Financing closed for 100 MW project in Chile

SunEdison closed the $212.5 million non-recourse debt financing arrangement with IFC, a member of the World Bank Group, and the Overseas Private Investment Corporation (OPIC), the U.S. government’s development finance institution.

The debt proceeds will finance the construction of the 100 MWp Amanecer Solar CAP power plant in the Atacama region in Chile. The construction of the power plant began in August this year and its interconnection is expected to take place in various phases throughout the last quarter of 2013 and the first quarter of 2014.

The Amanecer Solar CAP will be delivering electricity directly to the Central Interconnected System or SIC. The solar plant, located near the city of Copiapo in the Atacama region, covers approximately 215 hectares. More than 300,000 SunEdison Silvantis modules are to be mounted on the company’s AP90 single-axis trackers.

The project originated from a deal signed with mining and steel company CAP in January this year. SunEdison says that the Amanecer Solar CAP is expected to be the largest solar PV plant in Latin America.

This is one of OPIC’s first renewable energy transactions in Chile. According to OPIC President and CEO Elizabeth Littlefield, the project is expected to take advantage of Chile’s solar potential to increase energy access and to create local jobs. She added, ‘We look forward to continuing the strong partnership with SunEdison as it supports Chile’s effort to diversify its energy sources.’

Pancho Perez, president of SunEdison for Europe, the Middle East, Africa and Latin America, stated, ‘We are very pleased to partner once more with OPIC and IFC. Amanecer Solar CAP is a landmark project that enables the deployment of solar energy in Chile in a meaningful way. Developing sophisticated energy solutions while reducing electricity costs has been a key differentiator of SunEdison’s success in Chile.’