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

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
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

September 17, 2021
Renewables developer Ørsted has promoted Neil O'Donovan to CEO of its onshore business unit following the resignation of his predecessor in August.
September 8, 2021
Sonnedix, Opdenergy and Canadian Solar were among the five successful bidders in Chile’s latest power auction, which took place yesterday (7 September) and will see the country support 2GW of renewables and storage installations.
July 26, 2021
A solar-wind-energy storage hybrid project is to power a Madagascan mine after Rio Tinto signed a power purchase agreement with independent power producer CrossBoundary Energy.
July 21, 2021
At least 455GW of new solar PV capacity will need to be installed each year by the end of this decade for the world to reach net zero status by 2050, new analysis by BloombergNEF (BNEF) has found.
July 20, 2021
Chilean developer Mainstream Renewable Power today announced plans for a new renewable energy platform in Chile with over 1GW of capacity
PV Tech Premium
July 15, 2021
Earlier this week the US National Renewable Energy Laboratory (NREL) published its 2021 Annual Technology Baseline (ATB) document, detailing the continued reduction in the levelised cost of electricity (LCOE) of the country’s core generators. Liam Stoker takes a look at the data and discusses just how cheap solar, and solar-storage, could become.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 6, 2021
Solar Media Events, Upcoming Webinars
October 6, 2021
Solar Media Events
October 19, 2021
BRISTOL, UK
Solar Media Events
December 1, 2021