Chile remains among solar's hottest international markets for investment. Image: Mainstream Renewable Power.
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.”
Jan 20, 2021 GMT
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