US$758 million financing secured for first CSP-PV project in Latin America
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Cerro Dominador, a project company owned by funds managed by EIG Global Energy Partners (EIG), has announced that it has signed financing agreements for its 210 MW solar project in Chile, securing US$758 million from a group of both local and international financiers.
The project involves the construction of a 110 MW thermo solar plant, which uses concentrated solar power (CSP) tower technology and a 100 MW photovoltaic plant. It is located in the Atacama Desert, in the Antofagasta region of Chile, the area which receives the highest concentration of solar radiation in the world, and is the first combined CSP-photovoltaic (PV) project in Latin America.
The project was initially developed by Abengoa. EIG acquired a controlling stake and assumed management oversight at the end of 2016. The lenders include Natixis, Deutsche Bank, Société Générale, ABN AMRO, Santander, Commerzbank and BTG Pactual.
The solar thermal plant will have a pioneering thermal storage system, designed and developed by Abengoa, that boasts 17.5 hours of energy storage, enabling it to supply electricity in a stable way, 24 hours a day, and respond to electricity demands at all times.
The photovoltaic plant is already operational, with 62 MW beginning generation in October 2017, and the full 100 MW being switched on in February 2018. The financing will enable the completion of construction of the CSP facility, which is expected to generate more than 1,000 jobs in the region over the next two years.
Together, the two plants will offset 870,000 tons of CO2 every year. They will supply Chile's national grid, under a 15-year power purchase agreement awarded in 2014.
Cerro Dominador has been advised throughout the financing process by Milbank, Tweed, Hadley and McCloy (legal), Morales y Besa (legal), and Astris Finance (financial).
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