IIC backs 332 MW of Chilean wind projects

The Inter-American Investment Corporation (IIC), the private sector arm of the Inter-American Development Bank Group, has closed a US$135 million project finance loan to Aela Energía for the construction, operation and maintenance of three wind projects located in the Atacama, Los Lagos and Bio-Bio regions of Chile.

With a combined installed capacity of 332 MW, the projects will help support the economic development of the country by contributing to the diversification of the Chilean energy matrix. The wind projects are expected to decrease thermal and hydro generation reliance by supplying approximately 907 GWh of electricity per year and reducing the country’s carbon footprint by displacing 590,798 equivalent tons of carbon emissions on average per year.

As mandated lead arranger, the IIC provided its loan as part of a US$410 million financing package in conjunction with Mitsubishi UFJ Financial Group, Sumitomo Mitsui Banking Corporation, Korean Development Bank, CaixaBank and KfW. Project financing will account for approximately 70 percent of the total financing for the projects, while the equity partners will provide the other 30 percent.

Aela Energía, which is 60 percent owned by Actis and 40 percent owned by Mainstream, will build and operate the 170 MW Sarco and 129 MW Aurora projects, as well as own and operate the 33 MW Cuel project.

The Sarco wind park in Atacama comprises 50 Senvion's 3.4M114 wind turbines. The Aurora wind farm will use 43 of Senvion's 3.0M112 machines. 

AS we reported in April, Aela Energía was seeking US$175 million of financial support for a project involving the construction of two of the wind parks and a transmission line in Chile.

We have lately informed about other wind projects in Chile:

• 82 MW Punta Sierra wind project in Ovalle
• 10 MW Cabo Negro wind project
• 112 MW Sierra Gorda wind farm
• 146 MW Bolero solar power plant
• 115 MW Cabo Leones I Wind Project in Atacama
• 204 MW Cabo Leones II wind farm