Chile has become the proving ground for large-scale renewable energy storage in Latin America, and Atlas Renewable Energy is at the forefront with its landmark Estepa complex in the Antofagasta region. Backed by Global Infrastructure Partners (GIP), the Miami-based developer is combining a 215 MWp photovoltaic solar plant with two battery energy storage systems (BESS) totaling 418 MW/4h—creating one of the country’s most ambitious hybrid platforms to date.
“We had been developing this project for a long time, just waiting for the right opportunity—and then it finally came,” says Carlos Barrera, CEO of Atlas Renewable Energy. That opportunity emerged at the end of 2023, when Chile approved a regulatory framework for storage, unlocking conditions for projects like Estepa to proceed.
The Estepa I and Estepa II projects,which win Energy Storage Financing of the Year, were structured under a single $510 million credit agreement and represent Atlas’s largest financing ever and one of the largest solar-plus-storage financings in Chile.
For Atlas Renewable Energy, Estepa marks both a financial milestone and a strategic statement about the future of clean power in the region. Combining forward-looking policy, innovative structuring, and deep ESG commitments, it demonstrates how renewable developers can adapt to evolving market realities while setting a new benchmark for solar-plus-storage in Latin America.
Commercial operation is targeted for 2026, when the complex will provide enough clean energy to power more than 250,000 households annually. More than that, it is designed to confront one of Chile’s most pressing energy sector challenges: curtailment. In January 2025 alone, the country recorded a record 653 GWh of renewable generation curtailed. By absorbing excess generation and dispatching it to the grid when needed, Estepa will reduce congestion, boost reliability, and help accelerate Chile’s push toward full decarbonization by 2050.
Two long-term power purchase agreements give the project a strong commercial backbone. Estepa I is supported by a 17-year take-or-pay contract with Codelco, the world’s largest copper producer, ensuring a constant supply of renewable energy for industrial operations. Estepa II is anchored by a 15-year tolling agreement with Colbún, further diversifying Chile’s clean energy mix. Together, the contracts provide stable dollar-denominated revenues while advancing decarbonization strategies for two of the country’s most strategic companies.
The financing package combined a $413 million senior secured green term loan with $65.5 million in letter-of-credit facilities and a $31.5 million VAT facility. Additional instruments included derivatives, performance guarantees, and a multi-tranche structure designed to match the distinct risk profiles of the two projects. Closing under a compressed timeline required seamless coordination across international and local teams, reflecting both the complexity of the structure and the appetite of global lenders to support well-prepared renewable platforms.
“It is the biggest financing package we have ever closed,” Barrera adds. “We used a mini-perm type structure that was very successful, as it has been hard to come by longer-term tenors at rates that make sense for us.”
Beyond its financing innovation, Estepa also sets a benchmark for environmental, social, and governance commitments. Atlas has pledged to hire at least 15% of the workforce locally, while introducing training programs in solar installation and electrical work to build skills in the community.
Energy Storage Financing of the Year
Estepa I and II Solar PV + BESS Project
$479m Project Financing: $299m loan (Estepa I); $180m loan (Estepa II)
Sponsors: Atlas Renewable Energy; Atlas Energía Holding SpA
Joint Lead Arrangers & Joint Bookrunners: BNP Paribas (Global Coordinator); Crédit Agricole (Global Coordinator); DNB; Scotiabank, SMBC
Sponsor’s Counsel: Claro & Cia; White & Case
Lenders’ Counsel: Carey; Milbank
Consultants: Enertis; PWC; WTW
All supporting financial institutions and law firms were transmitted to LatinFinance by the award category winners. For updates please email awards@latinfinance.com