Aela Energía secures US$410m for two Chilean wind power projects

News | 16 August 2017

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Renewable energy business Aela Energía has signed a US$410m project financing package with a suite of multilateral and commercial banks.

Closed on 14 August 2017, Aela Energía will use the funds to build two wind farms in the Atacama and Los Lagos regions, which will have a combined output of 299MW.

The 18-year project financing will account for 70% of the total financing required for the project, the remaining 30% coming from equity partners – Aela Energía is owed by Actis (60%) and Mainstream Renewable Power (40%).

“These projects were awarded through a competitive tendering process in which wind energy prices came in below fossil fuel prices, clearly demonstrating that renewable energy is cheaper than fossil fuel generation,” said Bart Doyle, general manager of Mainstream Chile.

“We are delighted to have reached financial close on these two projects, which will deliver 300MW of wind power to Chile when they are completed.”

Financing from the project came from Inter-American Investment Corporation, Korean Development Bank, Caixa, KfW, Banco Santander and MUFG.

The project is expected to be completed in the second half of 2018.

In a separate renewable energy deal in LatAm, IFC signed a project financing package with Cubico Sustainable Investments on 9 August 2017.

Worth US$45m, the financing will go towards the construction of the Solem I and Solem II solar energy parks in Mexico, which will have a combined capacity of 350MW and be completed in 2019. 

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