Reden Investments Chile has secured $96.4m in debt from French corporate and investment bank Natixis for an up-to-100MW solar PV plants portfolio (Reden Chile Solar PMGD portfolio) in Chile.

It is the second PMGD loan arranged by Natixis, and also first of its kind for the bank to close the transaction in the international project finance market. The financing will be used by the company to fund the development of solar PV projects in the country.

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Additionally, the financial structure will allow Reden to add additional solar PV PMGD projects to the portfolio, subject to meeting defined eligibility criteria.

The Reden Solar PMGD Portfolio will comprise assets operating under Chile’s special regime for distributed generation projects.

For this transaction, Natixis served as the sole lead arranger, hedge provider, and administrative agent in addition to underwriting for 100% of the transaction.

Through Reden Solar Chile, the company is strengthening its footprint in the Chilean electricity market. Its portfolio in Latin American region currently includes 60MW in Mexico and 50MW in Puerto Rico.

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In September 2018, Reden Solar raised €100.5m ($116m) for the refinancing of its Portuguese and Spanish solar photovoltaics (PV) assets.

Established in 2008 in the Lot-et-Garonne region in France, Reden Solar strengthened its operations within the region after Eurazeo acquired a 39% stake in the company between 2010 and 2012.

The 14-year non-recourse financing was arranged by the Spanish financial institution Natixis Sucursal en España.

Reden Solar focuses on the development, construction and operation of photovoltaic solar plants in France and internationally.