Spanish renewables investor Qualitas Energy has received around $286m in non-recourse financing to support a portfolio covering 259MW of renewable energy and 840MWh battery storage projects in Chile.
The funds will support the refinancing of operational assets and the financing of new developments under construction through the company’s activities under Qualitas Energy Fund V (QE V).
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The portfolio comprises eight assets spanning three renewable-generation technologies. It includes 66MW of operational run-of-river hydroelectric capacity, a 154MWp solar photovoltaic (PV) plant with integrated 840MWh battery storage, and a 39MW onshore wind installation.
The solar, battery, and wind facilities remain under construction and are scheduled to reach commercial operation in 2028.
Long-term power purchase agreements (PPAs) with major offtake companies underpin the portfolio, offering a stable revenue outlook and supporting the financial arrangement.
Qualitas Energy managing partner Cristóbal Santa Cruz said: “This transaction reflects Qualitas Energy’s ability to create value by integrating technologies and building diversified portfolios, capturing the portfolio benefit across hydroelectric, solar PV, BESS and wind projects in a single financing.
“Supported by leading international banks, we continue to manage our assets throughout their lifecycle and to advance the energy transition in Chile.”
The green financing arrangement consists of senior non-recourse project debt, letters of credit, and a VAT facility.
BNP Paribas and Banco Santander supplied the funding. BNP Paribas is serving as Sole Structuring Bank, Global Coordinator, and Green Loan Coordinator, while Banco Santander took the roles of Administrative Agent, Joint Lead Arranger, and Joint Bookrunner.
White & Case in New York and Philippi Prietocarrizosa Ferrero DU & Uría in Chile advised Qualitas Energy. The lender group was advised by Milbank (New York) and SCLB Abogados (Chile).
Last month, Qualitas Energy launched Navaris, a newly formed entity set up to manage its renewable energy business in Germany.
Navaris oversees 1.3GW of renewable assets that are either operational or under construction, in addition to more than 3GW of projects at an advanced stage of development.
