Atlas Renewable secures $289m for 200MW Chilean battery

• Atlas Renewable Energy secures $289 million for 200-MW battery storage project in Chile, supporting renewable energy goals and grid stability.

Atlas Renewable Energy has secured $289 million in bank loans to build a 200-MW/800-MWh battery storage project in Chile, one of the largest in the country and Latin America. The funding from French lenders BNP Paribas and Credit Agricole Corporate and Investment Bank includes a senior loan of $219 million and other credit lines totaling $70 million. The BESS del Desierto battery will store electricity during high solar irradiation periods and feed it back into the grid during peak demand, operating under a 15-year power purchase agreement with Chilean energy trader Emoac.

The battery storage facility will be Atlas Renewable's first standalone energy storage project in Chile and will be located next to the 244-MWp Sol del Desierto solar farm commissioned in March 2022. The project aims to inject around 280 GWh per year back into the grid, supporting Chile's renewable energy goals. This investment highlights the growing importance of energy storage in enabling the integration of renewable energy sources into the grid and ensuring a stable and reliable power supply.

How will Atlas Renewable Energy's battery storage project in Chile impact renewable energy goals?

• The 200-MW/800-MWh battery storage project in Chile will help to store excess electricity generated during high solar irradiation periods, allowing it to be fed back into the grid during peak demand times.
  
• The project will support Chile's renewable energy goals by injecting around 280 GWh per year back into the grid, helping to increase the share of renewable energy in the country's energy mix.
  
• The funding secured from French lenders BNP Paribas and Credit Agricole Corporate and Investment Bank will enable Atlas Renewable Energy to build one of the largest battery storage projects in Chile and Latin America.
  
• The BESS del Desierto battery storage facility will operate under a 15-year power purchase agreement with Chilean energy trader Emoac, ensuring a stable revenue stream for the project.
• This investment highlights the growing importance of energy storage in enabling the integration of renewable energy sources into the grid and ensuring a stable and reliable power supply in Chile.