Energy - DECEMBER 9, 2019

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Mainstream Renewable Power closes financial deal in Chile, largest deal in the region

by Andrea Zander

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

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