Mainstream Renewable Power closes $580 million wind and solar financing deal in Chile
Post date: 07/11/2019 - 11:45
Irish wind and solar project developer Mainstream Renewable Power Ltd. has reached financial close for the first phase of its wholly-owned and fully-contracted 1.3 GW »Andes Renovables« wind and solar power generation platform in Chile. The company has raised $580 million in debt to fund construction of phase one of what is »one of Latin American's biggest wind and solar generation platforms,« says Mainstream Renewable. The financing has been provided by a consortium of six banks: CaixaBank, DNB, KfW IPEX-Bank, Natixis, SMBC and Societe Generale. Banco Santander, provided a VAT facility.
The 571 MW first phase of »Andes Renovables« called »Cóndor« is comprised of three wind and one solar PV generation assets located at Antofagasta, Biobio and Atacama. Construction has already commenced, and the assets will reach commercial operation in 2021. Wind turbines suppliers include Siemens Gamesa, Vestas and Nordex Acciona. Construction contractors are Sacyr Industrial and Elecnor. The 145 MW PV facility called »Escondido« will be built by Sterling & Wilson as full EPC contractor. All four main power transformers for the projects will be supplied by ABB.
Andes Renovables is a $1.7 billion, three phase wind and solar generation platform comprised of seven wind and three solar PV generation assets. The next two phases, »Huemul« and «Copihue«, which have a combined capacity of 730 MW, are on track to reach financial close in the coming months. It includes two PV assets of 205 MW combined installed capacity. Operation is expected to start in 2021 and 2022.
In 2016, Mainstream was the biggest winner in Chile technology-neutral electricity auction, taking 27 percent of the total allocated capacity. Chile's National Energy Commission awarded Mainstream a 20-year index-linked, US dollar denominated contract, to supply 3,366 GWh of power.
Mainstream is focused on delivering a portfolio of more than 9 GW of wind and solar assets across Latin America, Africa, Asia Pacific as well as the offshore wind sector globally. It has delivered more than 800 MW of wind and solar assets into commercial operation and is currently constructing a further 1.5 GW across Latin America and Africa.
In Africa, the company has delivered 600 MW of wind and solar assets into commercial operation in South Africa and currently has 250 MW of wind assets in construction there. Through its Lekela Power joint venture in Africa it has 410 MW of assets in construction in Senegal and Egypt.