October 9 (Renewables Now) - A unit of French independent renewable power producer Reden Solar has secured USD 96.4 million (EUR 87.9m) in debt for an up-to-100 MW portfolio of solar projects in Chile.
The senior debt facilities were provided to Reden Investments Chile SpA by French bank Natixis SA (EPA:KN), the latter announced on Tuesday. The so-called Reden Solar PMGD Portfolio consists of photovoltaic (PV) projects under Chile’s Pequenos Medios de Generacion Distribuidos (PMGD) regime for distributed generation capacity. Schemes qualified for this programme receive incentives for their generation at a regulated stabilised price.
The terms of the financing transaction allow Reden to add more solar PMGD projects to the portfolio, aa long as certain eligibility criteria are met.
The deal represents the second PMGD loan portfolio term financing that Reden obtains from Natixis, which acted as sole lead arranger, hedge provider and administrative agent in the funding round. It was also the sole underwriter of the deal.
Through its Chilean arm, Reden currently owns 60 MW of solar assets in Mexico and 50 MW in Puerto Rico.
(USD 1.0 = EUR 0.912)