Reden Investments Chile and Natixis have successfully closed senior facilities totaling US$96.4 million for an up-to-100MW portfolio of PV projects in Chile.
This stands as the second PMGD loan portfolio term financing arranged by Natixis, and one of the first such financing deals closed in the international project finance sector.
This solar portfolio will be comprised of assets operating under Chile's special regime for distributed generation projects. The proceeds of the transaction are being used to finance PV projects. This financing structure gives Reden Chile the flexibility to add additional PV PMGD projects to the portfolio, subject to meeting defined eligibility criteria. Natixis served as sole lead arranger, hedge provider, and administrative agent for the transaction, while Natixis provided a firm underwriting for 100% of the financing deal.
Reden, a French independent renewable power producer, has developed a strong presence in Chile thanks to Reden Investments Chile. The IPP’s footprint in Latin America also includes 60MW in Mexico and 50MW in Puerto Rico.
Chile’s PV market has continued to grow and grow, with Sonnedix breaking ground on a 171MW project in the Atacama desert back in August. That same month, Atlas Renewable Energy secured a long-term PPA agreement with utility Engie Energía to help support the development of a 230MW-plus solar farm within the country, while Enel Green Power broke ground on the 382MW Campos del Sol site, a project some 60 kilometres northeast of the city of Copiapó.
The following month, Clean Capital Energy (CCE) selected Spain’s Obrascón Huarte Lain (OHL) to deploy the 89MW La Huella project in the region of Coquimbo, north of capital of Santiago.