CC&L, CarbonFree land USD 360m in the red for Chilean solar portfolio
- Connor, Clark & Lunn Infrastructure, also known as CC&L Infrastructure, and also CarbonFree Technology have actually shut concerning USD 360 million (EUR 348.2 m) in the red to finance a utility-scale solar project portfolio in Chile, they introduced today.
The Canadian set has gotten a USD-19-million letter of credit facility, a USD-71-million bridge-loan facility as well as an about USD-270-m private positioning facility. The profits of the latter will certainly be routed towards the refinancing of existing bank debt as well as the settlement of the bridge-loan facility once the building of the solar parks is finalised.
CC&L Infrastructure noted that the personal placement issuance has actually been oversubscribed by a syndicate of big North American financial institutions.
The Chilean portfolio that takes advantage of the financing has a complete capacity of 360 MW, consisting of over 250 MW already in operation and 110 MW unfinished. CC&L Infrastructure as well as CarbonFree made their initial investment in the nation in 2017 and ever since have built 37 specific ground-mounted solar plants. The remaining 16 projects are expected to be completed by the 2nd half of 2023.
The solar portfolio offers its output at stabilised rates under Chile's Pequenos Medios de Generacion Distribuidos (PMGD) program.