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SunEdison secures USD 190 million financing for one of the largest solar PV plants in Latin America to sell solar power on the spot market

  

In February 2014 SunEdison completed and commissioned its 100 MW Amanecer CAP solar photovoltaic (PV) plant in Northern Chile

In February 2014 SunEdison completed and commissioned its 100 MW Amanecer CAP solar photovoltaic (PV) plant in Northern Chile

SunEdison, Inc. (St. Peters, Missouri, U.S.), on June 27th, 2014 announced the closing of a USD 155 million non-recourse debt financing arrangement with the Overseas Private Investment Corporation (OPIC), the U.S. Government’s development finance institution, the Inter-American Development Bank (IDB), the largest multilateral lender to Latin America and the Caribbean, the Clean Technology Fund (CTF), and CorpBanca, one of the most important Chilean commercial banks.

 

The debt proceeds will be used in Chile for the construction of a 72.8 MWp solar photovoltaic (PV) plant, to inject solar power directly into the Sistema Interconectado del Norte Grande (SING), selling all its production in the spot market (merchant solar).

 

72.8 MW PV project “Maria Elena” to be completed during 2014.

Interconnection of the 72.8 MWp PV plant is expected to take place during 2014. Once completed, the project, called “Maria Elena” and located in the Antofagasta region, is set to become one of the largest solar photovoltaic merchant power plants in Latin America and one of the largest in the world. SunEdison will own and operate the plant as part of its ongoing strategy to maximize retained value.

 

Local bank participates in debt for a merchant solar project in Chile for the first time

 

OPIC is providing USD 48.9 million of debt, the IDB is providing USD 50.3 million of debt directly and is also administering the USD 16.0 million of debt from the CTF, and CorpBanca is providing a parallel loan of USD 39.8 million in addition to providing a local Chilean Peso VAT facility for the equivalent of USD 35 million.

 

CorpBanca’s participation represents the first time a local bank is participating in the senior debt facility for a merchant solar project in Chile.

 

“An international benchmark for the development of solar energy”

“Today marks a new milestone in the energy industry – this power plant demonstrates that photovoltaic solar energy can compete with traditional energy sources and win. It is an international benchmark for the development of solar energy”, said Jose Perez, president, Europe, Middle East, Africa and Latin America for SunEdison.

 

Jean-Marc Aboussouan, Chief of the Infrastructure Division of IDB’s Structured and Corporate Finance Department, added: “We are proud to continue supporting the development of the solar energy sector in Chile, together with our private sector partners, and to help the Government of Chile to mobilize resources from the Clean Technology Fund.”

 

Source: http://www.solarserver.com/solar-magazine/solar-news/current/2014/kw27/sunedison-secures-usd-190-million-financing-for-one-of-the-largest-solar-pv-plants-in-latin-america-to-sell-solar-power-on-the-spot-market.html



Category/ies:Articles, News, Projects, Regional Articles, Regional News, Regional Projects, Solar Energy.
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