Mainstream Renewable Power has closed a US$280m construction finance facility with AMP Capital, which will be used to fund its 1.3 GW Andes Renovables platform in Chile.
The US$1.8bn Andes Renovables solar and wind project comprises three phases. The first phase (Condor), consisting of 3 onshore wind parks (426 MW) and one 145 MW solar park, reached financial close in November 2019 and is 30% complete; it should be commissioned in 2021. The second phase, Huemul, consists of 3 onshore wind parks (425 MW) and 2 solar parks (205 MW). It reached financial close in September 2020 (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) and the project should be commissioned in 2021-2022. The third phase, consisting of a 100 MW onshore wind park, is scheduled to reach financial close in early 2021 and to be commissioned in 2022.