Grenergy has signed a financing agreement of US$71 million for the construction of a new solar park in Chile. The US$60.3 million is coming from Banco Security, Banco del Estado de Chile and Penta Vida Life Insurance Company. The senior debt financing is within 17 years and each entity will provide a third of the financing. Sinia Renovables, a wholly-owned subsidiary of Banco Sabadell, also enters the financing granting a mezzanine loan of US$11 million.
The new solar project, whose estimated total investment will be US$97.5 million, will have a total installed capacity of 103 MW and a production estimated 301 GWh. Being the largest developed by Grenergy to date, the company is estimating annual recurring revenues of more than US$14 million, with a margin greater than 80%. It will be located in Quillagua, in the Atacama desert, with a solar resource that will provide about 3,000 net hours of solar radiation per year.
For its construction, which has already begun and is expected to connect in the third quarter by 2020, the company will use bifacial photovoltaic modules to increase its production up to an additional 15%. It is a technology that captures radiation on both sides to maximize the surface of the plates.
