BICE bank finances RP Global’s first hydro project in Chile
RP Global has secured financing for a 3 MW small hydropower plant in Chile. BICE bank is providing $7.2M of senior debt and a $1.7M VAT facility for the project, Tranquil, which is already under construction.
Tranquil, a run-of-river plant, is RP Global’s first project in South America. It is located near the town of Coñaripe in the Los Rios region, 830 km south of Santiago.
Construction of the hydropower plant, which has all licenses and permits in place, has been underway since Q4 2015. The expected commissioning date is August 2016. The project is being built over existing forest roads, with extremely minimal environmental impact.
Jorge Rodríguez, RPG Global’s Chief Financial Officer
"This is a significant first step towards the implementation of our Chilean pipeline of larger projects - we have set ourselves the target to achieve a capacity of at least 150 MW within the next three to four years"
RP Global is using its expertise to support the local population by taking actions such as helping inhabitants in the project’s vicinity to acquire a public water supply system. The strong commitment and cooperation between RP Global and the local communities has been a key element for the success of this project.
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