Atlas Renewable Energy, a solar and wind project developer, secured $510 million in financing for the construction and development of the Estepa Project in Chile. The funding was secured from various international banking institutions, including BNP Paribas, Crédit Agricole Corporate & Investment Bank, DNB Bank, Scotiabank Chile, Sumitomo Mitsui Banking Corporation, and the Bank of Nova Scotia, which were structured under highly competitive terms.
The Estepa project will be a hybrid project consisting of a 215 MW solar project with an estimated generation of 600 GWh per year. The project also includes two battery storage projects with a 418 MW capacity, equivalent to four hours of energy generation. The project is expected to begin commercial operation by the end of 2026.
This project is supported by two long-term power purchase agreements signed with a mining company, Codelco, and an electric utility company, Colbun.
“This milestone once again demonstrates Atlas’ leadership. Not only is this our largest financing in history, but it’s for a large-scale hybrid project. The agreements we’ve reached with the country’s key players reflect our competitiveness in developing complex, large-scale projects. We are proud to continue our role as strategic partners to some of the most important companies operating in the mining and energy sectors,” stated Alfredo Solar, Atlas Renewable Energy’s Regional Manager for Chile and the Southern Cone.
According to Mercom’s recently released Q1 2025 Solar Funding and M&A report, announced large-scale project funding in Q1 2025 increased by 27% compared to Q1 2024.
Earlier this month, Enlight, a renewable energy project developer, secured $243 million in financing for its Quail Ranch project near Albuquerque, New Mexico. The funding was arranged through its U.S. subsidiary, Clenera Holdings. The project consists of 128 MW solar, along with a 400 MWh battery storage project. It is expected to reach commercial operation by the end of 2025.
