October 15 (Renewables Now) - Ireland-based Mainstream Renewable Power said Tuesday it had secured a EUR-110-million (USD 121.2m) increase to its existing trade finance facility to support the 1.3-GW Andes Renovables portfolio of wind and solar projects in Chile.
The arrangement was led by Dutch lender ABN Amro Bank NV (AMS:ABN), while a panel of international insurance companies acted as sureties.
The funds will at first be used for equity commitments related to the construction of the fully contracted Andes Renovables portfolio, which will require a USD-1.65-billion (EUR 1.5bn) investment. The facility will also support bid bonds and performance bonds, Mainstream said.
The latest facility boosts the size of Mainstream’s trade finance proceeds to EUR 200 million. Last year, the Irish renewable energy company obtained EUR 90 million in a facility led by Norway’s DNB ASA and HSBC.
(EUR 1.0 = USD 1.102/USD 1.0 = EUR 0.91)