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.

“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 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. 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.”

“The Copiapó project reflects Chile’s growing capability to pair renewable generation with storage and supply clean energy to key industrial sectors,” said Esteban Uauy, Global Head of Project Finance at Atlas Renewable Energy. “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 its 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 (Atacama), Quilapilún (Metropolitan Region), and Sol del Desierto (Antofagasta) – as well as BESS del Desierto, the country’s first large-scale standalone storage project. Together with Copiapó, these facilities underscore Chile’s emergence as one of the world’s most advanced clean-energy markets. With more than 70% of its power generation already renewable and an 80% target set for 2030, the country is demonstrating how ambitious policy, investor confidence, and technological innovation can align to accelerate decarbonization and inspire similar progress across Latin America and beyond.