Finance a-listers back Mainstream’s 1.3GW clean energy push in Chile

November 6, 2019
Facebook
Twitter
LinkedIn
Reddit
Email
Image credit: SMA Solar

Finance heavyweights have come together to bankroll a major clean energy push by Mainstream Renewable Power in Chile, including a solar project in the Atacama Desert.

CaixaBank, DNB, KfW IPEXBank, Natixis, SMBC, Societe Generale and Banco Santander were revealed this week as the backers of Andes Renovables, Mainstream’s wind and PV platform for Chile.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

In a statement on Tuesday, Mainstream explained the first six banks pumped US$580 million in debt into the platform’s first phase, dubbed ‘Cóndor’, while Santander provided a separate VAT facility.

Andes Renovables plans to deploy 1.3GW of renewables overall, 350MW of it in the form of solar projects. The 1.3GW are wholly contracted and will be fully owned by Mainstream.

Under the 571MW Cóndor first stage, the firm will develop three wind plants – a 426MW batch all in all – together with a 145MW solar farm in Chile.

The first solar project, named Río Escondido, is planned for development in Chile’s Atacama region and has been contracted to EPC firm Sterling & Wilson.

The solar plant and the wind trio will feature ABB power transformers. All four installations are already under construction and should hit commercial operation by 2021.

Mainstream’s plans to deploy a further 730MW throughout the platform's second and third phases, 205MW of it via two solar plants. All should go live between 2021 and 2022.

In Mainstream’s statement on Tuesday, chief executive Andy Kinsella explained the entire 1.3GW clean energy push will require around US$1.7 billion in total investment.

“Today’s announcement will be closely followed by the financial close and start of construction at the second and third phases of Andes Renovables in the coming months,” Kinsella commented.

Mainstream’s work brings yet more utility-scale solar momentum to Chile, which has witnessed a surge of developments in the Atacama Desert, to the north of the country.

Firm targeting the area – seen as a global irradiation hotspot – include Sonnedix (171MW), Enel (382MW), Valhalla (561MW) and Google, the offtaker for a 125MW hybrid.

The prospects and challenges of Latin American solar and storage will take centre stage at Solar Media's Energy Storage Latin America, to be held in Colombia on 28-29 April 2020.

Read Next

October 29, 2025
French firms TotalEnergies and EDF, with local partners, secured contracts for 400MW and 600MW solar projects in Saudi Arabia, supporting Vision 2030 renewable goals.
October 28, 2025
GreenYellow plans to invest US$116 million in Poland over the next three years to expand its installed capacity and customer base.
October 28, 2025
GoldenPeaks Capital secures EUR114 million (US$132 million) financing package for two solar PV Portfolio in Poland.
October 28, 2025
Chinese solar inverter producer GoodWe has launched a new “low noise, low weight” string inverter for the European corporate & industrial solar market.
October 28, 2025
Fotowatio Renewable Ventures (FRV) Australia has announced the development of a 210MWdc solar project in New Zealand's Rangitikei District.
October 27, 2025
Chinese engineering firm Shanghai Electric has signed an engineering, procurement, and construction (EPC) contract with independent power producer (IPP) Econergy to build a 342MW solar PV plant in Romania.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
November 12, 2025
10am PST / 1pm EST
Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK
Solar Media Events
March 10, 2026
Frankfurt, Germany