Spanish renewables developer OPDEnergy has closed $103m financing with Sumitomo Mitsui Banking Corporation for a wind farm and solar park in Chile.
The funds will be assigned to the construction of the 50MW La Estrella wind farm, located in the Libertador General Bernardo O’Higgins region, and the Sol de los Andes PV plant in the Atacama region.
La Estrella is being constructed by OHL Industrial and will comprise 11 Siemens Gamesa 5.0-145 turbines.
It is expected to be in operation by the end of 2020.
Opdenergy started construction of La Estrella with its own resources and its development will be completed through this financing.
The 104.3MW Sol de los Andes PV plant is located in an area with high solar radiation and will have bifacial modules, which allow solar radiation to be captured through the two sides of the modules.
Opdenergy is also acting as an EPC contractor for this project.
The international law firms Milbank (USA), Barros & Errázuriz (Chile), Cuatrecasas (Spain) and Carey & Cia (Chile) participated as legal advisors in the financing operation.
Opdenergy chief executive Luis Cid said: “We are very proud to announce further progress in our projects in Chile.
“The entire Opdenergy team is doing a spectacular job to continue advancing in these times of uncertainty and this financing reaffirms our ability to adapt to the different market contexts and continue to move forward despite the difficulties created by the pandemic at a global level.
“In Opdenergy we have managed to maintain the activity and the path of the company, always guaranteeing the safety of all our employees and partners.”
Opdenergy Chile managing director Carlos Ortiz said: “This financing is an important step for Opdenergy in Chile. It will allow us to complete two major projects that will diversify the country’s energy mix and will certainly contribute to the economic development of the region.
“We are convinced that together we will overcome the situation created by Covid-19 and, with no doubt, renewable energies will be a key element to achieve a sustainable recovery.”