CVE Chile and Natixis close financing of solar PV projects

Independent producer of renewable energy CVE Chile and French financial services firm Natixis have closed senior facilities totaling $87 million for the up-to-110 MW portfolio of 20 solar photovoltaic plants in Chile. The CVE PMGD Portfolio consists of assets operating under Chile's special regime for distributed generation projects (PMGD) which are entitled to be remunerated for their generation at a regulated stabilized price. The seven initial solar PV plants in the CVE PMGD Portfolio are in operation (total 30 MW). The financing structure provides CVE with the flexibility to add additional PV projects to the portfolio, subject to meeting pre-defined eligibility criteria. CVE has a further five plants that are under construction (total 20 MW), and the company is in the process of obtaining the final permits for the remaining eight (total 50 MW), all of which CVE expects to be added to the CVE PMGD Portfolio.
According to the company, this marks the third PMGD loan portfolio term financing arranged by Natixis. The Chilean PMGD regime was created in 2005 with the goal of incentivizing greener and more distributed electricity generation. »In the coming years, we plan to keep a steady pace of development of around 45 MW per year, reaching a renewable generating capacity of 250 MW by 2023,« announced CVE Chile's CEO, Pierre Boulestreau.

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