November 11 (Renewables Now) - Grenergy Renovables SL (BME:GRE) announced today it has obtained USD 71 million (EUR 64.3m) in financing to support the construction of a 103-MW solar farm in Chile.
The Spanish renewable energy firm said USD 60.3 million is coming from local banks Banco Security, Banco del Estado de Chile and Penta Vida Compania de Seguros de Vida. Each entity will provide a third of the money. The term of the senior debt will be 17 years.
Included in the financing agreement is also a mezzanine loan of USD 11 million provided by Sinia Renovables, a wholly-owned subsidiary of Spanish Banco Sabadell (BME:SAB), Grenergy said.
The solar park, which will require USD 97.5 million in total investments, will be located in Quillagua, in the Atacama desert. The facility, scheduled to commence power generation in the third quarter of 2020, is currently the largest in the firm's portfolio.
When online, the PV park will be producing 301 GWh of clean power annually and bringing revenues of more than USD 14 million, Grenergy calculates.
At the moment, the Spanish company has more than 2 GW of project in different stages of development in Chile.
(USD 1 = EUR 0.906)