COPENHAGEN, Denmark, Oct. 07, 2024 (GLOBE NEWSWIRE) -- Copenhagen Infrastructure Partners (CIP), through its Growth Markets Fund II (CI GMF II), has taken final investment decision (FID) on a 220 MW / 1,100 MWh battery energy storage system in the Antofagasta Region of northern Chile. The project has issued final notice to proceed and will be one of the first projects of its kind to reach commercial operations in Chile.
The Arena BESS facility is strategically located in a region with world-class solar resource and adjacent to existing transmission infrastructure and energy-intensive industrial clusters. With a storage capacity of 1,100 MWh, the facility will shift excess solar power generated during the day to supply renewable power during the night hours, thereby reducing the need for fossil fuel power generation during periods of peak demand. The balancing services provided by the Arena BESS project will decrease CO2 emissions and enable further integration of large-scale solar energy projects into the Chilean grid system.
“We are excited to take this important step in deploying CIP’s first energy storage project in Chile, which will be one of the largest in the region. Through our Growth Markets Fund II, this cornerstone investment supports our long-term investment strategy in Latin America,” said Ole Kjems Sørensen, partner at CIP. “It demonstrates CIP’s industrial approach in identifying a market need and delivering a large-scale project with a robust contractual framework, while also securing attractive risk-adjusted returns to our investors.”
Peter Halmø, associate partner at CIP, said: “Arena BESS marks a significant milestone for the team and the first step in executing CIP’s significant pipeline of renewable projects in Chile. The integration of solar projects into the energy system requires BESS projects to shift excess generation from day to night, making the technology essential for Chile to meet its ambitious renewable targets.”
About Copenhagen Infrastructure Partners
Founded in 2012, Copenhagen Infrastructure Partners P/S (CIP) today is the world’s largest dedicated fund manager within greenfield renewable energy investments and a global leader in offshore wind. The funds managed by CIP focus on investments in offshore and onshore wind, solar PV, biomass and energy-from-waste, transmission and distribution, reserve capacity, storage, advanced bioenergy, and Power-to-X.
CIP manages 12 funds and has to date raised approximately EUR 31 billion for investments in energy and associated infrastructure from more than 180 international institutional investors. CIP has approximately 500 employees and 14 offices around the world. For more information, visit www.cip.com.
