Milbank LLP represented the lenders and administrative agent in connection with the $510 million financing of the development, construction, operation and maintenance of Atlas Renewable Energy’s Estepa I and Estepa II projects in Chile, which combine a solar project with two battery energy storage systems.
This transaction marks the largest financing deal in Atlas Renewable Energy’s history for a hybrid solar-storage project. The Estepa projects will be composed of a photovoltaic solar plant with an installed capacity of 215 MW and an estimated generation of 600 GWh per year, and two battery storage systems with a 418 MW capacity and a four-hours duration.
The Milbank team was led by Global Project, Energy and Infrastructure Finance partner and Latin America group co-head Jaime Ramirez, along with Global Project, Energy and Infrastructure Finance associate Natália d'Avila.