Mainstream nears financial closure for $600 M portfolio
Chile: IDB Invest has stated that it may provide a third of the project finance capital needed by Mainstream Renewable Power to develop its $500-600 M Huemul initiative, which involves two solar and three wind projects.
Huemul is the second step in the company’s Andes Renovables initiative, which involves 1.3 GW of renewable capacity. It includes the solar parks Pampa Tigre (100 MW) and Valle Escondido (105 MW), and the wind farms Ckani (109 MW), Llanos del Viento (160 MW) and Puelche Sur (156 MW).
IDB Invest is looking at approving a loan of up to $200 M for the initiative, according to the lender. Other banks reportedly interested in the operation include ABN Amro, Caixabank, Crédit Agricole, DNB, KfW IPEX-Bank, Sumitomo Mitsui and Societé Generale, according to international press.
Most of these lenders also took part in Mainstream’s previous initiative, a $580 M package known as Cóndor.
The company secured financing for Cóndor, which included four projects totaling 517 MW, late last year. Both Huemul and Cóndor, as well as a 100 MW wind farm named Copihue, are projects aimed at covering PPAs with distributors the company was awarded in 2016.