Mainstream Renewable Power has reached financial close for the second phase of its wholly-owned and fully-contracted 1.3GW“Andes Renovables” wind and solar power generation platform in Chile.
The Company has successfully raised US$620 million in debt to fund construction of phase two. The Senior financing has been provided by a consortium of five banks: IDB Invest, KfW IPEX-Bank, DNB, CaixaBank and MUFG. A sixth bank, Santander, provided a VAT facility.
The 630MW second phase of Andes Renovables, called “Huemul”, is comprised of three onshore wind and two solar PV generation assets. All five assets are in pre-construction and will reach commercial operation between 2021 and 2022.
Vestas, Nordex Group and Siemens Gamesa are supplying the wind turbines and the wind farm assets will be built by Sacyr Industrial, SEMI and Elecnor. The solar PV assets will be built by Sterling & Wilson and Metka-Egn. All five main power transformers for the projects will be supplied by Hitachi ABB Power Grids. Grid connection works will be carried out by Transelec, Inprolec and Isotron-Siemens consortium.
Andes Renovables is a US$1.8 billion, three phase wind and solar generation platform comprised of seven onshore wind and three solar PV generation assets. The first phase, Cóndor reached financial close in November 2019 and is already over 30% complete.
