Atlas Renewable Energy is making strong progress in Chile through BESS (Battery Energy Storage System) storage projects and multimillion-dollar investments.
Between 2024 and 2025, the company managed to close strategic contracts with major clients such as COPEC, Codelco, Colbún and Grupo CAP, positioning itself as a central player in the country's energy transition.
“We secured contracts worth over US$1.2 billion,” stated Alfredo Solar , Regional Manager for Chile and the Southern Cone at Atlas Renewable Energy, during the webinar “Energy Revolution in the Andean Region: Regulation, Renewables, and Storage,” organized by Energía Estratégica. One of the most significant milestones was the 15-year contract with COPEC for the Del Desierto BESS project in the municipality of María Elena, Antofagasta Region. This is the first large-scale stand-alone BESS system in operation in Chile and Latin America, with a capacity of 200 MW and 800 MWh of storage . Simultaneously, Atlas won a bid with Codelco for the 24/7 supply of clean energy through the Estepa I project.
In addition, there is an agreement with Colbún to develop Estepa II , which will allow the construction of a 215 MW photovoltaic plant along with two BESS systems totaling 418 MW with four hours of autonomy. "For Estepa I and II we will invest almost 700 million dollars and we have raised financing of more than USD 500 million, so we have the confidence of many banks that entered into this project finance," said Alfredo Solar.
In addition, the company won a long-term tender with Grupo CAP , through the Copiapó Solar project, which will have more than 300 MW solar and 300 MW BESS to deliver 450 GWh/year of green energy for 15 years to the main mining and steel conglomerate in Chile.
"Storage is a fundamental part of the business model."
We have seen that customers, especially miners, want clean, certified energy 24 hours a day.
"So, storage comes to complement solar technology to give the customer that 24/7 supply," said the regional manager for Chile and the Southern Cone at Atlas Renewable Energy.
In this sense, northern Chile becomes a strategic area due to the abundance of solar energy available for charging during the day, and higher prices at night.
Looking ahead to the next few years, Atlas plans to deepen its commitment to this model, with a development portfolio of between 1,500 and 2,000 MW .
" We are in the phases of closing commercial agreements to begin financing ," revealed Solar , who estimated that the company will invest "around USD 2.5 billion until 2030 in this type of project."
Regulatory framework: progress and challenges Although Chile anticipated with a general framework for the insertion of storage into the electricity market, there are still pending challenges that could define the pace of its expansion, mainly linked to more specific regulations.Among the main pending issues is the publication of Supreme Decree 125 , which will define the daily and hourly dispatch scheme for batteries , as well as the criteria for developers to model their profitability more accurately, so that players can incorporate each of the particularities in detail into their business model .
Another key point is the need to establish a predictable remuneration system for BESS projects, given that, from the specialist's perspective, there are two major sources of income that allow the batteries to be rented.
"One is price arbitrage, where batteries have to be charged at times when the price of energy is low and discharged at times when the price is high.
"The second is that a capacity payment scheme is required, and, if possible, mechanisms are needed to recognize the complementary or auxiliary services that batteries can provide," stressed the regional manager for Chile and the Southern Cone at Atlas Renewable Energy.