Natixis leads US$360 million financing round for 360MW of distributed generation in Chile

In the past three years Natixis has financed twelve PMGD projects in Chile with an investment of more than US$1.5 billion. Image: Thomas Griggs via Unsplash.

Natixis Corporate & Investment Banking (Natixis CIB) has led a US$360 million financing round for a Chilean PV portfolio consisting of more than 360MW.

The solar PV portfolio, sponsored by Connor, Clark & Lunn Infrastructure (CC&L Infrastructure) and CarbonFree Technology, is made up of 53 solar PV PMGD (Pequeños Medios de Generación Distribuida in Spanish), which are distributed generation solar PV plants of less than 9MW with a regulated, stabilised price for exported power.

The solar portfolio includes 250MW of operating projects and 110MW currently in or about to enter construction, which will be fully operational in the second half of 2023.

The financing is comprised of a US$19 million credit facility, a US$71 million bridge-loan facility to fund ongoing costs and the remaining amount as private placement facility that will primarily be used to refinance existing bank debt and repay bridge-loan facility once the projects are completed.

Moreover, this will represent the largest PMGD portfolio financing in Chile both in terms of installed capacity and number of projects, according to the Natixis.

In the past three years, the company has financed twelve PMGD projects in Chile – including a US$87 million investment for 100MW with Sonnedix in 2020 and a similarly-structured deal with local developer CVE Chile the year before – with more than US$1.5 billion invested in the Latin American country’s distributed generation market.

Aitor Alava, managing director and head of infrastructure and energy finance for Latin America at Natixis CIB, said: “This successful series of transactions builds on our extensive track record of innovation in Latin America and solidifies our position as the ‘one-stop-shop’ for PMGD project developers seeking creative financing solutions.”

Read Next

September 30, 2022
Utility-scale renewables developer Intersect Power has secured US$3.1 billion in project financing to complete its 2.2GW near-term clean energy portfolio in the US.
September 28, 2022
Lightsource bp has closed a BRL800 million (US$147 million) financing for its 210MWp Milagres solar project in the Brazilian state of Ceará.
September 27, 2022
Greek developer Mytilineos has completed third-party engineering, procurement and construction (EPC) contracts on a backlog of solar PV projects in Chile, Uzbekistan and Spain.
September 16, 2022
Renewables company Clēnera has closed financing on construction and tax equity on a 105MW Montana utility-scale solar project.
September 14, 2022
Despite “breakthrough” renewables growth across Southeast and Eastern Europe, the Caucasus and Central Asia in recent years, more needs to be done to boost deployment and reduce the region’s reliance on Russian energy imports.
PV Tech Premium
September 13, 2022
PV Tech Premium explores Chile's distributed generation market, examining its importance to the country's deployment as well as grid constraint issues.

Subscribe to Newsletter

Upcoming Events

On-Demand Webinars, Solar Media Events
October 11, 2022
Virtual event
Upcoming Webinars
October 18, 2022
10am (EDT) / 4pm (CEST)
Solar Media Events
November 29, 2022
Malaga, Spain