Financial close achieved for 480 MW solar project in Chile

Generadora Metropolitana, jointly owned by EDF and Grupo AME, has received an amount of US$ 980 million financing for the development of the 480 MW CEME1 solar PV project in Maria Elena, Antofagasta Region.

The resources obtained with this financing will be used for the construction of the 480 MW CEME1 solar plant, the conversion to the gas of 132 MW Los Vientos Power Plant in Llay Llay, Valparaíso Region, and the refinancing of liabilities, in addition to the working capital for the operation and development of other initiatives.

The financing was structured with a combination of bank debt (Project Finance style syndicated with six banks) and bond issuance (US private placement). The financing of the project was participated by the Banco de Crédito e Inversiones S.A., Miami Branch, Credit Agricole Corporate and Investment Bank, DNB Bank ASA, ING Capital LLC, Mufg Bank, LTD, Sumitomo Mitsui Banking Corporation.

The CEME1 is expected to begin construction at the end of 2021 and is expected to be complete by 2023. Meanwhile, the conversion of Central Los Vientos would be complete by the end of 2022.