Atlas Renewable Energy and DNB Markets issue solar bond in Chile

DNB Markets acted as Sole Lead Placement Agent for the notes. The bond was issued under Atlas Renewable Energy's Green Finance Framework, which is aligned with 2018 versions of the ICMA Green Bond Principles and the LMA Green Loan Principles. This framework recognises and attests to the company's commitment to developing projects that protect and preserve the environment while adhering to the highest standards of environmental engagement.

The two solar PV generation assets are located in the Atacama and Antofagasta regions in the north of Chile, and together they have a total installed capacity of 314 MWp. Both projects have been combined under a single financing portfolio – an structure that provides the investors with key structural benefits and synergies of cross-collateralised assets and cross-guaranteed cash flows. A similar original arrangement was seen in Atlas Renewable Energy's refinancing of its two solar plants in Uruguay in 2018, structured by DNB Markets and for which the company was awarded the 2018 Structured Bond Deal of the Year.

This time, the transaction comprises two of the company's solar PV projects in northern Chile: Javiera is a 70 MWp fully operational asset, which provides clean energy under a Corporate PPA with Minera Los Pelambres (majority owned by Antofagasta Minerals) since 2015; and Sol del Desierto, a 244 MWp greenfield project being developed by Atlas Renewable Energy, currently under construction. This plant is expected to start providing clean energy to Engie Energia Chile S.A by 2022. Sol del Desierto will use bifacial technology, which collects sunlight not only on the front side but also on the rear side to maximise generation.

Read the article online at: https://www.energyglobal.com/solar/04032020/atlas-renewable-energy-and-dnb-markets-issue-solar-bond-in-chile/