Mainstream flush for Chile wind
JV with Actis seals funds for 170MW Sarco and 129MW Aurora projects
Aela Energía, a joint venture of Actis and Mainstream Renewable Power, has sealed $410m in project financing for two wind farms in Chile totalling 299MW.
The finance will allow Aela to proceed with the construction of the 170MW Sarco and 129MW Aurora projects.
Sarco will feature 50 Senvion 3.4M114 turbines, while Aurora will consist of 43 3.0M122 machines.
The projects are expected to be completed in the second half of 2018.
Sarco is located in Freirina commune in the Atacama region, while Aurora is located in Llanquique commune in Los Lagos region.
The funding, which has a length of 18 years, will come from a group of multilateral and commercial banks, Mainstream said.
They include the Inter-American Development Bank and its affiliate Inter-American Investment Corp, Mitsubishi UFJ Financial Group, Sumitomo Mitsui Banking Corp, Korean Development Bank, Caixa, and KfW and Banco Santander as VAT lender.
The project finance will cover 70% of the funding for the projects, with Actis and Mainstream providing the other 30%.
Aela Energía is 60% owned by Actis with the remaining 40% owned by Mainstream.
Mainstream Chile general manager Bart Doyle said: “We are delighted to have reached financial close on these two projects, which will deliver 300MW of wind power to Chile when they are completed.”
Image: the projects will feature Senvion hardware (Senvion)