Global wind and solar development company Mainstream Renewable Power has reached financial close for the first phase of its wholly-owned and fully-contracted giant 1.3-gigawatt Andes Renovables wind and solar power generation platform in Chile.
The company has successfully raised $580 million in debt to fund construction of phase one of what is one of Latin America’s biggest wind and solar generation platforms.
The financing has been provided by a consortium of six banks: CaixaBank, DNB, KfW IPEX-Bank, Natixis, SMBC and Societe Generale, and is one of the largest renewable energy debt financing deals undertaken in the region this year. A seventh bank, Banco Santander, provided a VAT facility.
The 571 megawatt (MW) first phase of Andes Renovables — called Cóndor — is comprised of three wind and one solar PV generation assets. Construction has already commenced, and the assets will reach commercial operation in 2021. They will generate enough sustainable el