Global solar independent power producer Sonnedix has closed financing for a solar photovoltaic plant in the Atacama Desert, Chile.

About $99m non-recourse project financing has been secured with CAF. The Development Bank of Latin America is the lead arranger, administrative agent and senior lender while Banco BICE and Banco Security are senior lenders.

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Located in the Pica district, Atacama Solar PV plant will be the second largest solar project in the country on completion. The plant will have the capacity to produce nearly 470GWh of clean electricity on an annual basis.

Based on International Energy Agency (IEA) methodology and emissions factor for Chile, the plant will help avoid around 200,000 metric tonnes of carbon dioxide per year when compared with thermal generation.

Sonnedix CEO Axel Thiemann said: “Closing this new project financing for our Atacama solar plant represents an important milestone for Sonnedix, and for Chile’s position as a clean energy leader, as we continue to expand our PV footprint to help the country achieve its renewable energy goals.

“It reflects the scale, and pace, of growth across our platform as we develop, build and operate assets across OECD countries.”

“Closing this new project financing for our Atacama solar plant represents an important milestone for Sonnedix.”

Pan American Finance, Skadden, Arps, Slate, Meagher & Flom and Claro & Cia (Legal), and DNV GL (Technical) advised Sonnedix in relation to the deal.

Sonnedix, which is present in the Chilean energy market since 2015, has more than 400MW of utility-scale solar photovoltaic projects in the Latin American country.

In January this year, Sonnedix acquired two PV portfolios with a total capacity of 32MWp in Chile from Canadian Solar and Imelsa.