Banco BICE finances 15 MW hydroelectric facility in Chile

Banco Bice has provided financing to Hidropalmar S.A., the company responsible for the development of the Pasada Palmar-Correntoso hydropower plant in Chile. 

The financing consists of two packages. The first package amounts US$26 million and it will be used for the construction of the facility. The second package amounts US$5.3 million and it will help financing the VAT associated with the project development.

The project in being developed by HidroAustral S.A., a susidiary of the Italian firm Idroenergía. Located in in Rupanco Norte, it involves the design, construction, finance, operation and maintenance of a 15 MW hydropower plant. The new facility is expected to be able to generate around 62.140 MW annually.

Morales & Besa has acted as financial advisor for Banco Bice during the financial closure.