Copenhagen Infrastructure Partners (CIP), through its Growth Markets Fund II (GMF II) has issued Final Notice to Proceed (FNTP) for the 300 MW / 1,500 MWh Patache project. The issuance of FNTP authorises the start of construction activities under the main supply and construction contracts and represents a key milestone in the execution of the project.
Commenting on the milestone, Peter Halmø, Head of Latin America and Managing Director at Copenhagen Infrastructure Partners, said, “Reaching Final Notice to Proceed for Patache is an important step for the project and for GMF II. It reflects the strength of the underlying fundamentals, the close collaboration with our contractors and partners and our continued confidence in Chile as a key market for energy storage and grid infrastructure. We are proud to move into the construction phase and to contribute to the delivery of a more resilient and efficient power system.”
Patache is strategically located in an area with world-class solar resources, adjacent to existing transmission infrastructure and energy-intensive industrial clusters. With a storage capacity of 1,500 MWh, the project will shift excess solar power generated during the day to supply electricity during periods of higher demand. The shifting and balancing services provided by Patache will reduce reliance on thermal generation during peak hours, lower CO2 emissions, and enable further integration of large-scale solar energy into the Chilean power system. Additionally, the project has qualified for an internationally recognised carbon offset programme, underscoring its contribution to Chile’s long-term decarbonisation objectives.
The investment was made alongside a group of co-investors holding a minority stake in the project.
The Patache project builds on the learnings from CIP’s Arena BESS project, a 220 MW / 1,100 MWh BESS project located in the Antofagasta region of northern Chile, which has successfully completed construction and is delivering electricity to the grid.
Ole Kjems Sørensen, Partner at Copenhagen Infrastructure Partners, said: “Projects like Patache and Arena BESS are great examples of the Growth Markets funds’ commitment and long-term strategy to invest in high-growth, middle-income markets such as Chile. By developing robust energy infrastructure, we aim to create value for our investors while supporting a cost-effective transition to more sustainable energy systems.”
