DNV, the independent energy expert and assurance provider, 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 through 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, the Copiapó project combines 357 MWp of solar capacity with a 320 MW / 1.28 GWh battery storage system capable of providing four hours of storage. The facility 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. By delivering reliable, 24/7 renewable power, Copiapó will contribute to decarbonizing Chile’s steel and mining sectors, among the country’s largest energy consumers.
DNV’s role involved de-risking the project’s complex revenue structure for lenders. This included conducting market due diligence, reviewing the power purchase agreements, and performing battery revenue-stacking and dispatch-optimization analyses to demonstrate long-term bankability. The independent validation provided by DNV strengthened lender confidence and supported the achievement of highly competitive financing terms.
“Chile is showing what the next chapter of the energy transition looks like,” said Santiago Blanco, Executive Vice President and Regional Director for Latin America, Energy Systems at DNV. “Projects like Copiapó thrive because the country combines exceptional natural resources—including world-class solar irradiance and 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.”
Esteban Uauy, Global Head of Project Finance at Atlas Renewable Energy, added, “The Copiapó project reflects Chile’s growing capability to pair renewable generation with storage and supply clean energy to key industrial sectors. DNV’s support helped reinforce lender confidence and highlight the project’s strengths in a rapidly evolving market. Together, we’re demonstrating how collaboration and innovation can accelerate the region’s energy transition.”
This transaction marks a milestone in a record year for Atlas Renewable Energy in Chile, bringing the total project financings closed in the last 13 months to over USD 1.2 billion. The company, an international renewable energy solutions provider with more than 8.4 GW in its portfolio, develops, finances, builds, and operates clean-energy projects across Latin America, including 1.5 GW of contracted capacity in Chile.
Atlas currently operates three large-scale solar plants—Javiera in Atacama, Quilapilún in the Metropolitan Region, and Sol del Desierto in Antofagasta—alongside BESS del Desierto, the country’s first large-scale stand-alone storage project. Together with Copiapó, these facilities highlight Chile’s emergence as one of the world’s most advanced clean-energy markets. With over 70% of its power generation already renewable and an 80% target set for 2030, Chile demonstrates how ambitious policy, investor confidence, and technological innovation can align to accelerate decarbonization and inspire similar progress across Latin America and beyond.
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