Repsol Ibereólica Renovables Chile, a partnership between Repsol Chile and Ibereólica Renovables Chile, has received financing for Project Atacama, a greenfield wind farm in northern Chile. For the construction and operation of the 165.3 MW wind farm, which already has a long-term power purchase agreement in place, the JV has raised $118 million. To develop, build, and operate a portfolio of renewable assets in Chile, Repsol and Ibereólica established the JV in 2020.
The JV intends to develop “significant” amounts of solar PV and onshore wind power in the region and supports both firms’ commitments to the clean energy sector. The $118 million transaction was advised by corporate investment banking company Crédit Agricole CIB on behalf of Repsol and Ibereólica. In order to maximise debt on contracted and merchant revenue cash flows while maintaining credit metrics, the project finance structure was customised. With this transaction, Crédit Agricole CIB intends to support both companies’ clean energy goals.
In the previous two years, the banking company has closed four deals in Chile. Prior to this, Ibereólica and Global Power Generation’s 204 MW Cabo Leones II wind farm and Generadora Metropolitana’s 1.23 GW multi-technology energy platform received advise from Crédit Agricole CIB.
