Chile

Chile

Mainstream finances 1.35GW wind-solar cluster in Chile

Irish developer reaches financial close on third and final phase of large wind and solar project in central Chile

Mainstream has developed a number of projects in Chile, including the 33MW Negrete Cuel wind farm
Mainstream has developed a number of projects in Chile, including the 33MW Negrete Cuel wind farm

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Mainstream Renewable Power has completed financing of its 1.35GW Andes Renovables wind and solar cluster in central Chile.

It has secured $182 billion in debt, which will be used to build the third and final phase of the Andes complex — Copihue, which consists of a 148.5MW wind farm called Camán.

The developer had initially planned for the wind farm to be 100MW in order to fulfil a 20-year contract to supply 3.37TWh of firm power that it secured in Chile’s technology-neutral auction in 2016.

However, it has since signed a 20-year corporate power purchase agreement with an undisclosed buyer, enabling it to extend Camán by 48.5MW.

Mainstream had previously reached financial close on the first two phases: Cóndor, which consists of three wind farms with a combined capacity of 426MW and one 145MW solar PV array, and Huemulm which consists of three wind farms with a combined capacity of 425MW, and two solar PV plants with a combined capacity of 205MW.

Andes Renovables will consist of 999.5MW of wind power capacity and 350MW of solar PV capacity.

The whole 1.35GW complex will cost more than $1.8 billion to build and is due to be fully operational in 2022.

Lenders for Camán included KfW IPEX-Bank, BND, CaixaBank and Scotiabank Chile.

Engineering firm Sacyr will build Camán and carry out the electrical works. Digital technologies group ABB will supply the main transformer.

Mainstream has not disclosed the turbine suppliers yet.

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