Opdenergy completes a $103 million financing for two projects in Chile

12 August 2020

  • The funds obtained will be assigned to the construction of La Estrella wind farm, located in the Libertador General Bernardo O’Higgins Region, and the Sol de los Andes PV plant, located in the Atacama Region.
  • Sumitomo Mitsui Banking Corporation (SMBC) is the entity that provides the financing through a project finance.
  • Banco Security (Chile) is the agent for guarantees and local accounts, which provides the financing for the VAT.
  • La Estrella wind farm, which is one of the most advanced in the country, will have an installed capacity of 50 MW, while Sol de Los Andes PV plant will reach 104.3 MWp of installed capacity. Both projects are designed to supply the energy assigned to Opdenergy in the 2015/01 public tender.
  • Both projects will have the most advanced technology in renewable energies. Specifically, the Sol de Los Andes Solar PV plant will be built with bifacial modules.
  • • This transaction demonstrates Opdenergy’s capacity to progress in its strategic plan at a global level, through large-scale projects and together with partners of great international prestige.

Opdenergy, a company specialized in the development, financing, construction and operation of renewable assets, has announced the closing of a $103 million financing for two of its landmark projects in Chile.

Sumitomo Mitsui Banking Corporation (SMBC) has provided the financing to Opdenergy. The funds obtained will be assigned to the construction of La Estrella wind farm, located in the Region of Libertador General Bernardo O’Higgins, and to the Sol de los Andes PV plant, in the Region of Atacama.

La Estrella wind farm will have 50 MW of installed capacity. This park, which is being constructed by OHL Industrial, will have 11 wind turbines supplied by Siemens Gamesa. Specifically, they are SG 5.0-145 model turbines, a reference in terms of LCOE and profitability for mid-wind locations, which will make La Estrella one of the most advanced and efficient wind farms in the country. La Estrella wind farm is expected to be in operation by the end of 2020.

It should be mentioned that Opdenergy started the construction of La Estrella with its own resources and its development will be completed through this financing. This process highlights the company’s capacity to undertake large scale projects, as well as the great results obtained through the association with reference partners at a global level such as SMBC, Siemens Gamesa and OHL Industrial, among others.

The Sol de los Andes PV plant, the other project supported by this financing, has an installed capacity of 104.3 MWp. It will be one of the most relevant projects in terms of energy generation, as it is located in an area with high solar radiation and has the latest technology available on the market for this type of plant, such as bifacial modules, which allow solar radiation to be captured through the two sides of the modules. In addition, Opdenergy is also acting as an EPC contractor for this project. This means that it is in charge of all the design, supply and construction services

The international law firms Milbank (USA), Barros & Errázuriz (Chile), Cuatrecasas (Spain) and Carey & Cía. (Chile), participated as legal advisors in the operation.

Luis Cid, CEO of Opdenergy, said: “We are very proud to announce further progress in our projects in Chile. The entire Opdenergy team is doing a spectacular job to continue advancing in these times of uncertainty and this financing reaffirms our ability to adapt to the different market contexts and continue to move forward despite the difficulties created by the pandemic at a global level. In Opdenergy we have managed to maintain the activity and the path of the company, always guaranteeing the safety of all our employees and partners.”.

Carlos Ortiz, Managing Director of Opdenergy Chile Chile, said: “This financing is an important step for Opdenergy in Chile. It will allow us to complete two major projects that will diversify the country’s energy mix and will certainly contribute to the economic development of the region. We are convinced that together we will overcome the situation created by covid-19 and, with no doubt, renewable energies will be a key element to achieve a sustainable recovery”.