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Mainstream renewable power closes USD$580 million wind and solar financing deal in Chile

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Energy Global,

Global wind and solar development company, Mainstream Renewable Power has reached financial close for the first phase of its wholly-owned and fully-contracted 1.3 GW 'Andes Renovables' wind and solar power generation platform in Chile.

The company has successfully raised USD$580 million in debt to fund construction of phase one. The financing has been provided by a consortium of six banks: CaixaBank, DNB, KfW IPEX-Bank, Natixis, SMBC and Societe Generale. A seventh bank, Banco Santander, provided a VAT facility.

The 571 MW first phase of 'Andes Renovables' -- called 'Cóndor' -- is comprised of three wind and one solar PV generation assets. Construction has already commenced, and the assets will reach commercial operation in 2021. They will generate enough sustainable electricity to power 680 000 Chilean homes and will displace 656 000 tpy of CO2.

'Andes Renovables' is a circa USD$1.7 billion, three phase wind and solar generation platform comprised of seven wind and three solar PV generation assets. The next two phases, 'Huemul' and 'Copihue', which have a combined capacity of circa 730 MW, are on track to reach financial close in the coming months.

The new wind farms will be built by Sacyr Industrial and Elecnor, with Vestas, Nordex Acciona and Siemens Gamesa supplying the wind turbines. Sterling & Wilson were selected to build the Río Escondido solar farm, while grid connection works will be carried out by Transelec, CGE, HMV and Siemens. All four main power transformers for the projects will be supplied by ABB.

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