Power producer Jenner Renewables has achieved financial close on its 146MW portfolio of 12 solar projects in Chile.
The portfolio will be built in two phases. The initial 46MW Phase I is expected to be in operation by Q3 2018, while the remaining 100MW Phase II is expected to be completed by Q1 2019.
Jenner Renewables founder and CEO Jorge Calvet said: “As an independent power producer operating throughout Latin America, we are very excited to contribute in such a significant way to the development of renewable energy in Chile.
“This is part of our renewable energy pipeline of 1,500MW, which we intend to develop over the next three-four years in Chile, Mexico, Colombia, Argentina and other countries in the region.”
The project will be built throughout the Sistema Interconectado Central (SIC) region, which is the main alternate current (AC) power grid in Chile. The windfarms are funded by Chilean Small Distributed Generators’ (PMGD) pricing mechanism that provides a long-term stable cash flow.
The projects are also connected to distribution networks for power generation and consumption.
Organised by Deutsche Bank, the portfolio’s financing structure helps Jenner to finance each separate project on a non-recourse basis under an aggregation facility, as each project reaches the ready-to-build stage.
Jenner Renewables’ portfolio of funds is managed by Denham Capital, a global energy-focused private equity firm.
The company’s solar portfolio will displace 120,000t of CO2 per year in Chile, produce 324 gigawatts (GW) per year and power more than 43,000 households annually.
Denham Capital managing director Saurabh Anand said: “Jenner’s 146MW Chilean solar portfolio enhances Denham’s renewables footprint across Latin America, adding to the 485MW of wind projects currently operating or under construction in our Rio Energy platform in Brazil.”