Spain's Solarpack closes financing deal for Chilean projects

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Solarpack has secured financing for two large-scale 26.5 MWp projects in Chile budgeted at more than $65 million.

The Spanish company, which develops and builds photovoltaic generation plants, signed the financing deals with the Inter-American Development Bank (IDB) as well as with the Canadian Climate Fund for the Private Sector in the Americas (which is managed by the IDB) and with French financial institution Proparco.

Solarpack said the venture marks the IDB’s first large-scale private sector solar project as well as the first finance operation in Chile for Proparco.

The IDB and Canadian Climate Fund provided $20.7 million each in funding for the projects.

The Pozo Almonte and Calama Solar 3 solar plants, developed and owned by Solarpack, have a total capacity of 26.5 MWp. Calama Solar 3 has a capacity of 1.1 MWp and has been operational since April 2012. The Pozo Almonte plant, with a capacity of 25.4 MWp, is currently under construction and will be operational in October 2013.

The mining companies Codelco and Collahuasi have agreed to buy the electricity produced by the plants.

"This operation is of great importance in consolidating our leading position in the Chilean market, and by extension across South America," said Solarpack CEO Pablo Burgos. "The recognition for our company in having the support of two such prestigious organizations further strengthens our commitment to stay in this part of the world. We firmly believe that we can grow here and use our expertise to develop the solar energy sector."