US$475 million Financing secured for hybrid solar and battery storage project in Chile

DNV acted as market advisor to support Atlas Renewable Energy in securing USD 475 million in financing for the Copiapó hybrid solar and battery storage project in Chile. The financing was arranged with a consortium of leading financial institutions including BBVA, BCI, Crédit Agricole CIB (CACIB), Natixis CIB, SMBC, and Société Générale.

Located in Chile’s Atacama Region, Copiapó combines 357 MWp of solar capacity with a 320 MW/1.28 GWh battery system, capable of providing four hours of storage. The project will supply clean energy equivalent to 750 GWh per year to CAP Group subsidiaries – CMP and Aguas CAP (part of Chile’s leading steel and mining conglomerate) – under two long-term 15-year power purchase agreements (PPAs). By delivering reliable, 24/7 renewable power, Copiapó will help decarbonize Chile’s steel and mining sectors, among the nation’s largest energy consumers.

DNV helped de-risk the project’s complex revenue structure for lenders. The scope included market due diligence, review of the power purchase agreements, and battery revenue-stacking and dispatch-optimization analysis to demonstrate long-term bankability. This independent validation strengthened lender confidence and supported the achievement of highly competitive financing terms.