Mainstream Renewable Power has achieved financial close for the third and final phase of its Andes Renovables wind and solar platform in Chile.
The $182m debt raised will be used to build the Copihue phase which consists of one wind farm, named Caman, located in central Chile.
The project, which will commence operations in 2022, initially had an installed capacity of 100MW but has since increased to 148.5MW following the signing of an additional long-term, bilateral power purchase agreement (PPA) with a strategic partner.
The senior debt financing comes from KfW IPEX-Bank, DNB, CaixaBank and the VAT financing comes from Scotiabank Chile.
With the financial close announced today, Mainstream completes an investment of more than $1.8bn to build its entire Andes Renovables platform, which is expected to be fully operational by 2022 and will provide around 20% of power for regulated customers in Chile using renewable energy.
Sacyr will be the Balance of Plant contractor for the Caman wind farm and they will carry out the electrical connection works. The main transformer will be supplied by ABB.
Mainstream CEO Mary Quaney said: “Net zero commitments across the world require systemic decarbonisation of power – our presence and work with partners in both mature and emerging markets demonstrates the scalability and success of our project development model to support this transition.
“Andes Renovables is one of the largest renewable energy platforms in Latin America which will have an installed capacity of 1.35GW of clean energy, generating around 3100 jobs during its construction.”