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July 2, 2021

Mainstream reaches financial close for Andes Renovables power platform

Mainstream has invested more than $1.8bn to build the Andes Renovables platform.

By Umesh Ellichipuram

Irish energy company Mainstream Renewable Power has raised $182m for the third and final phase of its Chile-based wind and solar platform, Andes Renovables.

Mainstream secured the senior debt financing from financial institutions KfW IPEX-Bank, DNB and CaixaBank. Value-added tax (VAT) financing was supplied by Scotiabank Chile.

This financing will be used to build the project’s Copihue phase, which comprises the Camán wind farm in central Chile.

Andes Renovables was initially planned to have 100MW of capacity, but this has now been increased to 148.5MW after Mainstream’s signing an additional long-term power purchase agreement with a strategic partner.

The project is expected to generate around 3,100 jobs during its construction phase.

Mainstream Group chief executive Mary Quaney said: “[The project] showcases our industry-leading expertise in structuring hybrid projects, with the combination of ten wind and solar generation profiles in order to meet our commitments to deliver firm power at scale over a 20-year period.

“It reflects our commitment to and experience in Chile, which is one of the world’s most progressive renewable energy markets, and further solidifies our leadership position in [the] country, where we will soon be supplying the equivalent of one in five Chilean homes with power from our facilities.”

Andes Renovables is expected to come online by next year and will have the capacity to supply around 20% of power for regulated customers in Chile using renewable energy.

The platform is expected to reduce carbon dioxide emissions by more than 1.6 million tonnes.

Earlier this week, Mainstream Renewable Power agreed to acquire an 80% stake in Vietnam-based company Technology and Development Joint Stock Company (D&T).

D&T is currently developing a 405MW solar project portfolio in Vietnam’s Dak Nong province, part of the Vietnamese government’s Power Development Plan Seven.

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