Mainstream Renewable Power secures financing for 630MW of Chilean solar and wind projects

Facebook
Twitter
LinkedIn
Reddit
Email
Image: Mainstream Renewable Power.

Mainstream Renewable Power has reached financial close for the second phase of its 1.3GW Andes Renovables wind and solar power generation platform in Chile.

The developer has raised US$620 million in debt to fund construction of five renewable facilities, including three wind assets with a total capacity of 425MW and two solar assets totalling 205MW. All five projects are in pre-construction and will reach commercial operation between 2021 and 2022.

The senior financing has been provided by a consortium of five banks: IDB Invest, KfW IPEX-Bank, DNB, CaixaBank and MUFG. A sixth bank, Santander, provided a VAT facility.

Andes Renovables is a three-phase wind and solar generation platform comprised of seven onshore wind and three solar PV generation assets. The first phase reached financial close in November 2019 and is now 30% complete. The final phase consists of one 100MW wind project.

The solar PV assets are being provided by Sterling & Wilson and Metka-Egn, while all main power transformers for the projects will be supplied by Hitachi ABB Power Grids. Grid connection works will be carried out by Transelec, Inprolec and an Isotron-Siemens consortium.

Manuel Tagle, Mainstream's general manager for Latin America, said the debt financing comes as the company is making “excellent progress” on the construction of the first stage of the project, which features three wind farms and one solar facility with a total capacity of 571MW.

“I have been delighted by the response of our teams on the ground to the challenging conditions that the pandemic has created,” he said.

“The economic and environmental impact of the platform is very significant, and with a development pipeline of 2.7GW of wind and solar assets in addition to the Andes Renovables platform, Mainstream remains committed to making an even greater contribution to Chile for the foreseeable future.”

Mainstream Renewable Power has a portfolio of 9GW of wind and solar assets across Latin America, Africa and Asia Pacific. As part of a 2016 auction in Chile, the company was awarded a 20-year contract to supply 3,366GWh of power to the country starting in 2021.

According to green energy body ACERA, Chile's renewables sector benefitted from a strong 2019, with installed capacity growing from 5.08GW in 2018 to 5.9GW last year, almost doubling the 3.2GW recorded in 2016. Renewables covered 19.4% of Chile’s electricity generation last year.

Read Next

PV Tech Premium
August 10, 2022
PV Tech Premium looks at the main drivers that drove solar PV in Chile in the last years and has risen as one of the leaders in the region.
August 8, 2022
Despite an initial selection of 15 bidders, Chile’s latest power auction awarded only two companies contracts, with 777GWh of solar PV co-located with energy storage and wind secured.
July 29, 2022
Renewables developer Mytilineos has seen its profits soar to €166 million in H1 2021, with renewables sales nearly doubling.
July 8, 2022
German solar developer and EPC contractor juwi is joining forces with wind project developer Windwärts Energie.
July 7, 2022
Solar and wind installations in the US generated more electricity than the country’s nuclear power plants for the first time in April.
July 6, 2022
Energy major Shell will start constructing a renewable hydrogen plant in the Netherlands that it said will be the largest project of its kind in Europe when operational in 2025.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
September 7, 2022
15:30 AEST (UTC +10)
Solar Media Events
September 14, 2022
London
Solar Media Events
October 4, 2022
New York, USA
Solar Media Events
October 11, 2022
Virtual event