Mainstream closes finance for 1.3 GW wind & solar platform in Chile

Global wind and solar development company, Mainstream Renewable Power has closed a US$280 million "mezzanine" construction finance facility with lender AMP Capital Infrastructure Debt Fund IV. The AMP Capital facility complements the US$1.25 billion of senior project finance debt raised to date through two separate financings completed in October 2019 and August 2020.

The US$280 million mezzanine financing is structured in three separate tranches with the "Condor" and "Huemul" tranches drawn at closing, the "Copihue" tranche is expected to be drawn once that platform reaches financial close in H1 2021.

Andes Renovables is one of the largest renewable energy platforms in Latin America. It is a c.USD 1.8 billion, three phase wind and solar generation platform comprised of seven onshore wind and three solar PV generation assets. The 570 MW first phase, “Condor”, reached financial close in 2019 and construction is already 43% complete. The 630 MW second phase, “Huemul”, is comprised of three onshore wind and two solar PV generation assets. The next and final phase, “Copihue”, is comprised of one further wind asset with a 100 MW capacity.

A sixth bank, SMBC joins the senior banking consortium alongside IDB Invest, KfW IPEX-Bank, DNB, CaixaBank and MUFG, with Santander providing a VAT facility

All conditions required to allow for the first drawdown under the US$630 million Huemul senior project financing were satisfied.