The financing will be used to finance the construction and operation of the 165.3 MW Atacama wind farm. The nacelles have been used for the project’s 22 5MW Siemens Gamesa SG 145 wind turbines.
Repsol Ibereólica Renovables Chile, a joint venture (JV) of Repsol Chile and Ibereólica Renovables Chile, has obtained financing for the Atacama Project, a wind farm located in northern Chile.
The joint venture has raised $118 million for the construction and operation of the 165.3 MW wind farm, which already has a long-term power purchase agreement.
In 2020, Repsol and Ibereólica created the JV with the aim of developing, building and operating a portfolio of renewable assets in Chile.
The JV supports both companies’ commitments to a clean energy space and plans to build a “significant” amount of solar PV and onshore wind power in the region.
Corporate investment banking firm Crédit Agricole CIB advised Repsol and Ibereólica on the $118 million transaction.
The managing director of the Energy and Infrastructure Group for Latin America of Crédit Agricole CIB, Mathieu Rousson, said: “It is an honor for Crédit Agricole CIB to have received the confidence of Repsol and Ibereólica to obtain a competitive financing package, which establishes a point valuable reference for the development of your joint venture in Chile. .”
The project financing structure has been tailored to maximize debt on commercial and contracted revenue cash flows while maintaining credit metrics.
With this transaction, Crédit Agricole CIB intends to support the clean energy objectives of both companies.
It is the fourth agreement that the banking firm closes in Chile in the last two years.
Crédit Agricole CIB previously advised Ibereólica and Global Power Generation for their 204MW Cabo Leones II wind farm, as well as for Generadora Metropolitana’s 1.23GW multi-technology power platform.
The company said that its latest transaction strengthens its position in the Chilean energy sector.
In January of last year, Repsol and Ibereólica Renovables announced the shipment of nacelles for the Cabo Leones III wind farm in Chile.