Mainstream raises $580m for Chile energy project
Eddie O'Connor's Mainstream Renewable Power has closed a $580m (€524m) debt deal for the first step of its three-phase 1.3-gigawatt Andes Renovables wind and solar generation platform in Chile.
Financing has been provided by a consortium of six banks: CaixaBank, DNB, KfW IPEX-Bank, Natixis, SMBC and Societe Generale, the Dublin-headquartered company said. Banco Santander provided an additional VAT facility.
The 571-megawatt first phase of Andes Renovables - called 'Condor' - comprises three wind and one solar PV generation assets, and construction is already under way.
The assets are expected to be operational in 2021 and will generate enough sustainable electricity to power 680,000 Chilean homes.
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The full $1.7bn Andes Renovables scheme will include seven wind and three solar generation assets.