Natixis CIB Closes $364m Financing For Chilean Solar Projects
- The finances will aid the advancement of solar power projects with a combined capacity of concerning 284 MWdc.
- These solar projects are owned and run by Solek Holding.
Natixis Corporate & Investment Banking (Natixis CIB) has actually closed a $364 million financing for a portfolio of a solar PV utility-scale and also PMGD plants in Chile. These solar projects are possessed and also run by Solek Holding as well as the portfolio has a combined capacity of regarding 284-MWdc.
Natixis CIB functioned as sole debt structuring advisor for a $75 million mezzanine center, single lead arranger for a $55 million PMGD bridge-loan facility, co-Lead Arranger for a $19 million LC center, in addition to co-global coordinator placement agent as well as green issuance planner for a $178 million private placement.
A $37 million bridge loan was independently provided, claimed Natixis CIB.
The solar portfolio contains 190 MWdc solar projects which run under Chile's unique regime for distributed generation projects (referred to as PMGD), entitling the projects to sell their energy result at the controlled supported price. There is additionally a 94MWdc utility-scale solar PV facility.
" In aggregate, Natixis has financed or organized about US$ 1.8 billion to support the advancement of PMGD sustainable power generation projects in Chile. The transaction exhibits our true "one-stop-shop" approach and also our dedication to the PMGD subsector, with a handful of other PMGD purchases currently in our pipeline. We expect remaining to support the Sponsor in its growth in the region and also to support Chile's continuous efforts towards energy change", stated Aitor Alava, Managing Director and also Head of Infrastructure & Energy Finance, Latin America at Natixis CIB.
Diego Rausei, CIO, Latin America at Solek, commented, "As a fast-growing renewable resource firm, expanding our investor base with world-class, long-term sight establishments is a key part of our strategy, as we continue establishing our projects in Latin America and also Europe".
The New Chilean Regime
The distributed generation projects or PMGD regime was developed in 2005. Its goal is to incentivize even more dispersed as well as greener electrical power generation. The projects in the portfolio will certainly add to Chile's more comprehensive energy shift as the nation gradually retires coal plants on its way in the direction of the long-lasting goal of carbon-neutrality.
Once all the projects in the sponsor's portfolio get in procedures, the centers will can producing more than 750,000 MW hours of clean electrical power annually.
Chile currently has virtually 22 per cent of its electrical energy need met by solar and wind farms. The national federal government has actually established 2030 as the target to obtain 70 per cent of the nation's energy requires from renewables.
