Toesca Asset Management advances 141 MW battery storage project linked to Luz del Norte solar plant in Atacama

Toesca Asset Management confirmed the development of a 141 MW battery energy storage system (BESS) with a duration of five hours, situated 62 kilometers from Copiapó in the Atacama region. The initiative is integrated with the Luz del Norte photovoltaic plant, which currently operates at 148 MW and generates approximately 390 GWh annually. The storage project aims to store solar energy produced during daylight hours for dispatch during nighttime, addressing challenges linked to congestion, curtailment, and the variability inherent in Chile’s National Electric System. The BESS consists of 144 battery containers and forms part of a renewable assets platform named T-Power, supported by a recent US$325 million financing round that encompasses multiple renewable energy projects.

Within T-Power’s portfolio, Luz del Norte operates alongside Cóndor del Sol, a group of 17 solar plants totaling 121 MW capacity, spread between the Valparaíso and Biobío regions. These distributed generation assets operate under the price stabilization regime regulated by the National Energy Commission. The battery storage project, publicly disclosed with an investment exceeding US$80 million, is in the construction phase and occupies part of a 455-hectare site alongside more than 1.5 million installed solar panels.

The financing package includes a US$239.5 million term loan plus liquidity and credit lines, underpinned by green loan principles and participation from SMBC, Natixis, Banco de Crédito e Inversiones (BCI), and fund manager NinetyOne. This refinancing replaces existing debt, enabling the expansion of the T-Power platform and increasing operational efficiencies amid tightening infrastructure demands on Chile’s renewable sector. Toesca’s general manager, Carlos Saieh, emphasized the strategic importance of the BESS to leverage solar generation capacity more effectively.

Separately, Chile’s Corfo program continues to expand green credit financing, with US$83 million disbursed to date for sustainable projects including renewable generation and storage. Concurrently, legislative developments propose a temporary CO2 surcharge on emissions-intensive generators to fund electricity subsidies, potentially impacting operational costs within the National Electric System. These factors collectively indicate reinforced momentum in Chile’s renewable infrastructure investments and financing frameworks toward grid stability and decarbonization objectives.