Mainstream Renewable Power raises $580m for projects in Chile

6 November 2019 (Last Updated November 6th, 2019 12:21)

Mainstream Renewable Power has announced financial close on the first 571MW phase of the 1.3GW wind and solar power generation platform Andes Renovables in Chile.

Mainstream Renewable Power has announced the financial close on the first 571MW phase of the 1.3GW wind and solar power generation platform Andes Renovables in Chile.

Andes Renovables is a $1.7bn project, which includes seven windfarms and three solar PV generation facilities. It will be completed in three different phases, which have been termed a Cóndor, Huemul and Copihue.

The company has raised $580m in debt from six banks including CaixaBank, IPEX-Bank and Societe Generale. Banco Santander bank also contributed towards the project by providing VAT facility.

Mainstream group chief executive Andy Kinsella said: “Breaking ground at Mainstream’s 1.3GW Andes Renovables platform is a major milestone in our long-term commitment to bringing low cost, clean energy generation to Chile.

“The start of delivery of this $1.7bn, three-phase project, one of the largest wind and solar power generation platforms in Latin America, is further evidence of Mainstream’s position as the world’s leading independent developer of renewables, with 9GW of assets in development across Latin America, Africa and Southeast Asia.

“Today’s announcement will be closely followed by the financial close and start of construction at the second and third phases of Andes Renovables in the coming months.”

The first phase of the Andes Renovables project will feature three wind and one solar PV generation facility and is expected to begin their commercial operations by 2021.

Once operational, the first phase is expected to generate enough clean energy to power 680,000 Chilean homes, while offsetting 656,000 metric tonnes of carbon emissions annually.

The wind farms will be built by Sacyr Industrial and Elecnor and feature wind turbines supplied by Vestas, Nordex Acciona and Siemens Gamesa.

Engineering company Sterling & Wilson were appointed to build the Río Escondido solar facility and Transelec, CGE, HMV and Siemens were selected to provide grid connection works. Four main transformers for the project will be delivered by ABB.