Atlas Renewable Energy Secures $289M Financing for One of Latin America’s Largest Energy Storage Projects
Atlas Renewable Energy has secured $289 million in financing from BNP Paribas and Crédit Agricole Corporate and Investment Bank to develop the BESS del Desierto storage project. This deal is one of the first financing facilities for stand-alone batteries in Chile and Latin America, setting a new precedent in the region’s energy market.
The financing includes a $219 million senior loan and $70 million in other credit lines. The BESS del Desierto project, with a capacity of 200 MW and 800 MWh storage, will store energy during peak sun hours and reinject it into the grid during peak demand. This project is one of the largest energy storage initiatives in Chile and Latin America.
The project will supply energy to EMOAC under a significant agreement between Atlas and COPEC’s energy marketing subsidiary. The contract includes reinjecting around 280 GWh annually into the grid, helping to reduce the curtailment of solar energy and ensuring greater stability and reliability of the electricity supply.
Additionally, with this agreement and a supply award granted to Codelco for a new photovoltaic plant and BESS earlier this year, Atlas plans to deliver 9.2 TWh of sustainable energy to the grid during peak hours over the next 15 years.
Alfredo Solar, Atlas’ Regional Manager for Chile and Southern Cone, said: “This achievement is a testament to our ongoing commitment to innovation and sustainability in the energy sector. The financing of this project not only reinforces our leadership in Latin America but also highlights our ability to partner with prestigious financial institutions and execute large-scale projects that are transforming the future of energy across the region.”