Greek renewables developer Mytilineos has reached financial close on 588MW of solar PV projects in Chile.
The portfolio is spread across four projects – Willka (109MW), Tocopilla (228MW), Tamarico (165MW) and Doña Antonia (86MW) – and located in the Arica-Parinacota, Antofagasta, Atacama and Coquimbo regions of Chile, respectively.
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Financing has been structured into senior debt of US$315 million and US$60 million in ancillary facilities and was lent by international and local entities including BNP Paribas, Intesa San Paolo, Sumitomo Mitsubishi Banking Corporation, Rabobank and Santander Chile. It also marks the first project financing in the country for Mytilineos and its fifth overall for solar PV projects globally.
Projects are in different phases of development with the Wilka plant powered in August 2023 with a total investment of US$110 million, while Doña Antonia is expected to be powered in early 2024 and the remaining two projects in the second quarter of this year.
Most of the capacity of each project has been secured through a 10-year power purchase agreement with utility Enel Chile, while the projects will also be eligible to receive capacity payments from the network coordinator, according to the company.
Mytilineos continues to increase its strong presence in Chile, a country where in 2022 it had a development portfolio of more than 750MW of solar PV, of which the four aforementioned projects were part.
Solar PV has had an ever increasing rise in Chile, which is home to some of the highest irradiation levels in the world with the Atacama region, where two projects from the Greek developer are located.
More recently, the company secured €400 million (US$438 million) from the European Investment Bank to support its 2.6GW solar and battery storage development plans across Europe through 2027.