Mainstream reaches fin close on 571 MW of solar, wind projects in Chile

Mainstream Renewable Power has raised the needed financing to launch the first phase of its 1.3-GW Andes Renovables wind and solar power megaproject in Chile.

The Irish renewable energy firm announced financial close on Tuesday after securing USD 580 million (EUR 523.1m) in debt financing from an international six-lender consortium for the 571-MW first phase.

Andes Renovables is a fully contracted three-phase solar and wind power project involving an investment of around USD 1.7 billion. It is wholly owned by Mainstream. The 571-MW Condor phase consists of one solar photovoltaic (PV) and three wind farms, already under construction. They will reach commercial operation in 2021.

Spanish construction engineering companies Sacyr Industrial SL, of Sacyr SA (BME:SCYR), and Elecnor SA (BME:ENO) are tasked with building the Condor wind farms, while India’s Sterling & Wilson is in charge of the solar park installation under a full engineering, procurement and construction (EPC) contract.

Swiss group ABB Ltd (SWX:ABBN) will supply all four main transformers for the projects.

More details on the Condor phase projects are listed in the table below:

Phases 2 and 3, named Huemul and Copihue, will have a combined capacity of around 730 MW divided between four wind farms totalling 525 MW and two PV parks of 205 MW. The projects are planned to enter commercial operation in 2021 and 2022. Mainstream expects to reach financial close for them in the coming months.

(USD 1.0 = EUR 0.902)

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