Atlas Renewable Energy said Monday that it obtained a $510 million loan from a syndicate of banks to build a solar power plant with battery energy storage capacity in Chile, its largest financing deal to date.
The Miami-headquartered company said the financing is from BNP Paribas, Crédit Agricole Corporate & Investment Bank, DNB Bank, Scotiabank Chile, Sumitomo Mitsui and The Bank of Nova Scotia, according to a press release.
The company did not disclose financial details on the loan, but said that it will use the proceeds for its 215 MW Estepa project in María Elena, Antofagasta, which will have 418 MW of storage capacity. The project is expected to start at the end of 2026.
The loan is backed by energy supply contracts with Chilean copper miner Codelco and energy company Colbún. Codelco, for example, has agreed to buy 375 GWh of 24/7 energy per year under a power purchase agreement with Atlas.
Atlas, which was acquired by BlackRock’s Global Infrastructure Partners arm in 2022, got a $113 million loan last year from IDB Invest and Bancolombia to build its first solar power plant in Colombia, and before that took out a $450 million loan to build a solar power complex in Brazil’s Minas Gerais state.