Opdenergy closes with CIFI the financing deal for a portfolio of PMGD projects in Chile

3 November 2020

  • The resources obtained will be used to develop, build, and operate a first package of three PV plants located in the Valparaiso region of Chile
  • The initial loan of US$13.7 M is granted by Corporación Interamericana para el Financiamiento de Infraestructura S.A (CIFI) and aims to develop and build these three PV plants
  • The parks will generate around 38,000 MWh annually, which will prevent the equivalent of 23,500 tons of CO2 into the atmosphere.

Opdenergy, a company specialized in the development, financing, construction and operation of renewable assets, has announced an agreement with Corporación Interamericana para el Financiamiento de Infraestructura S.A. (CIFI), for the financing of its portfolio of photovoltaic projects under the PMGD scheme (small-scale distributed generation PV installations) in Chile.

This is an 18-year Project Finance structure that will give the company the flexibility to add additional PMGD projects to its portfolio in the country. The PMGD project segment in Chile was created in 2005 with the objective of encouraging a distributed generation of electricity which is more environmentally friendly. Through this PMGD portfolio and other projects such as Sol de los Andes, a 104 MWp solar photovoltaic plant located in the III Region, 125 km North of Copiapó, and La Estrella, a 50 MWp wind farm located in the VI Region, 80 km West of Rancagua, OPDEnergy’s renewable energy assets in the country have a total installed capacity of 182 MW, making it one of the most relevant players in the region.

For the initial project package, CIFI has granted a senior bank loan to Opdenergy for the development, construction, and operation of three photovoltaic plants, whose names are Litre, Lingue and Llay Llay. All of them are in the Chilean region of Valparaiso and will have a total installed capacity of 17 MW, which will make it possible to generate electricity and feed around 38,000 MWh per year back into the grid.

These projects will avoid the equivalent emission of 23,500 tons of CO2 into the atmosphere and will benefit approximately 9,500 people. This project is aligned with Chile’s Decarbonization Plan and the United Nations Sustainable Development Goal N°7 “Affordable and Clean Energy”.

In terms of financing, OPDEnergy once again demonstrates its capacity to attain competitive conditions in the current complex context, with access to the main institutions and financiers in each region.

Opdenergy’s CEO, Luis Cid, pointed out: “In a year as difficult as the one we are living in, it is doubly satisfying to be able to announce the beginning of the construction of new projects and more so, in a market as important for us as Chile. This financing reinforces OPDEnergy’s capacity to keep working and to continue moving forward with our plans in the country. Our commitment to the fight against climate change is part of our DNA and we work at a global level to ensure sustainable growth”.