Atlas has gone on to raise $475 million to fund its Copiapó, Chile-based project in that country’s Atacama Region. This innovative new initiative includes an impressive 357 megawatt-peak (MWp) solar capacity. It includes a large 320 megawatt (MW) battery system, further increasing the reliability of renewable energy supply in the region.
The down in Copiapó project’s slant is ensuring around the clock renewable energy. It includes an innovative battery system that allows it to store electricity for four hours of operation. By doing so, it ensures that energy is available even during periods of low solar generation, addressing the intermittent nature of solar energy. This establishment is a key step in helping decarbonization efforts of Chile’s steel and mining sectors. These sectors are among the country’s largest energy consumers.
Power Purchase Agreements and Energy Supply
Production from the Copiapó project will be sold to two long-term PPAs with CMP and Aguas CAP, both subsidiaries of the Chilean group CAP. Once completed, this project will provide up to 750 GWh of new annual clean energy. These contracts each cover 15 years and provide a predictable environment in which to deliver energy. They strengthen the financial viability of the project.
From the very beginning, DNV’s experts helped prove the project’s bankability. They did deep market due diligence, counterfactual evaluation of the power purchase agreements (PPAs), battery revenue stacking and dispatch optimization. This detailed review was intended to prove long-term sustainability for the Copiapó project to prospective financiers.
Atlas’s Commitment to Renewable Energy
Atlas is currently very much at the forefront of developing, financing, building and operating the Copiapó project. Atlas displays its dedication to growing innovative renewable energy solutions across the NW region. That’s because with a portfolio over 8.4 gigawatts (GW) and 1.5 GW of contracted capacity in Chile alone, the company leads among influencers. This latest transaction brings Atlas’ total project financings closed over the past 13 months to more than $1.2 billion.
Santiago Blanco, a representative from Atlas, commented on the project’s significance within the broader context of Chile’s energy landscape.
“Chile is showing what the next chapter of the energy transition looks like. 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.” – Santiago Blanco