Mainstream Renewable Power has reached financial for second phase of its 1.3 GW Andes Renovables wind and solar project in Chile, which comprises three wind projects with a total capacity of 425 MW and two solar projects with a total capacity of 205 MW. The five projects are expected to enter commercial operation in 2021-2022. A consortium of five banks, comprising IDB Invest, KfW IPEX-Bank, DNB, CaixaBank and MUFG, provided US$620m in debt to fund construction of the five projects.
The US$1.8bn Andes Renovables solar and wind project comprises three phases. The first phase reached financial close in November 2019 and is 30% complete. The third phase is scheduled to reach financial close in early 2021.