Mainstream bags mezzanine debt for 1.3-GW wind-solar project in Chile

Source: Mainstream Renewable Power (mainstreamrp.com)

Ireland-based developer Mainstream Renewable Power has secured USD 280 million (EUR 238.5m) in mezzanine debt to back the construction of its 1.3-GW Andes Renovables wind and solar platform in Chile.

The construction finance facility was provided by AMP Capital Infrastructure Debt Fund IV, a private equity fund managed by AMP Capital Infrastructure, Mainstream said on Wednesday. It comes on top of the USD 1.25 billion of senior debt that was previously obtained for the project.

Andes Renovables is a fully contracted, three-phase platform involving an investment of around USD 1.8 billion. The power complex will consist of seven wind farms and three solar parks. The construction of its 571-MW first phase, named Condor, is more than 43% complete. Dubbed Huemul, the second phase will consist of three onshore wind and two solar photovoltaic (PV) projects for a total of 630 MW of generation capacity. The last stage, Copihue, involves the installation of a 100-MW wind farm.

The new debt is structured in three separate tranches, the first two to be drawn at closing the financing deal, while the last one will be drawn once financial close on the project’s last phase is reached in the first half of 2021.

The mega power complex is scheduled to become fully operational in 2022. The table below gives more information about each stage and is planned commissioning.