Renewable

Aug 9 (Renewables Now) - Private equity firm Actis and Ireland’s Mainstream Renewable Power have reached financial close on two wind projects in Chile with a combined capacity of 299 MW.

Aela Energia, a 60/40 joint venture between Actis and Mainstream, has secured USD 410 million (EUR 348m) in project financing. The Irish developer said today construction can now start, with completion planned for the second half of 2018.

The 170-MW Sarco and 129-MW Aurora projects in Atacama and Los Lagos will use total of 93 turbines by Germany’s Senvion SA (ETR:SEN). Their combined output is expected to be enough to meet the needs of 460,000 homes.

The money for the two projects comes from a group of multilateral and commercial banks including the Inter-American Development Bank (IADB) and its affiliate Inter-American Investment Corp (IADB-IIC), Mitsubishi UFJ Financial Group (TYO:8306), Sumitomo Mitsui Banking Corp, Korean Development Bank, CaixaBank (BME:CABK), and KfW. Banco Santander SA (BME:SAN) is also there as VAT lender.

The financing is extended for 18 years and covers 70% of the total project cost. The remaining 30% is equity.

Aela won the projects in a Chilean tender in 2014. In August 2016 Mainstream also won contracts for 986 MW of wind projects 100%-owned by the company, financial close for which is expected in 2019.