Renewables developer Mainstream Renewable Power (MRP) has closed a US$280 million finance facility to help advance a wind and solar project pipeline in Chile with a total capacity of 1.3GW.
The mezzanine construction finance facility has been sourced from AMP Capital and is intended to complement MRP’s existing US$1.25 billion of senior project finance debt, which will be used to bring forward the project platform, dubbed Andes Renovables.
Andes Renovables is a wind and solar platform comprising seven onshore wind farms and three solar PV arrays that are to be developed at a total cost of US$1.8 billion.
The first two phases – Condor, at 570MW, and Heumul, at 630MW – both include utility-scale solar farms. Condor will come forward with a 145MW solar PV asset set for completion in 2021, while Huemul, comprising two solar PV arrays with a combined generation capacity of 205MW, is scheduled for commercial operation some time in either 2021 or 2022.
Condor has already commenced construction and is 43% complete.
The latest financing deal adds to a line of agreements MRP has struck to advance on the project pipeline. In October last year the developer tapped up Dutch bank ABN AMRO for a financing package, before landing US$620 million of project debt last month.
Paul Corrigan, CFO at MRP said: “We are proud of the support Mainstream continues to receive in the international financial community.
“We place great value on our large group of capital providers – ranging from commercial banks, to insurance companies and sureties, to alternative lenders – who have worked together seamlessly to provide us with more than US$1.5bn of flexible and efficient financing structures that enable Mainstream to focus our efforts on building out one of the largest independent renewable energy platforms in the world.”