Connor, Clark & Lunn Infrastructure (CC&L Infrastructure) and CarbonFree Technology announce the closing of approximately $360 million in debt financing facilities for their portfolio of utility-scale solar projects located in Chile.
The financings consist of a $19 million letter of credit facility; a $71 million bridge-loan facility that will be used to fund ongoing construction costs; and an approximately $270 million private placement facility, whose proceeds will be used primarily to refinance existing bank debt and repay the bridge-loan facility once projects complete construction. The private placement issuance has been rated BBB+ by S&P and was oversubscribed by a syndicate of large North American financial institutions.
“We are excited to complete this refinancing on one of the largest solar project private placements in Chile to date,” said Matt O’Brien, president at CC&L Infrastructure. “The aggregation, de-risking and successful const