acted as market advisor to de-risk the project’s revenue structure, supporting market due diligence, reviewing PPA arrangements and analysing battery revenue-stacking and dispatch optimisation.
Santiago Blanco, executive vice president and regional director for Latin America, Energy Systems at DNV, said: “Chile is showing what the next chapter of the energy transition looks like.” He added: “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.”
Atlas said the project illustrates Chile’s ability to pair renewable energy generation with storage for industrial customers. Esteban Uauy, global head of project finance at Atlas Renewable Energy, said: “DNV’s support helped reinforce lender confidence and highlight the project’s strengths in a rapidly evolving market.” He added: “Together, we’re demonstrating how collaboration and innovation can accelerate the region’s energy transition.”
The company said the financing marks a milestone in a record year for Atlas in Chile, bringing its total financings over the last 13 months to more than USD 1.2 billion. Atlas develops, finances, builds and operates projects across Latin America and currently has 1.5 GW contracted in Chile, including the Javiera, Quilapilún and Sol del Desierto solar plants and BESS del Desierto, the country’s first large-scale stand-alone storage project.
