The project, which combines 215 MW of solar capacity with 418 MW of battery energy storage (BESS), represents a transformative step in delivering reliable, dispatchable renewable energy to Chile's industrial sector while accelerating the country's clean energy transition.

Santiago, Chile, 22 May 2025 — DNV, the independent energy expert and assurance provider, has played a key role in providing comprehensive advisory services to Atlas Renewable Energy to secure USD 510 million in financing for the landmark Estepa hybrid solar and battery storage project in Chile - the largest financing package in Atlas' history.

The project, which combines 215 MW of solar capacity with 418 MW of battery energy storage (BESS), represents a transformative step in delivering reliable, dispatchable renewable energy to Chile's industrial sector while accelerating the country's clean energy transition.

The Estepa project addresses two critical challenges in Chile's energy transition: providing stable renewable power to energy-intensive industries and integrating variable solar generation into the grid. Once operational in late 2026, the hybrid facility will generate enough clean electricity which can be compared to powering over 250,000 Chilean homes annually- directly supporting Chile's ambitious target of 70% renewable electricity by 2030.

DNV played a pivotal role in supporting lenders' credit analysis for this complex financing through comprehensive advisory services. The team conducted rigorous market due diligence to validate the project's positioning in Chile's evolving energy landscape, performed detailed analysis of the power purchase agreements with anchor clients Codelco and Colbún, and developed optimized battery dispatch strategies to maximize both grid value and revenue potential. This independent technical validation proved instrumental in securing competitive financing terms from a consortium of leading international banks, including Crédit Agricole, BNP Paribas, DNB, SMBC, and The Bank of Nova Scotia.

"This achievement demonstrates how hybrid renewable projects are rewriting the rules of grid reliability while delivering clean energy at scale," said Santiago Blanco, Vice President and Regional Director, Southern Europe, Middle East and Latin America, Energy Systems at DNV. "By combining solar generation with intelligent battery storage, Estepa creates a blueprint for how industrial energy users can transition away from fossil fuels without compromising on power quality or availability. I am happy DNV could contribute to this important energy transition project through our independent expertise"

Esteban Uauy, Capital Solutions Managing Director, noted: "DNV's proven track record and technical expertise were instrumental in our engagement with lenders and stakeholders. As our company continues to grow, we consistently rely on carefully selected, credible partners such as DNV, to support our transition to a more sustainable energy matrix."

The successful financing of Estepa marks a significant milestone in Latin America's energy transition, showcasing how innovative project structures coupled with rigorous technical adviseory can unlock capital for next-generation renewable energy solutions. As energy storage becomes increasingly critical for grid stability, DNV continues to support developers, financiers and offtakers navigate the technical and commercial complexities of hybrid renewable projects.