Atlas Renewable locks debt funding for 200-MW Chilean battery

Latin America-focused renewables operator Atlas Renewable Energy has obtained USD 289 million (EUR 262.2m) in bank loans to support the construction of a 200-MW/800-MWh battery storage project in Chile, one of the largest ones in the country and in Latin America.

The proceeds will be earmarked for the BESS del Desierto battery, which will be Atlas Renewable’s first standalone energy storage facility in Chile, the company said on Tuesday.

The debt funding was extended by French lenders BNP Paribas and Credit Agricole Corporate and Investment Bank and includes a senior loan of USD 219 million and other credit lines totalling USD 70 million.

BESS del Desierto will be designed to store electricity during periods of high solar irradiation and feed it back into the grid during periods of peak demand. The facility will be run under a 15-year power purchase agreement (PPA) with Chilean energy trader Emoac signed in March, which calls for Atlas Renewable to re-inject around 280 GWh per year to the grid.

The energy storage system will be installed next to the 244-MWp Sol del Desierto solar farm that Atlas commissioned in Maria Elena commune in March 2022 but will be run as a standalone unit.

Atlas Renewable Energy is funded and supported by Global Infrastructure Partners (GIP).

(USD 1.0 = EUR 0.907)

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