Mainstream Renewable closes $580 million solar, wind financing deal

By Sarah Lizee

Olympia, Wash., Nov. 5 – Mainstream Renewable Power said it successfully closed a $580 million financing deal to fund construction of phase one of its wholly owned and fully-contracted giant 1.3 gigawatt Andes Renovables wind and solar power generation platform in Chile, according to a press release.

The financing has been provided by a consortium of six banks including CaixaBank, DNB, KfW IPEX-Bank, Natixis, SMBC and Societe Generale. A seventh bank, Banco Santander, provided a VAT facility.

It is one of the largest renewable energy debt financing deals undertaken in the region this year, the company said.

The 571 megawatt first phase of Andes Renovables is comprised of three wind and one solar PV generation assets. Construction has already started, and the assets will reach commercial operation in 2021.

“They will generate enough sustainable electricity to power 680,000 Chilean homes and will displace 656,000 metric tonnes of CO2 each year,” the company noted.

Mainstream is a developer of utility-scale wind and solar power plants in high-growth markets. The company is based in Dublin.

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