DNV has supported Atlas Renewable Energy in securing USD475m for the Copiapó hybrid solar-storage project in Chile, according to the companies.
Atlas said the financing was arranged with BBVA, BCI, Crédit Agricole CIB, Natixis CIB, SMBC and Société Générale.
The company said Copiapó will combine 357MWp of solar with a 320MW/1.28GWh battery delivering up to four hours of storage.
Atlas said the project, located in the Atacama region, will supply 750GWh a year 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 revenue structure, including market due diligence, PPA review and analysis of 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 said: “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.”
He added: “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.”
Atlas said the project demonstrates Chile’s capability to match renewable generation with storage for industrial consumers.
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 said: “Together, we’re demonstrating how collaboration and innovation can accelerate the region’s energy transition.”
Atlas said the transaction marks a milestone in a record year for the firm in Chile, taking its financings over the last 13 months to more than USD1.2bn.
The company said it develops, finances, builds and operates projects across Latin America and has 1.5GW contracted in Chile.
Atlas said it operates the Javiera, Quilapilún and Sol del Desierto solar plants, as well as BESS del Desierto, the country’s first large-scale stand-alone storage project.