Sonnedix closes financing for portfolio of small-scale PV plants in Chile

Sonnedix Power Holdings Ltd has made a loan arrangement to finance around 20 solar photovoltaic (PV) parks totalling an expected 100 MWp in Chile.

The independent power producer (IPP) said today it has closed senior facilities for USD 87 million (EUR 77.3m) with French corporate bank Natixis SA (EPA:KN), which acted as sole lead arranger, hedge provider and administrative agent.

The funds will be dedicated to financing a portfolio of solar plants that operate under Chile’s special scheme for distributed generation projects, locally known as PMGD.

The PMGD projects have up to 9 MW of installed capacity and are entitled to remuneration at a regulated stabilised price. The initial four PV plants in the PMGD portfolio have 25 MWp of capacity in total.

Sonnedix said the financing structure gives it the flexibility to add more solar PMGD projects to the portfolio, subject to meeting pre-defined eligibility criteria.

The IPP plans to add two new plants totalling 14 MWp by June 2020 and projects with a further 61 MWp in aggregate capacity during the term loan availability period.

(USD 1.0 = EUR 0.889)

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