Atlas Renewable Energy Raises $510M for Chile's Largest Hybrid Solar and Storage Project

Atlas Renewable Energy has raised $510 million in funding for its Estepa Project, a massive hybrid solar photovoltaic and battery energy storage system (BESS) in Chile's Antofagasta region. It is the company's largest funding deal to date.

The transaction was arranged on strongly competitive terms with the assistance of a group of top international and Chilean banks, including BNP Paribas, Crédit Agricole CIB, DNB Bank, Scotiabank Chile, Sumitomo Mitsui Banking Corporation, and the Bank of Nova Scotia.

Strategic Power Agreements in Mining and Energy

The Estepa Project is supported by two multi-decade-long power purchase contracts with mining and energy industry titans Codelco and Colbún. These collaborations put Atlas at the forefront of driving Chile's transition to energy and highlight its ability to provide leading-edge, holistic renewable solutions custom-designed to respond to changing marketplace demands.

Alfredo Solar, Atlas' Regional Manager for Chile and the Southern Cone, said, “This milestone once again demonstrates Atlas’ leadership. The agreements we’ve reached with the country’s key players reflect our competitiveness in developing complex, large-scale projects.”

Also read: EIB and Iberdrola Sign €108M Green Loan to Boost Valdecañas Hydro Storage

Project Overview and Impact

The Estepa Project will combine a 215 MW solar PV installation capable of producing 600 GWh annually with two battery storage systems providing a total of 418 MW of capacity, equivalent to four hours of stored energy. This configuration will allow for a consistent supply of clean power, even during non-solar hours. Commercial operations are scheduled to begin by the end of 2026.

This financing follows Atlas’ recent deal to supply 450 GWh annually from its Copiapó hybrid project to Grupo CAP.