Atlas Renewable Energy: $500 million solar and storage programme in Chile

The sponsor

Atlas Renewable Energy invests almost entirely in large-scale solar power and energy storage. That single-sector concentration is a strength in project finance: the sponsor's engineering, procurement and operating experience maps directly onto the assets being funded, and the delivery record can be assessed against comparable plants rather than unrelated businesses.

The programme

The transaction reached financial close in April 2025, with Atlas securing loans from a group of major international banks including BNP Paribas, Crédit Agricole CIB, DNB Bank and Scotiabank Chile.

The programme is sized at USD 500 million and supports solar generation and battery energy storage capacity in Chile. Rather than a single loan, a programme of this scale is arranged as a facility drawn in tranches, with each release tied to certified construction and commissioning milestones.

Storage capacity built alongside generation changes the revenue profile materially. It allows energy produced at midday to be delivered when the system values it most, which reduces exposure to depressed intraday prices and supports a steadier cash flow for debt service.

Why Chile

Chile combines an exceptional solar resource in the north with an established market for contracted power. Those two conditions — a resource that can be independently assessed and revenue that can be contracted — are the same two conditions any project lender looks for before sizing long-dated debt.

How the facility is drawn

Funds are released in tranches once independently verified milestones are met, paid through our corresponding financial institution. Each drawdown request is supported by certification that the previous tranche was spent as budgeted and that the remaining budget is still sufficient to complete.