Mainstream Renewable Power, a global wind and solar developer, has reached financial close for the second phase of its Andes Renovables renewable power platform in Chile. This second phase, called Huemul, will have a total capacity of 630 MW. It comprises of three onshore wind and two solar PV assets. The company has raised $620 million in debt to fund the construction of this phase. A consortium of five banks, IDB Invest, KfW IPEX-Bank, DNB, CaixaBank and MUFG, provided the senior financing while a sixth bank, Santander, provided a VAT facility for this transaction.
Andes Renovables is wholly owned by Mainstream Renewable Power. With this latest round of financing, the total finance raised till date for this entire 1.3 GW Andes Renovables platform is $1.25 billion. It is a $1.8 billion, three phase wind and solar generation platform comprised of seven onshore wind and three solar PV generation assets. The first phase, Cóndor, reached financial close in November 2019 and is already over 30 per cent complete. All five assets of the second phase, Huemul, are in pre-construction and will reach commercial operation between 2021 and 2022. The next and final phase, Copihue, is expected to reach financial close in first half of 2021.
The wind turbines for the Huemul portfolio will be supplied by Vestas, Nordex Group and Siemens Gamesa. Sacyr Industrial, SEMI and Elecnor will build the wind farm assets while Sterling & Wilson and Metka-Egn will built the solar PV projects. Hitachi ABB Power Grids will supply all five main power transformers for the projects while grid connection works will be carried out by Transelec, Inprolec and Isotron-Siemens consortium.