January 16 (Renewables Now) - Mainstream Renewable Power has closed a new EUR-90-million (USD 102.7m) trade finance facility (TFF) funded equally by lenders DNB ASA (OSE:DNB) and HSBC Holdings plc (LON:HSBA).
The Ireland-based wind and solar plants developer said on Wednesday the first use of the facility would go towards the group’s equity commitments to construct the 569-MW Condor portfolio in Chile. The Condor portfolio is the first phase of Mainstream’s wholly-owned 1.3-GW Andes Renewables Platform, comprising solar and wind projects in the country.
The trade finance facility could blow up to EUR 200 million as Mainstream has the option to bring new lenders. In addition to funding the Chilean projects, the facility will also allow the company to pursue large-scale development opportunities worldwide, Mainstream's Group chief executive Andy Kinsella said.
(US 1.0 = EUR 0.88)