Aela reaches fin close for 299 MW of Chilean wind projects
The Senvion MM92 turbine model. Source: Senvion
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 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.