The company has a financial closure totaling US $ 580 million to build the first phase of its 1.3 GW Andes Renovables project, which it will build in Chile.
Mainstream Renewable Power (Mainstream) has obtained $ 580 million in financing for the construction of the first phase of one of the largest wind and solar generation platforms in Latin America, the Andes Renovables project.
The financing has been considered by a consortium of six banks: CaixaBank, DNB, KfW IPEX-Bank, Natixis, SMBC and Societe Generale, and Banco Santander, provided a VAT credit service.
The first phase of Renewable Andes – called “Cóndor” totals 571 MW and consists of three wind generation assets and one photovoltaic solar. Construction has already reached, and the assets will reach commercial operation in 2021. They will generate enough sustainable electricity to supply 680,000 Chilean homes and will displace 656,000 metric tons of CO2 each year.
The Andes Renovables project will consist of three phases that include seven wind generation assets and three of photovoltaic solar generation. In total, the platform will require an investment of USD $ 1.7 billion, of which 580 million have been obtained today. The financial closure of the next two phases, “Huemul” and “Copihue”, which have a combined capacity of 730 MW, will be achieved in the coming months.
In 2016, Mainstream was the biggest winner in Chile’s largest technologically neutral electricity auction, with 27% of the total allocated capacity. The Chilean National Energy Commission granted Mainstream a 20-year contract in indexed US dollars that is expected to deliver 3,366 GWh of energy by 2021. Mainstream and its partner Actis have also delivered another 332 MW of wind power to Chile through the Aela platform and have launched their first wind farm in 2014.